One – keep your costs low.
Two – work on what will make your business successful, every day.
Let’s understand these, one by one.
So keeping your costs is important because when running costs are low, you increase your runway, your business remains in operation for longer than when your running costs are high.
You need a long runway because 82% of businesses fail in the first five years. If you go past the five-year operation mark, you increase your odds of success.
With high running costs, you have to rush to make profits and that often increases costs further.
Doing one thing that will make your business successful on a regular basis is important because even when you have a runway you won’t be successful and earn revenues and profits if you don’t do things that matter.
This is so simple that newbie business owners don’t pay enough attention to it.