Starting a new company can seem like a daunting task. You want to create something consumers desire, build a solid online reputation and consistently increase your revenue. However, all of those things can be easier said than done. Research shows that as many as 90% of startups fail in the first five years.

Luckily, you don’t have to be one of those statistics. Here are some ways to start a new successful business and keep it around for years to come. 

Create a Business Plan

Simply having a good idea isn’t enough to help your business flourish. Around 75% of failed businesses didn’t have a business plan in place.

Writing a business plan helps you better understand how you want your business to run, what kind of funding you need, and what you want to offer the consumer. The plan should be looked at as your roadmap to running and growing your startup.

Here are some things to always include in your plan:

• Explain your company, what you offer, and what problems it solves or needs it fills.
• Plans for future growth and the amount of funding needed at different milestones in the company’s growth. 
• Number of employees you will need
• Ways your company will succeed over others in the same industry. 
• Trends of themes you found in your market analysis and how you can do things better. 

Build a Following

One of the quickest ways to be thought of as a trusted source is to start getting consumers to review your company online. 88% of people trust online reviews just as much as they trust recommendations from their friends and family. 

Ensure that your social media pages stay on brand when building an online presence. You never want to post anything that could be looked at as offensive to anyone. Steer clear of posts that talk about politics or religion. You don’t want to alienate large groups of people before they even know what you have to offer. Keep the posts focused on the product and how it can enhance someone’s life.

Hire the Right People

When you start a business, you likely immediately turn to friends and family to fill the company’s needs. However, this might not always be the best fit. Yes, your mom might have taken an accounting course in college, but she probably won’t be the best-fit long-term to run your accounting department. 

The startups that do the best hire the best people for the job. Make sure you interview candidates and have a firm understanding of what they can bring to the company. Additionally, don’t be afraid to call the candidate’s references and ask questions about their employment history.