Set out to succeed 15 Aug 2017

According to international business information service Bloomberg, eight out of 10 new businesses fail in the first 18 months.

If you want to be one of the two out of 10 who succeed, there's plenty of useful advice from experts. A web search will throw out lots of tips, but some consistent messages come through.

One of the most consistent is the importance of building a relationship with clients. You might be lucky enough to be setting up a business selling a product or service no one else has seen before. But that's very rare.

Most likely you'll be doing something others have done before, but you want to do it differently, or you're filling what you see as a gap in the market. So how do you succeed where others fail?

The answer: Establish a relationship with clients that makes them feel special. Earn their trust, which is the number one attribute clients look for. You can have the best product in the market, but if your client doesn't trust you, well, you know the answer.

Web pages and email are wonderful tools, but work hard to see potential and current clients face-to-face. When you do, be careful not to oversell or over-promise.

Deliver on your promises and build trust. Return the phone call, send the quote or deliver the goods you promised. Then add some – put a bonus in for their faith in you. You'll soon find you have repeat business and on-going income.

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