Why is Food Business Longevity Important?
What is business longevity?
You may think business longevity refers to being in business for a long time, but that couldn’t be further from the truth.
Business longevity refers to this… “The longer you’ve been in the business, the better known your brand becomes.” It’s a good thing.
As you start your business there are many thoughts going through your mind. You may be wondering if once you’re established how likely are you to be operating in the foreseeable future?
The truth is longevity is never a promise of success, business owners who’ve already weathered a few storms are more likely to know some tricks to get through hard times.
According to the Bureau of Labor Statistics, a mere 50% of businesses in the United States survive the five-year mark. About a third make it to 10 years and beyond.
If you’re one of the lucky few to survive the first decade in business, you’ll have a much better chance of long-term success.
There are a lot of advantages to being around for decades and fewer disadvantages. For instance, here are some reasons why business longevity matters and how you can market your endurance.
Keep these in mind as you start your food business.
- Build loyal customers.
- Make your website, social media platforms usable and reliable, and your products. something your customers crave.
- Highlight your experience. Become the expert in your community.
- Develop a clear vision of where you’re headed.
- Develop a specialty.
- Train a future leader.
- Know your target audience.
- Use a variety of marketing strategies.
- Take a moment and consider what your business longevity might look like?
- How might you describe your business in five years? Ten years?