Thousands of new businesses open each year, but only a small percentage of these have any lasting power and succeed in making a profit. Check out these handy tips on making sure your business has what it takes to succeed.

- Don’t try to compete directly with a big business. Set reasonable goals for yourself and find a niche market – look for what’s missing and fill that need.

- Avoid starting a business just because of trends. It’s not advisable to jump on the bandwagon and trying to cash in on trends. Instead, look for the type of business you can be good at and will last long-term.

- Don’t get discouraged. Out of all the customers you provide a service or product to, there are bound to be those who will complain. Keep in mind that you can’t please everyone. Be happy if you get a percentage of return customers, it means you’re doing something right.

- Listen to the voice of experience. Don’t be afraid to ask advice from those with experience. You can also check out a business coaching blog online, or retain the services of a business coach for you and your staff. Sometimes it’s best to get feedback from those not too invested in the business.

- Make a detail business plan. Even if you have a superior product or service, you can’t just wing it. Plan ahead for possible setbacks; list down feasible marketing techniques you can employ.