The Business Update in BitLife has officially been released. Immediately upon buying the Business Job Pack and going into the special career menu, you can choose to either start up your own company or acquire a pre-existing one and keep it afloat. Regardless of your route, you’ll have to use your money-making expertise to prevent the business from going bankrupt. If you’re interested in learning more, continue reading to learn how to run a successful business in BitLife.
How to Run a Successful Business in BitLife
Before starting your business, you’ll immediately see different industries, start-up costs, and demand. Focus on a market with high demand and low competition since you’ll naturally gain more sales each year. Furthermore, while competition isn’t as large of a factor, it’ll still influence your sales, especially if you’re not investing much money into marketing.
Once you’ve started your business, you’ll have to create a new product line! Perform market research and focus on high-demand products to gain a foothold in the industry.
From here, start on the lower end with production to make sure you don’t over-produce. While you can’t change your fixed cost immediately, invest in marketing while increasing your product prices as necessary. However, you don’t need to go too heavy in marketing right away until you know exactly where you stand in the industry.
After officially creating your first product, head into your business and interact with your employees. Recognize them and give bonuses yearly if they’re performing well to keep morale high! You can also perform team-building activities to increase your workers’ competency and morale.
Once you’ve aged up, you’ll get your first business report. You’ll find complete information such as your revenue, sales, income, and customer rating. You’ll also see how many additional products you can sell. For example, if you sold 700,000 products and see a blurb telling you you can sell 40% more, you can comfortably increase your production to around 980,000. However, increasing your prices means decreased demand, so be sure not to raise it this much if you increase your sale price.
Running a Business in BitLife – Tips and Tricks
From here, there are some general tips and tricks you can follow to keep your business successful:
- Don’t panic if you lose inventory from natural disasters! While this negatively impacts your business, it doesn’t necessarily result in an automatic bankruptcy unless you also had a significant loss.
- Recognizing workers is a free way to increase morale and improve overall business performance, making it an essential part of worker interaction! However, raising pay and performing team-based activities will give larger boosts, making them particularly helpful for low morale, highly competent employees.
- As you start having profitable years, open more stores to sell more products.
- Look for cheaper, higher-quality suppliers to decrease fixed costs. Even if the difference is a few cents, that’ll make a massive difference if you produce millions of products yearly.