BitLife’s Business Update is out now. After getting the Business Job Pack, access the career menu to launch your own company or acquire an existing one. Your money-making skills are crucial to prevent bankruptcy. Here is our guide on how to run a successful BitLife business.
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.
Creating Products for a Successful BitLife Business
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.
Your BitLife Business Depends on Your Employees
One of the keys to a successful BitLife business is a positive employee experience. 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.
Examine Your Business Reports and Change Your Strategy
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.
Embrace Business in BitLife
Here are our tips for BitLife business:
- Begin with a business in high demand and low competition: Opting for a venture with these characteristics enhances your chance of success. Conduct market research to pinpoint profitable opportunities aligning with these criteria.
- Manage your finances wisely: Ensure long-term success by prudent financial management. Avoid too many bonuses and high salaries that deplete funds; instead, reinvest profits wisely.
- Continuously research and launch new products: Stay competitive by conducting thorough market research. Launch new products based on demand, regularly assessing market trends for innovation and growth opportunities.
- Pay attention to employee morale and motivation: Employees are crucial to business success. Keep them motivated with above-average pay, team-building activities, and bonuses/recognition for hard work. A happy, motivated team contributes to a thriving business.
BitLife is available on Android and iOS devices. If you’re interested in more BitLife content, check out our articles on How to Engage in Mischief and How to Join a Mafia Family in BitLife.
