Starting a business from the ground up is an exciting experience for young entrepreneurs. Not only do you get to take the bull by the horns and start paving your own career path, but there is a real sense of accomplishment when you watch your business evolve from an idea into a sustainable source of revenue.

However, not all business journeys are the same. And unfortunately, roughly 20% of all new businesses fail within a year of their inception. The problem is, while certain businesses may have what it takes to create quality products and services, all businesses are doomed to fail without adequate planning and long-term strategies.

Luckily, there are steps you can follow to ensure your business gets off to a strong start while pursuing better scalability and sustainability.

1. Develop a Strong Business Plan

While most entrepreneurs get excited about their new business ideas and want to see them come to fruition as soon as possible, it’s important to take the necessary time to build a strong business plan. Whether the business plan is constructed primarily to assist in capital funding or provide direction on how to configure departments and begin operations, a detailed business plan helps companies stay grounded and on the path to success.

There are several ways you can draft a business plan, and there is no rule on how long or condensed it needs to be. Taking full stock of all of the important elements of your business planning stages will give your business an actionable plan to follow when quickly addressing operational roadblocks and establishing a sustainable business structure.

Effective business plans cover a wide range of topics including your executive summary, company description, product offerings, financial projections, and market research on your industry and competitors. Depending on the number of people having access to your plan, separate drafts can be made to present an outline for different members of your company.

2. Balance Your Staffing Needs

At the outset of business development, managing your costs will quickly become one of your largest priorities. Many people find out all too quickly that the old saying of “it takes money to make money” rings true no matter what industry you’re in. While a good portion of these costs will go into product development, building rent, and office supplies, your staffing budget will have a large impact on your bottom line.

Thankfully, modern business owners have a lot of choices when it comes to how they manage operating costs. Remote workforces and outsourcing have become a cost-effective alternative to managing larger groups of salaried employees. Bringing on new employees full-time, although sometimes a better long-term investment, can present a number of financial risks if things don’t work out. Outsourcing most or all of your workforce at the very early stages of your business allows you to easily scale your needs as you grow and reduce significant upfront staffing costs.

3. Maintain Accurate Records

Keeping accurate records of your business is not only important for keeping your customers organized and tracking transactions, but it’s also the key to managing day-to-day finances and preparing your taxes. When it comes to starting your own company, being able to understand and showcase your profit-and-loss statements is vital in order to ensure business sustainability. This is especially the case when creating positive relationships with key investors and financial institutions.

Accurate record keeping also helps you to track inefficiencies in your operations when managing costs and maximizing your investments. Log books and digital record-keeping solutions can tell you about hidden expenses in your company, giving you the insight you need to make better decisions on how your business operates. In the event of an audit, accurate records can save your business countless numbers of hours retracing transactions and locating missing customer information, helping your business focus on more important things like growth and profitability.

4. Create Effective Marketing Campaigns

Regardless of how great your products or services are, it won’t mean much without an effective marketing strategy to get the word out about your business. While digital advertising and content marketing can prove effective for businesses in multiple industries, these marketing initiatives typically require deep pockets and a certain level of experience to maximize your return on investment.

There are, however, other marketing campaigns that you can drive for your business that requires fewer upfront costs and are just as effective in attracting new customers to your business. Creating custom swag like personalized coasters, hats, pens, and water bottles to promote your brand while serving as useful, long-lasting marketing collateral. These marketing tools are not only great for introducing your products and services to newer audiences, but they give you the opportunity to add a voice to your business. This allows you to highlight community events that you’re sponsoring, provide interactive messaging, and showcase your active partnerships.

It’s important to remember that the success or failure of a business cannot always be attributed to lack of resources or poor financial decisions. Successful businesses usually have one common denominator: great leadership. By following these steps to get your business started right and practicing discipline when it comes to strategizing about your organization’s future, you’ll be sure to create a long-lasting and profitable business.