On September 12, 2022, BitLife released a new Business update. This update brings the ability to build up a business within 25 different industries. You are able to dominate the market from startup to becoming a mega corporation. Well, here we are going to share everything you need to know related to the BitLife Business update.
BitLife Business Update
Here is the full list of new things in this BitLife Business update:
- You are able to start up your dream business in 25 different industries.
- You are able to build your company from a feisty startup into an empire.
- If you get enough cash, then you are able to acquire an existing business.
- You are able to add, manage, and retire different product lines.
- You are able to calibrate production to meet ever-changing demand and competition.
- You are able to deal with the consequences of excess inventory.
- You are able to open and close facilities to meet your changing fortunes.
- You are able to negotiate shrewd contracts with the suppliers to keep costs low and quality high.
- You are able to manage payroll and determine how to best staff your business.
- You are able to make the right decisions to keep workforce morale high.
- You are able to interview and hire the best job candidates.
- You are able to interact with your employees and sponsor team building activities
- You are able to know who (and when) to fire.
- You are able to sell your company to the highest bidder.
- If you get the right resume, you are able to get appointed CEO of someone else’s company.
- There are new business achievements.
- There are some new surprises outside of business
- There are numerous bug fixes and performance enhancements.
What is Business Performance in BitLife?
Your business performance is based on the Business itself that you have, rather than your own performance. This will be confusing to several players, because most other performances in the game are based on the playable character’s attributes, like stress and experience. In BitLife, Business Performance is more involved with decisions you have made for your Business, and how well it is doing. You are going to see this reflected in the annual report of your Business, along with other crucial details of the company’s overall conduct.
How to Start a Business in BitLife?
The BitLife Business Update is available right now, meaning you are able to start your own business. To start a business in BitLife, you will need to look in the Special Careers section of the job section. Please choose Business, and then choose Startup to make your own business.
Here is a step-by-step to start your own business in BitLife:
- Please start a new life and work your way through Business School.
- Then, you are able to tap on the Job button on the main screen.
- After that, tap on the Special Careers option.
- Now, you are able to choose the Business option.
- If you do not already have Boss Mode, you will need to purchase the Business Job Pack.
- Please choose Startup to start your own business, or acquire if you want to purchase an existing one.
- Please select your industry, and check the demand meter to project its success.
- Do not forget to set your initial investment and tap on Start my business.
- In addition, you have to pick the name for your business and tap on Select Name.
Congratulations, you have started your own business in BitLife. Now, you are the CEO, and you will need to start by deciding how much of a salary to pay yourself. A modest amount is a good idea to start, because you will only have limited capital.
Next, you will need to introduce a new product line. It is a good idea to perform market research first. If the demand is high and the competition is low, it is probably a good idea to do a product launch to test the waters.
Also, you will need to edit your production plan for the new product that includes the fixed cost, retail price, marketing cost, and production. Please be mindful of your overall capital. Do not invest too much in a single product launch.
Make sure that the costs of your marketing are fixed and do not exceed your price per unit. Your estimated profit is the price per unit minus the total of the fixed cost-plus marketing cost times production. You will need to adjust your supplier if you need to reduce fixed costs.
Types of Businesses in BitLife
Here are the types of businesses you can start in BitLife:
- Adult Toys
- Beauty Supplies
- Car Manufacturer
- Clothing Outlet
- Consumer Electronics
- Dairy Farm
- Food Truck
- Gift Shop
- Health Food Store
- Lingerie Boutique
- Musical Instruments
- Pet Supply
- Sporting Goods
Adding a New Product to Your Business in BitLife – Here’s Way
To add a new product to your business in BitLife, you are able to go into the business section of the occupation tab, and then tap on Add New Product at the bottom of the screen.
Here is a step-by-step on how to add a new product to your business in BitLife:
- Firstly, tap on the Job section.
- After that, tap on your CEO profile.
- Please scroll down and choose Add New Product.
- Now, you are able to pick your new product.
- Please perform market research to determine the demand and competition.
- Lastly, you are able to tap on Launch products when you discover a good category.
How to Improve Your Business Performance in Bitlife?
To improve your Business’ Performance in BitLife, you will need to consider the factors that affect performance. Keep in mind that revenue, Profit Margin, Net Income, and Sales are the main factors considered in Business Performance at the end of a fiscal year. To increase the overall performance of your Business, you will need to make the appropriate decisions to improve.
Here are several strategies to improve your Business Performance in BitLife:
- You are able to change products which are not selling well.
- You are able to expand your Facilities.
- You have to adjust the marketing amount lower or higher (do not stay stagnant).
- You need to fluctuate the prices of your products as needed.
On my daily job, I am a software engineer, programmer & computer technician. My passion is assembling PC hardware, studying Operating System and all things related to computers technology. I also love to make short films for YouTube as a producer. More at about me…