Actionable Tips: surviving Your First Year as a New Business Owner

Like a child trying to find his/her first steps in life, venturing into a new business requires that one maintains a good grip and take strides with some caution. Quite a considerable number of businesses – about 20% – do not get to make it beyond the first year.

What you make of your first year could go a long way in determining how much root your business will take. One could easily conclude that the first year is the time to set a formidable foundation for your venture, and a good foundation will eventually bring about profound sustainability as the years unravel. To ensure this, you will need to take certain things to heart and this is why we are sharing the following business survival tips.

Have your business plan drawn out

You should not attempt to hurry into business without a workable plan. Your business plan is the blueprint upon which every key (business) activity is set. It should have details about your company’s description; the targeted market; the product(s) and/or services on offer and the goals you set out to achieve in your business. You may not have a metatrader indicator to tell you how the business will turn out but with a good business plan, you can weather the storm

Cut/save cost

Do not fall victim of financial mismanagement in the course of setting up your business. You should spend money on the things that are really vital. You can start as a solopreneur or hire proficient personnel only when it is necessary; and you can even employ freelancers to execute some of your projects in some instances. All these will help save cost for some unexpected expenses that might come up later.

Draw a line between ‘busy-ness’ and productivity

Engaging in activities should not always be used in measuring productivity rate. So, it is important that you draw a line between getting busy and being productive; this will help you to better manage stress and keep track of your progress in business.

Have an online presence

Your first year in business may not be the time to set up a website but you should consider leveraging on social media platforms to get the word [about your business] out there. Bringing your business to the digital world will ensure increased level of awareness which could be subsequently valuable in building a good customer base.