Part 1 – Your First Year in Business
Welcome to Part One of 12.3 Start-up Tips to Help You Survive the First Year in Business. I will continue with Part Two tomorrow. Please take action now on the steps below so you will succeed in your first year in business.
I know business start -ups. I have started plenty of businesses since I was 10 and succeeded with some and failed with others. I grew up in a entrepreneurial family. My mother started a nationally recognized Entrepreneurship Youth organization. My father had his own maintenance company. My grandfather owned a dry cleaning business. My great aunt mad quilts and sold them. I can help you succeed in your first year in business. My purpose in business is to help families create wealth through real estate and entrepreneurship.
The first year as a new business is the riskiest time for any entrepreneur. Statistics show us that approximately 30 percent of all start-ups have failed within their first two years, with nearly half of all businesses being extinct after five years.
Needless to say, we want to stack the proverbial deck in our favor as much as possible when expending capital, time, and energy into making our dreams viable. For any entrepreneur who is worried about their future and wants to do as much as possible to limit the possibility of failure, the following 12.3 tips will be helpful in achieving that result.
12.3 Tip First Year in Business Tips
1. Have a Business Plan – This is simple for businesses that are applying for loans and grants because you must have a business plan. But for sales people, internet marketers, and network marketers a business plan seems to be foreign to them. You must understand that no matter how much it cost to start your business you need a business plan.
Your business plan will give you step by step instruction on how to run your business. If you are an affiliate marketer, network marketer, or sales agent you can follow your company’s business plan or find a mentor and follow their plan. Your first year in business depends on your vision and your business plan
2. Be Clear on your Outcome – You must be clear on why you are in business and what is your outcome. I see so many real estate agents, insurance salesmen, and business owners wonder around clueless. How much money do you want to make? How many products do you want to sell this year? How many locations do you want? This should be all in your business plan. Your first year in business reflects on how clear your outcome is.
3. Location, Location, Location – Whether you are operating solely online or via brick and mortar, “location” is key in surviving your first year of business. When it comes to e-commerce models, this means having an appropriate domain that conveys both your brand and the niche in which you are operating.
For brick and mortar establishments, foot traffic and ease of access for automobiles are both valuable aspects to consider. If your potential customers cannot find you, then your business will never have a chance to get off the ground. Even if it’s a traditional venue, having a website is also important so you can be pinging for SEO and gaining local attention via the web.
4. Expect Problems – Every business thinks that smooth sailing is in sight for them over the first year, but this is not the case. Having a business plan that addresses the common issues facing new business (rapid growth, accumulation of debt, potential lawsuits) is vital if you want to stay afloat.
If you have not already, take the time to sit down with fellow owners and employees to discuss and brainstorm any possible scenarios that might befall your business in its infancy. Once you have an array of scenarios to consider, drafting an appropriate plan of action for each becomes much simpler.
5. Keep Saving Money – If you applied for loans or grants you should have had a savings account or access to surplus funds. Most entrepreneurs forget to keep saving money after they start their businesses. You must keep the habit of saving. The discipline of saving will help you succeed.
A habit of saving will be insurance against emergencies, low sales month, late paying customers, and unforeseen circumstances.
6. Avoid Unnecessary Expenses – In your first year, the most likely scenario that can shut you down is the accumulation of excess debt. While many businesses will naturally develop some debt during this time, it is crucial that expenses are kept to a minimum to avoid unmanageable levels of debt and interest.
Since it will most likely be several months before you are generating any real revenue, minimizing expenses at the onset will help you not only break even quicker, but keep your business able to operate in a healthy fashion throughout the first year.
Tasks around the business that need completed (cleaning, for instance) should probably be handled by you until sufficient revenue is being generated. Your first year in business and tight budget planning is essential. Article Source:Pingler
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