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Are You Willing to Prepare to Survive the First 12 Months of Business?
Of all the excitement that comes with starting your own business, the realities of what it emotionally and mentally entails can become apparent a few months in. The first 12 months of business are predominantly about finding your feet. Surviving those first 12 months covers a lot of ground. It is why, if you are wondering what the end of the first year will look like, it all depends on what you put in place today.
Our collaborative blog suggests how to prepare to survive the first 12 months of business. We break it down into four sections for you to attain and maintain business success.
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Prepare to Survive the First 12 Months of Business
A Solid Financial System
As obvious as it sounds, many young and hungry entrepreneurs hope to start quickly by setting up their websites and selling a product. It’s what goes on behind the scenes that will keep everything above board. You have got to look at what is necessary for a solid financial structure, but you will also need to understand the upcoming purchases you will need to make.
The raw materials come at a cost, which means you need to factor in the time it takes to sort these materials and how long it will take to implement them into your business. The financial factors are significant issues as well. While there are opportunities for equipment leasing and the opportunities to outsource specific tasks, if you do not have a robust financial structure, this will be your downfall.
Aim to Break Even
It is easy enough to say that you should be reaching for the stars, but the reality is that those first 12 months involve more questions than answers. The best thing you can do at the end of the 12 months is break even because if you look back on your accounting and find you are operating at a loss, this is not just demotivating but will also compound further. If you don’t make the necessary changes when you see your business running at a loss, this could be the template for months or years further down the line.
Aiming to break even is a solid rule because it forces you to assess every aspect of your expenditure. Still, it also gives you a greater understanding of the time it takes to get your product to market from investing in those raw materials. You start to wonder if you can operate within certain financial constraints.
Move the Needle Slowly
Again, it comes back to the idea that we must be all-conquering. However, if you aim for world domination when you still need to get the basics right, you are running the same risks as most startups. The figure of how many startups fail within the first year is around 10%. The main reason they fail is that they learn to run before they can walk.
The first year is the most challenging hurdle of all. Learn to take stock of the things that make your business successful and slowly capitalize on them. The problem many of us have is thinking that because we’ve made a significant killing in sales within the first three months, it will only get better- this is incorrect.
You will experience highs and lows, and as long as you can slowly move things in the right direction, you must consider this a success. A business plan is not just there to ensure you get some financing from the bank, but it’s the bible that will give you the resources to follow an organic template to develop appropriately. It’s all about having that business plan in place.
Developing the Right Mindset
The first year of business is not just about surviving in terms of the commerce side of things but about ensuring you can deal with the rigors of running your business. Because you may find yourself operating as a one-person band, having to split yourself into so many different components where you are dealing with customers, handling the marketing, and potentially being the face of your business is a lot with which to contend.
You may think you want to get ahead of the game by staying up later and answering emails, but the problem is that running a business is like trying to bail out a sinking ship with a thimble- there will always be something to face! You’ve got to decide where you draw the line, not just for the sake of yourself but for the people who depend on you, whether this is an employee, an assistant, or your family.
In Conclusion: Prepare to Survive the First 12 Months of Business
Launching a new business can be one of the most significant decisions you will ever make, but those first 12 months are purely about survival. In addition, ‘guess-work’ realities may abruptly appear, which can set you back on your heels. The only way forward is to prepare to survive the first year. When you hit the mark of one year, it will be time to map out goals with timelines for further advancement.
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Sales Tips: Prepare to Survive the First 12 Months of Business
- Your best bet for success is to be of the mindset that unpleasant experiences will occur but that you will surpass them.
- Realize that not everyone will welcome your new endeavor and that you may need to seek new friends and peers.
- Understand that not everyone will want to assist you; again, it will be a signal to find new colleagues.
- Strict attention to finances is vital for remaining in business; know what you can spend, must save, and maintain an emergency fund for surprise necessities.
- Avoid refurbished or reused equipment as you want everything to be long-lasting similar to remaining in business for the long term.
- Attend to necessities versus the extras people claim ‘you should get.’
- Realize how the news may affect your business and industry for better planning.
- Seek out experienced people in your field who may offer helpful advice.
- Research what the top contenders in your industry are doing to excel to acquire new ideas.
- Celebrate Success!
Today’s insights are provided to help you achieve the Smooth Sale!
RESOURCES FOR PERSONAL AND BUSINESS GROWTH:
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