Surviving Your First Year as a Business Owner
The statistic is well known: Most business owners will fail within the first year.
This is true for many reasons. Many entrepreneurs fail to recognise the risk that is inherent in starting a business, leaving their success to chance. Some fail to prepare adequate capital to ensure sufficient flexibility. Others simply don’t work hard enough!
Thinking practically, however, not all is doom and gloom. The successes and failures of others in the past and present can guide you in avoiding the pitfalls common to small business within that ever so critical first year of operation.
Below are core principles that can be followed to increase your chances of success. As applies to any learning, the benefits of absorbing new information lie chiefly in consistency and application; instead of flooding yourself with thousands of ideas, stick to a few ‘pillars’ of success and do so consistently.
At Digital House we know there are so many digital marketing opportunities, but trying to do all of them at once, will get you nowhere fast!
Lock in your goals
While it may sound surprising on the outside, many businesses fail simply because they lacked a core objective. While the provision of your service to all the clients under the sun may sound like the obvious answer to this question, it’s not quite enough by itself.
If you can’t articulate your goal to yourself easily, you have a task that needs completing immediately.
Most new business owners will need help with a strategy and planning how they are going to attract new customers.
This is crucial for true productivity to flourish and secure the future of your business.
Value the support of friends and family
Entrepreneurship can be a lonely road at times. The risk inherent to the new business owner can be a burden that can weigh you down right when you need to be firing on all cylinders.
That’s not to say it’s all bad! Success comes hand in hand with struggle. What you do need to do, however, is recognise the vital role your ‘cheerleaders’ play in your survival. It is the support and encouragement of your family, friends and past business acquaintances that will elevate your mood and keep you driving towards success.
It could be a group of people; it could be one person. Get those ‘cheerleaders’ to share your social media and actively ‘like’ and ‘comment’ on all the good things. Regardless of how many, any person that offers you consistent encouragement and support should be cherished for the motivation they bring. It will directly and positively impact your first year as an entrepreneur – guaranteed.
Embrace risk the right way
The very definition of the word entrepreneur is a person who “takes on financial risks in the hope of profit”.
Living with risk can be uncomfortable, there’s no denying that. The mistake is often made, however, is falling into conservative practices out of habit. This can leave your new business crippled in leadership and direction at the exact time it should be blazing a trail.
For many, this is where the true battle of mindset lies. For the business owner, there is no ‘nine to five’. Your success is not determined by walking conventional paths only; you must accept the fact that striking out into uncharted territory is the key to your survival.
This is not to say you should bet it all on black! Calculated, planned business practices that have uncertain results are the domain of the entrepreneur. But by choosing the correct partners when building your business will give you results you can rely on. Digital House can find those opportunities for you and you’ll have a good understanding of what success can look like with before you even start with digital marketing.
Build reliability into your customer pipeline
A final pitfall common to many a business in its first year is the customer pipeline. Many an owner have worked their hours and achieved a level of income that is adequate for their survival and immediate needs. Great!
The problem is, that isn’t enough. Ask any entrepreneur; clients can go as fast as they come! While it can be tempting to relax once an initial financial figure is met, such a habit carries a tremendous risk.
The successful business is one that understands just how transient income can be; instead of sitting back once you reach a certain income, you should drive even harder to bring in more business. This will ensure that when that big client does move on, you will remain in a healthy position from which to recover.
Can we contribute to your success?
Not only can we help build your business by having a great looking website, we can plan and create that initial strategy that will put you in the right place as you start.
We can research how much competition you have and even how many people are searching for your service or product every month.
Get professional, trusted advice from experts who know how to grow your business. We’re happy to provide a completely free no-obligation meeting to establish how your business can get started and what you require to keep it growing.
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