How to survive the first year in business

January 10, 2019

It is no secret that your first year in business can be tough. You need to gain the trust and loyalty of customers and beat the competition to make a profit. At times it may seem like there are not enough hours in the day to get everything done. But do make time to read this post which entails a list of things you should do to survive your first year in business.

Create a business plan

Even if you are not looking for an investor, a business plan provides clarity, vision and direction for your business. It irons out all those details that you may have otherwise been swept under the rug. It will help to identify your target market, competitors, analyse market trends and demand, outline costs and potential profit, and provide a timescale that this can be achieved in. Investing your time in to a business plan at the beginning can avoid financial pitfalls later down the line.

Develop a website

Customers need to find your business! If you are on a budget there are website building tools you can use to build a website yourself, for example Wix. If you have room in the budget you can pay for a website to be built, but this is always something that can be done at a later date. Take a look at our blog post on 4 Essential Website Pages and Web Design  to understand the fundamental aspects of website content and design.

Master SEO basics

There is no point having a website if users cannot find it. Take a look at our blog post SEO – A beginner’s guide to understand the fundamental aspects of SEO. The key is to achieve a high ranking on SERPs (Search Engine Result Pages) so that users chose your business over a competitor.

Minimise expenses

Don’t let all your hard work in setting up a new business go to waste by running out of money. Be stringent, do you need an office or can you work from home? Do you need an extra employee or can you wait six months? Review your expenditure regularly, only spend money on what you need in the here and now, the niceties can wait!

Reinvest profits

Don’t expect to receive a pay-check immediately! In most cases small business owners must reinvest profits back in to the company within the first year. In order to make long term gains you must make these short-term sacrifices.

Build your network

Get out there! Mix and socialise with your target market, the more people you know, the more potential customers you have. Encourage friends and family to get on board and help spread the word of your new business.

Customer service

Without your customers you would not have a business. Listen to your customers, take on board and react to positive and negative feedback.

By showing your customers that you value them they will remain loyal and are more likely to refer your business to their family and friends.

If you have any questions on this post please contact the team at 2xN by clicking here.

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