5 tips for surviving your first year of business
The sad but true reality is that many startups will fail during their first year of operation. There are many factors that contribute to this outcome, but there are also preventative measures that you can take to reduce your risk of becoming a statistic. This article will outline five ways to help you future-proof your business and survive your first year.
Seek Alternative Accommodation
Renting private office space is often expensive and unnecessary unless you have a large team and co-working spaces come with the risk of not knowing who the people you’ll be working in close proximity to are which leaves you exposed to distractions and, in the worst case, sabotage.
Serviced and virtual offices are a great alternative as they’re generally cheaper than traditional spaces while still providing all of the same service and amenities as a standard office set up.
Virtual offices also carry the added benefit of allowing your team to work from wherever they choose to and the funds you will save by choosing this option can be funnelled into other channels which will help raise productivity and improve your outcomes.
Have a Strong Business Plan
Going into business just to ‘make money’ will not provide guidance so it is important to know what your short, mid and long term goals are so that you can plan accordingly. Creating a business plan will also help you know your place in the market, and by extension, how to use your space to your advantage, and will facilitate smoother running of your operations. Things such as detailed budgets and contingency plans should also feature prominently in your plan so that you are prepared for all facets of business and any unexpected issues which may arise.
Acquiring cloud-based storage for your business will also be greatly beneficial in helping with the efficient running of your venture. Not only will working in the cloud allow you to take important documents anywhere without the risk of loss or damage, but it will also facilitate greater collaboration among your team and can often provide better security than it is possible to acquire alone during the early stages of business. While it may be tempting to keep your intellectual property locked away from the world, working in the cloud has become the norm, and if you don’t keep up with the times, it will be much harder for you to run your business successfully.
The more people a network has, the stronger it becomes. Similarly, the more connections a business has, the better its chances of survival. Introduce those who you work with to people that will be beneficial for their business, and they will return the favor. Not only is this a great way to find quality people to partner with, but it also improves your current relationships.
Focus on the Customer
Last, but not least, focus on your customers. At an utterly simplified level, businesses stay afloat by attracting new customers and ensuring repeat patronage. Now that you’ve got your product or service established, your key objective should be looking after your clientele. Ensure that customer service is at the heart of everything you do and your relationships and reputation will do the rest.
Starting your own business can be very rewarding, but it also means a lot of hard work.
Make sure you have all your ducks in a row and that you put 110% into your venture and you’ll be on the road to success in no time.