Henry Denver, Negosentro | The first year of any business is tough. Not only will you have to work out where to obtain the finances to get your business venture off of the ground, but you may also still be working full-time in your current company to provide you with some income until you can fully launch your new venture. A small to medium business owner can expect long hours, late nights and even the stress of juggling family commitments with weekend work. Don’t worry as these first few months of pain and stress will pay off over time. All you need is the drive and dedication to succeed.
Stick to your business plan
As any small business owner will remember, the first few months of your own business will seem like an uphill struggle. It is also during this time period that most smaller firms are likely to fail, as their earnings are not enough to meet with all outgoings – expected and unexpected. It is vital that you draw up a business plan before accepting any new deals and completing any transactions. Remember, that this plan is in place to ensure that you remain on track with your finances, and avoid any complications with suppliers further down the line. Your business plan will also act as a point of reference for the first year. It is up to you to budget in any projects or monthly plans, such as investing in new office hardware or taking on a new member of staff. Luckily, it is now even easier for new companies to obtain credit to support their new business ideas and ventures. Firms such as Bonsai Finance offer creditos con asnef enabling you to take out a loan to turn your ideas into a reality. It is worth weighing up the costs of taking out a loan versus borrowing a sum of money from a family member, as failing to pay your relatives back will ultimately turn relationships sour. So, if you want to remain on track, then it is worth looking into finance and credit options that enable you to build positive business relationships while ensuring that you have the right amount of capital for those crucial first few months.
Do not expect huge profits
You may be full of new enthusiasm having set up your first venture, but it is important that you remain realistic when it comes to your projected first-year earnings. It is worth you focusing your time on surviving your first year in business rather than expecting to rake in huge profits. Be sure to check out your market to see what your competitors are offering, and how you and your product range can stand out. If you have not seen an improvement in your profits after the first few weeks, then it may be time to start investigating how to launch marketing and social media plans to boost your profile and attract new customers. Use the first few months as a time to test your market, see which of your products work (and which don’t!) and more importantly, to get your business fully up and running, even if your office still remains in your living room at home.
Use Social media
Social media is the ideal tool for you to manage your business from anywhere in the world. Plus, it is easy and straightforward to set up. Begin by choosing which digital channels that you want to use and by making sure that all of your social media channels have your company branding or logo in a visible place. If your firm is more product focused, then channels such as Instagram provide the ideal platform on which you can share recent photos and imagery. Facebook is perfect for engaging with your online followers and promote links to blog posts or articles. Be prepared too, in case you receive any negative comments or trolls on your pages because how you react and engage with these comments will be vital to your future success. Make sure that you comment on any feedback that you receive, either positive or negative, as this will enable you to improve your online brand profile and position. Your followers will appreciate any interactions that you make, big or small, plus you are more likely to obtain new likes and shares too.
Be sure to pay yourself
It might sound obvious, but many small business owners forget to pay themselves a decent salary during the first year of opening a business. As tempting as it may be to invest all of your capital straight back into your firm, this is a counterproductive and unhealthy approach. It is important that you treat yourself as you would any other employee, and set aside cash for taxes, healthcare, and your pension. Remember that you are growing this firm for your future, and that of your family too, so it is vital that you remain realistic – or else you risk burning out before you have even got ahead.
The first few months of setting up any small business are bound to be tough, but remember to enjoy yourself while you are working and learning from this new experience too. You may be having to work harder than ever before, but this will truly be worth it in the long term. Make sure that you stick to any business plan that you draw up, and do explore which financing options are viable for you and your objectives. Do not expect to obtain huge profits and earnings as you are still growing your firm, and obtaining a solid following and customer base takes time. Make sure that you use social media to help raise your profile and improve your overall online presence. Finally, pay yourself a salary too. Just because you are the CEO, this doesn’t mean that you and your family have to go without. Enjoy your first year and make sure that you learn from your mistakes, so that you can grow and develop as a business in the future.