Starting a business is no easy feat, something displayed in the fact that 20% don’t make it past their first year. While this figure can make it sound daunting, there are so many pros to starting your own business and if you can get it to last past the first twelve months, the next years are sure to be a lot more steady. Whether you are currently in the stage of planning your business, or getting ready to launch your new company, you’re probably feeling anxious about how to ensure it succeeds as well as it possibly can. Which is where we come in. We’ve put together some top tips to help your business survive its first year that are sure to help you along the way.
Have a solid plan
When it comes to helping your business survive, you need to ensure you have a solid plan. You want to set out your goals and what you hope to achieve at different times over the year. It can be a good idea to work with a business who can help with OKR implementation and getting you to achieve your business goals.
Keep up to date with current trends
When starting a business it’s vital you keep up to date with business trends and what people are searching for. The last thing you want is to launch something that people are either not interested in, or that the market is already saturated with. Do your research and make sure you’re in the know as much as possible. Sign up to newsletters in your field, keep an eye on social media and set up alerts for when relevant stories crop up on Google. All of this will help you in the long and short run to be as successful as possible.
Understand the risks involved
When you are running a business you need to be aware of the risks and have a good contingency plan in place should something go wrong. What will you do if the market crashes for example? Or if you receive unprecedented demand? How will you cope? Ensure you’re ready for any eventuality.
Don’t be afraid to diversify
Sometimes our initial plans don’t work out as they were intended, but don’t be afraid to diversify. This can help to keep your business afloat and bring in new customers at the same time. If you are running a marketing business for example, you could extend your offering to include photography or copywriting. Or if you sell a certain product, think of what else you could sell that your customers would love even if it deviates slightly from your original plan.
When you run a business, there is no way to guarantee it is going to work out as you might want it to, which is why it’s important to give it as big of a fighting chance as possible. The better foundation you give, the higher the chance it has of working out. Are you currently setting up a business? Or have you already been running it a while? If so, what are some things you’re doing to ensure it survives the first year? Let us know in the comments below.