First Year Tips for Small & Medium Business Entrepreneurs

Starting a business is not just about having a visiting card in your name. You need to stay ready for numerous crest and trough, especially during the first year of your business. You are always sailing in a pool of anxiety to emerge victoriously. The first year is the hardest but the most exciting one. Here are some of the hardest things every small business entrepreneur goes through

• The first year is majorly about surviving your business and the struggle might crash your fancy dreams and expectations. Profit making might not be possible for everyone, but that’s pretty fine. The main concern with financials is to get more funding and have a parachute backup plan.
• There are no more fixed hour shifts to work but yes there are sleepless nights. The leisure time is consumed in calls, emails, meetings and more since there overnight success does not exist in reality.
• Rejection and mistakes are inevitable but learning for future progress. Many times these overtake businessmen’s confidence but not every day can be a good day. Even after a good product/service, the inflow of customers and profit is relatively low and business proposals face rejection since people doubt your capability and business’s future.

Overcoming all hardship can help you set up a successful business. Here are some tips and tricks that will help you sail through the first year of your business

Create a business plan

Before you begin a business or anything, you need to have a business plan in place. There is no need of collecting numerous documents or creating a book of the plan. You should have your end goal in mind and focus on how to achieve it by answering to such as what product/service you will offer, what are its benefits, what’s your budget, when is the launch date, what will be factors affecting your expense and profit margin, etc. This will help you get organized and increase productivity.

Control your expenses

Since it a start-up, it is better to manage expenses than to run out of money. You are unsure of the funding or profit/loss the business would incur in the coming months. So, plan all your business moves accordingly that will include physical office, hiring, and marketing of the business. And, remember to store 5-6 months’ income in advance

Hire the right team

Selecting the right talent is necessary and that too in case of desperate needs. Just adding up people to increase employee strength will drain your funds. When selecting candidates, don’t limit yourself to their skills and knowledge, rather go beyond and understand their attitude. Explain your business vision and see if they go along with you in the long run and in a start-up environment that is entirely different from a well-established firm. Another important thing to consider is the positive and lively attitude of the employees.