Three Steps for a Successful First Year of Business
Starting a journey to becoming self-employed and starting your own business can feel daunting, as well as exciting, but when done well, it can be totally worth it. That being said, the first year of a business is tough. There is a lot to learn, and no doubt some mistakes will be made along the way. There will be some great highs, things that you will start to change and question, which is why having a flexible approach to it all is really important. If you are starting out with your first business, then there are some things that you will need in order to stay true to your business vision, and to help you to have some success in the long-term.
Perfect Your Pitch
Knowing your business plan inside out is so important, as well as your business pitch. This is what you will talk to potential investors about, and it can help people to get behind you. Having a few small sentences that are designed to sum up and explain your business will help you have something ready to say, when you need to say it. Don’t make it overly scripted, but talk about the problem, how your business can solve it. Some data and projections are vital for investors, so you do need to know your numbers too.
Make Your Finances a Priority
One of the reasons why a small business can fail is because finances and cash flow aren’t in order. So right from the start, you should be making financial goals a priority. Checking on cash flow regularly is important, as well as the timings of any payments that you need to make. Having some cash that is there as a buffer is helpful too, as you never know when you might need it. It is important to seek help where you need it. There are tools that you can use online, as well as apps. However, an accountant will be able to help you to sort finances and let you know the ins and outs of how it all works, especially if you are registered as a company, rather than just self-employed as a sole trader.
Know When to Change Plans
There will be some things that are just not going to work. Even if you have planned them out in your business plan and you really like it, when it comes to actually putting it in place, it could simply not work well. So it is important to be flexible and know when the best time to change things is. This can save you time, and can also save money. So don’t just keep ploughing on with something, if deep down, you know that it needs to stop, no matter how attached to the idea you are.
As part of this, it is also important to know when to ask for help. It can be something that can be hard to do, but you will impact the business as well as your physical and mental health if you don’t ask for help when you need it.
