Startup Business

10 Astute Ways You Can Survive The First Year Of Your Startup Business!

The writer of this post is the Anna Marsh. Her insightful views and opinion pieces on entrepreneurship, business management and marketing are read by thousands of readers. In addition, she is also the head of an academic counseling firm as well as runs a Dissertation Crown blog. Cycling and rock climbing are two of his favorite hobbies. You can reach her via Facebook, Twitter, and Google+.

The first few years of the startup business is the riskiest time for entrepreneurs. From a recent statistic, it is proved that one-third of new businesses close in a couple of years.

This is why many new business operators are full of the excitement while setting the foundations in the first year. But in the second year, they lose their homes due to lack of sales and growth.

With this in mind, in this post, we will talk about techniques that can help to survive the first few years of your start up.

Here are 10 ways you can survive the first years of your startup business:

1. Create A Financial Plan For Your Startup Business

Whether you’re planning to add an investor or you’re depending on your bank balance, it’s crucial to have a secure financial plan in hand. Your financial plan will allow you to meet all your financial needs in a perfect manner. For this, you will need to figure out all financial requirement of your company.

Don’t forget to include worker’s salaries, advertisement budget, office rent and other vital expenses in your plan. Your financial plan will work like a roadmap to determine the best route in order to cut the expenses of your business.

2. Keep Your Expenses Low

A large proportion of businesses is not able to be stable in the first year due to cash flow problem. Therefore, it makes sense to cut your expenses as much as possible to avoid running out of cash. To do this you ensure to hire people you need in the start-up phase as a great amount of your budget is consumed in salaries.

If you’re planning to run office on rent building then you should look for space which you need in the beginning operations. Thus, spend money on the vital things you need to grow your business graph in a positive direction.

3. Analyze Your Business Performance

If you really want to survive your start up business then you should analyze it thoroughly on the regular interval. Manage time to learn about clients that are providing you benefit or that are negatively affecting your growth.

Most successful startups always consume time in analyzing their business performance. You can also double your chances of business stability by analyzing your business on the regular interval.

4. Keep Your Focus On The Goal

Remember you will give up early if you don’t have a clear goal. Try to write down all goals that are related to your business that will give you energy. Once you pen down your goals think about the ways to reach them effectively.

Look at your goals every day to figure out your current position. This way you will easily focus on your business goal and achieve them on appropriate time without failing.

5. Follow Your Customer

Your business goal is not only to create an awesome product. Instead, you will need to market them successfully for the survival of your business. Consume sufficient time and figure out the best place to reflect your brand in the eyes of your customers.

For this, you can also follow your customers over the socializing platform to know about their needs to serve them everything based on their feedback. When you follow your customer advice you will easily entertain them perfectly as a well as grow your sales.

6. Build Your Network

It is a proven method for the business survival. The more people you will add to your network, the better way you will grow your business in the beginning phase. You will be surprised to see that any of your connection could become a great source to connect you with a potential customer, partner or advisor.

Therefore, ring your network and tell them about your new business to keep the opportunities coming.

7. Choose An Appropriate Location

Once you know what kind of business you intend to do, then spend some time to choose the best place for your office or retail outlet that works best to reach your targeted customers.

If you’re planning to open a manufacturing plant then make sure to choose a place which is near to the market and raw material of your product.

8. Advertise Your Product

Nothing will benefit your business to survive the first year of advertising does. Figure out the best place to advertise your product to grab the attention of customers. Keep in mind to promote your business over socializing forums as well to bring business from every source.

If you’re planning to advertise on socializing forums then you should choose the best time of day to advertise your product.

9. Develop A Plan B

It’s common for a new business to face issues in the first year of start-up. If your business is not in profit even after one year, then you should implement plan B. Normally almost every type of businesses need more than a year to reach profitability.

One of the best ways for the survival of the business is the implementation of plan b after the first 12 months. Launching a business is a risky and stress rising endeavor, but with a secure exit plan, you could easily tackle the risk of failure.

10. Ask An Expert

In case you’re confused even after reading the above pieces advices for business survival then you should connect with an expert in your field. By acquiring assistance from a veteran person of your field you might confidently reach your startup targets.

So ensure to ask an expert than to put your business in a risky position. Else, you might miss a great option to reach your dream goals successfully.

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