4 Steps to Take to Survive Your First Year in Business
The first year of business can be one of the most challenging. If you’ve looked at some of the stats on businesses surviving the first year, you might feel overwhelmed. Many companies don’t make it. Fortunately, there are ways around becoming another small business statistic.
Here are four steps to take to survive that first year.
Create a Strong Business Plan
Without a business plan, your company is doomed. Many companies don’t include the right information into their business plans. This leads to weaker plans and trouble later on. Create a projection for the next three to five years. It should include the following:
- A company description
- Product or service description
- Market and industry analysis
- An executive summery
- Management structure
- Sales strategies
- Marketing plans
- Funding requests
- Financial projections
Strong business plans are more likely to ensure a strong future.
Dedicate Your Time to Customer Service
When your small business first starts out, customer service has to be the priority. No startup makes it out of the first year if they don’t pay any attention to their customer service plan. The consumers are the life of your company. In order to find success, you have to gain client loyalty. Consider offering loyalty programs and rewards that will keep your customers coming back.
Put a Spotlight on Content Marketing
Content marketing can boost your brand’s success in the first year. The content sets the tone for what your mission is, what the brand does and what you have to offer your consumers. When done right, content will set your brand apart from other businesses. High quality content, blog posts and guest articles will help boost your reputation and put you on the map. It establishes you as an authority and respectable brand.
Keep Track of Your Progress
Successful businesses record the company metrics to compare them to their goals. This type of tracking will tell you how your business is doing in terms of your goals and your business plan. Your company has to be adaptable and to change with the market. The first year tells you whether you’re on track to becoming a profitable corporation. If you aren’t, it’s time to change some things.
Your first year in business is going to be trying. You’re going to struggle and you’re going to have to work hard to earn a profit. Successes and failures are going to pave the way to the company that you’re capable of becoming. With the right plans and preparations, you can make the most out of your small business.