TIPS FOR SURVIVING YOUR FIRST YEAR IN BUSINESS.


Many businesses fail within their first year of start up regardless of how much effort and capital invested into them. Most of these failures are caused by improper planning and inexperience.
Here are the tips to help you pull through your first year in business.
SET SMALL ACHIEVABLE GOALS: it’s understandable to have big dreams and high hopes but it is safe to start small and grow big. Set small goals that you can achieve easily even with your little start up knowledge and capital. Don’t bite more than you can chew.

CUT OUT NEGATIVES: shut up the voices in your head that says you can’t achieve your goals and stay clear of negative people that are not in supports of your plans.
BE ORGANISED AND COMMITTED: give it your all. Do everything you know possible. Be well planned and have written ideas and goals that you are working towards.

BUILD RELATIONSHIPS: In your first year of business, every contact you get is important. Build relationships with potential clients. Your business needs them to thrive.
FAST ACTIONS: learn to be prompt and fast with taking actions relating to your business. Execute quickly and avoid the risk of missing opportunities.

BE OPEN MINDED: be open to changes and doing things differently. The world keeps changing and it is important to stay in the loop if you are going to be relevant.
KEEP RECORDS: for every sale, for every client, for every transaction there should be a clear record. Don’t run a blind business and keep records of your thoughts and ideas also. They might come in handy.

SPEND LESS, RE INVEST MORE: the first year in business isn’t the time to invest in luxury or unnecessary items. Spend as little as you can and reinvest as much as you can. This will give room for your business to thrive and grow.
These few tips are likely to help you grow your business without running down at least in the first year of starting up.