New research shows that Gen Xers are more passionate about development opportunities than Millennials Contrary…
Starting a new business is like skiing downhill; it will be fast and exciting, but also scary. The journey of entrepreneurship is never an easy one and certainly not for the faint hearted – it requires perseverance, hard work and patience. Once you register your business and find the perfect location, your adventure is ready to take off!
However, many first-time business owners are unprepared for what is coming in the first year, eventually leading to the closure of their businesses. However, if you survive your first 12 months in the business world, chances are high that you will succeed in the long-term. However, here are a few things you that will help you survive your first year in business.
Know Your Customers
Many entrepreneurs think that since they have come up with a genius business idea, they are automatically set for success. However, the problem is they do not carry out research to find out who their potential customers will be. They make the mistake of not bothering to understand their customers; and the business limps to a painful halt.
Your business is nothing without its customers. You need to find out what your customers really want so you can offer them exactly that. Go to already established businesses to see how they tackled this issue. Have you noticed that customers prefer insert molding process by Weiss-Aug? Ask them for guidance and soon enough you’ll have new business owners coming to you for the same advice.
64 Percent Of Businesses Don’t Make It Past 24 Months
The percentage of businesses succeeding after year one is 75 percent, after the second year 64 percent and businesses surviving beyond year three is 56 percent. Consider the number of businesses in your local community that shut down before they took off, or online businesses that disappeared without a warning. Running a business successfully up to and beyond year two can be hard.
Nevertheless, the statistics should not stop you from starting a business; rather, they should help you get prepared for what lies ahead. When you have an idea of what is ahead, you are better prepared to fight against becoming another business statistic. To be successful, develop and stick to a plan that safeguards you against the risks you’ll likely to face; businesses that invest more energy and time into planning have a better chance of sticking around for a long time.
You Need To Work With People
Relying on the right people will help make your work that much easier. While you may be good at some aspects of running your business, there’s also plenty of areas you’re not as good; like website design or running human resource tools like Clockspot. This is where bringing in a professional skilled in that particular area becomes a huge asset.
If you’re running a store dealing with equipment like used speed shore for sale, you’ll need to have people who interact with your customers so you can concentrate on the administrative and brainstorming ends of your business. It’s also nice if you could bring in a mentor with experience in your niche who will guide you and help you avoid making expensive mistakes. Leave your ego at the door and surround yourself with professionals who are just as smart, if not smarter than you.
Profit Is Not Guaranteed
That’s probably the last thing you want to hear. However, not planning for this possibility means certain financial doom for your business. During the first year, you will be pumping money into the business for launching and gaining a foothold on the market. Smart business people find other sources of income to cover the first year so they’re not stressed trying to pay bills while growing their enterprises.