Starting an entrepreneurial venture is a task in itself, and the first year could be the toughest. As per records, about 20% of small businesses never make it beyond the first year mark, and more than that do not make it beyond their fifth year.
So if you want the business to be successful in the long run, the first few years are of high importance. There is no recipe for success, but there are some steps you can take in order to ensure that your business goes beyond the one-year mark. Here are all the steps you should consider taking.
Have a work-life balance
The ultimate key to freedom is to be your own boss, but it is easier said than done. As a business owner, you will be wearing many hats, and it could become tempting to work all the time. Even when you take time off, you will feel the urge to check your emails or speak to your team.
But in the first year of an entrepreneurial venture, learn to maintain a work-life balance. This will ensure that your health, relationships, and work are in the right place. Do not make huge sacrifices for success. Do not work every hour of the day in the fear that if you don’t, the company will fail. There is nothing as good as handwork and commitment but maintaining a balance is more important.
When you take care of yourself, you also take care of your business. The balance will allow you to make the right decisions at the right time. When you push the mind and body to their limits, you are going to lose sight of the long-term goals.
If you can have the right balance, you will be able to make the right decisions and achieve key milestones sooner than you had expected. Spot the signs of burnout and work on it.
Look at the processes that will lead you to have a successful business
As a business owner, do not just set goals you would like to achieve. Instead, focus on what is in front of you right now.
Always take one day at a time and focus on the present moment. There is no need to rush the outcome but be aware of where you are right now.
Do not focus on the end goal but understand the process that will take you there. Take small actions every day because when you are building an entrepreneurial venture from scratch, the first year will be the foundation year, and it will need to sustain the company as you evolve and grow.
Have a support squad for your entrepreneurial venture
No business can achieve success without its team. And if you are a solopreneur, the journey could be very isolating. If you do not have a co-founder or colleagues to rely on for support, it is important to have a solid network.
Build a support squad and navigate the challenges you are going to face. This will make a lot of difference to your business.
You can also join a network of entrepreneurs and meet new people there. Make an effort to build genuine connections and look for safe spaces where you can discuss your business and gain feedback.
Know what works and stick to it
In the first year of starting a business, it is important to get the word out. It could be tempting to switch courses in search of what can help your brand grow, but it is important to have the right marketing strategy and wait for it to work. You could have marquee signs at the right business events or invest in a digital marketing strategy.
Do not have too many marketing channels since it could be a huge problem when it comes to financing. Instead, choose one channel and focus on it. Stay consistent on your marketing plans and understand how it works for your entrepreneurial venture.
Not every marketing strategy will be suitable for you. Just pick the one that works for your business and industry, and then stick to it.
Never stop learning new business strategies
With each milestone, you will unlock new levels of success and new challenges. But this also means you get new learning opportunities. This means you need to follow your intuition and always have an open mind for new strategies that can benefit the business.
All entrepreneurs need to have the ability to pivot and look for new ways to do things. This is crucial for your business.
You need to be able to identify what will get you there and what will not. Learn to adapt to new ways and strategies of doing business if you want to run it more efficiently.
Running a business is no easy job, but if you remain consistent and focused on your goals, it is possible to keep the business going for years. No successful business can be built overnight, and you need to put in the time and effort to see long-term results.