Starting a business is not for everyone; only individuals with a truly entrepreneurial attitude have enough skills to take control of their own company and run a business.
This work adventure will be a path full of joys and potholes in which preparation will be the basis to be able to face the coming difficulties with guarantees of success. This is why you need to be prepared, and with Prepared Bee, you can be!
Photo: Unsplash
For this reason, accountants recommend to the owners of a small company that before assessing the success or failure of their company, they need to allow at least a year to pass. After 12 months you can have real results on the evolution of a company in all the months and seasons of the first year to predict what may happen in the medium and long term.
Now, how can you survive the first year of entrepreneurship? Only by following the following five helpful tips explicitly compiled for entrepreneurs who want to succeed despite the financial difficulties that come with starting a new small business.
Appropriate marketing strategies
In the first place, you must use your financial resources only to promote your services and products in the market to which they are directed; everything else will be an unnecessary waste of money. Establish what your dissemination channels will be, paying particular attention to social networks since marketing through this channel can be cheap and effective. Also do not forget about traditional strategies such as radio and local newspapers since if your business model is mainly focused on your locality, these marketing means will be very profitable.
A balance between personal and professional life
The worst thing that can happen to you during your first year as an entrepreneur is that your professional life takes up too much time and ends up unbalancing the balance between personal and professional life.
During the first year you will indeed need to dedicate more time to your business so that it can prosper in the future, but if your relationships with family and friends deteriorate in the meantime, will it have been worth the effort?
Budget and planning
Establish real budgets and always leave some room for unforeseen events, which are sure to occur in a small business in the first year. Use that budgeting flexibility with common sense and plan your next steps as needed (daily, weekly, or monthly planning).
Please do not play with too benign predictions; it is best to be as realistic as possible. You know: the one who plays with fire ends up burning. And this famous saying applied to your situation will mean that you will have a lot of financial difficulties during the first year if you do not do good planning of your budgets during the first 12 months.
Reduce expenses
Try to assume all the roles you can in your company during the first year to save expenses on employees or outsourcing services. However, be careful not to overdo it; Remember what we said about a right balance between personal and professional life.