What You Should Learn In Your Startup’s First Year

 

Let’s face it; your first year of business is going to be a tough one. Your one great idea has brought about the desire to set up a company, and it’s more than likely that you’ll be doing this alone. That’s why it’s important that you learn as much as you can during these early stages so that you can assure future success.

How important a business plan is

The decisions that you make now are likely to affect the future of your company, so it is absolutely vital that you’re aware of the importance of a business plan. Your business plan should be considered before your company officially begins operating and it should define and outline your overall vision. Include realistic time frames and profit forecasts as well as considering any issues you might encounter and how these may be overcome.

How to hire good employees

Hiring for any company is difficult but hiring for a startup is even harder. You’ll probably have a limited flow of cash and hiring the wrong employee at such an early stage could turn out to be financially disastrous. You need to make sure that the people that you hire are aware of, and share, your vision and long-term goals. Remember that word of mouth is an effective hiring tool, especially once you’ve built your brand and an attractive company culture. Talented people always want to work with other talented people – bear this in mind, and you won’t go wrong.

How to manage your expenses

One of the main reasons that companies fail within their first year is because they run out of money so as a startup business you’ll need to be particularly aware of exactly where your money is going. At the start, you may not be able to afford an accountant to keep track of your finances for you, but by making sure that you always keep your personal and business finances separate and keep a hold of receipts and invoices, you should be able to manage it easier. Companies such as Setup A Company offer business accountancy services for small business owners either as a free add-on to your company formation or as a standalone service.

How to network

It’s easy to build lasting business relationships if you know how to network. Make an effort to attend professional events that are specific to your industry, whether these are likely to be attended by potential business partners, employees or customers. Networking gives you and your company a visual presence and a chance to find talent, clients and fresh ideas.

How to adapt to your customers

You’re investing in your business to generate sales leads, but it’s important that you meet the needs of your customers too. On your website, you should identify how your product or service is going to help your customers and how your company stands out from those that are similar. There is always going to be companies that offer similar, if not the same, products and services to you but focusing your attention on what makes your company a better choice is the best way to move forward.

How to stick to what you’re good at

In the first year of your startup you’ll be overwhelmed with ideas about how to improve your business, but at this stage, it’s vital that you stick to what you know and what you’re good at. There is a difference between what you’re good at and what you want to be good at and identifying this will allow you to consider where you need to outsource certain things. Typically, you should try to outsource what is not essential to your core offering or what someone else can do better, or cheaper than you could yourself.[[

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