First year struggles – How to mitigate against them

As a business owner, few would disagree that the first year is one of the most daunting that you can face. After all, most companies fail to get past this marker, and there are umpteen very good reasons for this.

Of course, all is not lost. While it can certainly feel almost off-putting when you read all of the damning statistics regarding new businesses, on the flip side there are also plenty of success stories.

Through today’s article, we will now take a look at some of the ways how you can fall into that second category, rather than the stereotypical struggles.

Know all of your true costs

One mistake we see with a lot of businesses is a failure to understand their true costs. Sure, everyone might understand their so-called hard-hitting costs such as rent and staff expenses, but what about the smaller ones? Whether it’s paying for an accountant, or even organising insurance for your company, they all count.

Before you take any sort of step with your business, make sure that you understand these costs and always plan for contingencies.

Have a very clear marketing strategy

In the modern world, marketing is everything. Even if you have the best product or service in the world, it will come to nothing if you don’t have a way to get it in front of people.

Again, this is something which can trip up first-time business owners. They might have a product which they’re passionate about, but without a way to market it, it will fail.

When it comes to marketing, you need to be very strategic. You need to understand who your target audience is, and you need to have a way to reach them. Whether that’s through social media, traditional advertising, or even word-of-mouth, you need to have a plan.

Have a very clear idea of your USP

In a similar vein to the point above, it’s also vitally important that you have a very clear understanding of your USP. In other words, what is it that makes you different from all of the other businesses out there?

This is something which is often easier said than done. With so many businesses out there, it can be hard to stand out from the crowd. However, if you can find that one thing which makes you different, and you can market it effectively, you will be in a much better position.

Don’t be afraid to ask for help

One of the biggest mistakes which we see first-time business owners make is a failure to ask for help. When you’re first starting out, it’s very easy to feel like you have to do everything yourself. However, this is simply not the case.

There are plenty of people out there who are more than happy to help. Whether it’s a mentor, a business coach, or even just a friend, don’t be afraid to ask for help when you need it.

Even if you need to pay for outside assistance, at times it’s required. Sure, there will be limits to this approach, but particularly when it comes to paperwork-related matters, some outside help can be worth its weight in gold as you progress with what you know.