Starting a business is an incredibly exciting venture, but it’s one that shouldn’t be taken lightly without any prior thought. There are many pillars to consider, such as your finances, business marketing, and any short-term and long-term goals that you’d like to achieve.
Here’s an insight into what you should consider when embarking on your first year in business…
1. Learn about your finances
2. Develop a strong marketing strategy
3. Set SMART goals
4. Build your network
5. Expect hurdles
Step One: Learn About Your Finances
The truth of the matter is, you cannot even start thinking about starting a business if your finances aren’t in order. As a successful business owner, it’s important that you are aware of your outgoings and expenditures.
Start by evaluating your accounts and budgeting where your money is going to go, using the following questions as a guide:
● Will you have employees to pay?
● Have you established your own salary?
● How long will it take for you to get payment from clients or customers?
● Do you need a rolling inventory?
The best thing to do is track your expenses in a way that works for you, alongside setting up an invoicing and accounting system. This way, you have all financial bases covered and this will reduce the risk of unexpected financial scares.
Step Two: Develop a Strong Marketing Strategy
There’s no point in having a business if you’re not going to shout about it! A marketing strategy is an excellent way to advertise your business and your services. Here are some points you should consider to establish your business marketing strategy:
– How will you advertise? A website, social media, leaflets, influencers, email, paid advertising?
– What is your marketing budget? This will help you gauge how you invest in your marketing strategy
– What are your goals for marketing? Conversions, brand awareness, brand visibility?
– Do you need to outsource any of these tasks? There are many experienced social media freelancers that you could outsource marketing tasks to if you need to focus on other tasks
Advertising your product or services is essential for your first year in business, and it’s something that you shouldn’t overlook. Remember, the more work you put in, the better and more sustainable the rewards will be!
Step Three: Set SMART Goals
When you first begin your business journey, it’s all well and good to write down a few aspirations for your business. But you have to ask yourself – are they the most productive goals? Here’s what we mean by that…
SMART goals are different because they help outline a specific action plan in order to achieve your short or long-term goals.
SPECIFIC
MEASURABLE
ATTAINABLE
RELEVANT
TIME-BOUND
By following this framework, you will be able to establish realistic goals where you can record and track your progress. An example of a smart goal would be:
I want to grow my Instagram social media following by 20% by January 31st 2023. I will work on my Instagram strategy for 30 minutes everyday, and track this using Instagram’s analytics.
Step Four: Build Your Network
You may think we just mean professionally but establishing your family and friend network during this period is actually just as, if not more, essential.
Starting your own business can be an incredibly stressful process – at times, it can feel difficult, emotionally draining, and mentally exhausting. It’s natural to have ups and downs throughout the start of your business journey, but by having an emotional support network around you, you will be able to rise above any unexpected challenges.
Discuss your plans with your family and friends and communicate your needs. There’s no shame in admitting that you need a bit of help – you’re starting a mammoth journey, after all!
Professionally, it’s always handy to keep up with the current news and trends within your industry. LinkedIn is an excellent resource for networking and interacting. Sometimes, it’s not all about what you know, but whom you know.
LinkedIn profiles are free to make, and it’s definitely worth it for the amount of insight and traction you can gain from your industry community.
Step Five: Expect Hurdles
To quote an excellent cliche, Rome wasn’t built in a day – and it would be unrealistic to expect your business to go from strength to strength straight away.
There will be good days, and there will be bad days. But with these tips in hand and a positive outlook, you will see your business grow, along with your own confidence.
