As a new business owner, you would get a lot of business ideas, tips, advice, insights from different people. Some may be useful, while some, otherwise.
However, you need to focus on those things that would work for your business so that you don’t get confused along the way.
Here are 5 things to keep in mind in your first year of business:
- Focus: Yes, focus on focus. In your first year of business, it is very easy to get distracted by so many things that you may get confused. Therefore, you should know what constitutes your business and what doesn’t. Do you have to jump on every trend or should you take your time to observe patterns and find out the ones that suit your business? Just because your competitors are doing something doesn’t mean you should follow suit; do what works for you. In addition, avoid jumping on every business idea that comes your way. Likewise, focus on those things you know how to do best and outsource the rest. As a startup founder, you may be tempted to do everything on your own, doing this might make you run the risk of having burnout. Focus on your strengths and outsource your weaknesses.
- Accounting and Bookkeeping: Your wallet is important to your startup. Just because you have enough money to run your business doesn’t mean you should splurge everything at every opportunity you get. Be careful with spending and make sure your accounting and bookkeeping are up-to-date.
- Take care of yourself: Just because it’s your first year of business doesn’t mean you should overwork yourself and sap out all your energy. Schedule rest and breaks and find time to be reenergized. Your business needs you at your best self not when you are fatigued or overworked.
- Network: Yes, it is your first year in business, and it is a great time to garner lots of useful contacts and nurture great relationships for your business. Go out and attend events in your industry, introduce yourself, add value and be of help.
- Keep learning: One of the easiest ways to fail in business is to think you have learned it all. You should keep learning and find different ways to upgrade your skills, knowledge, and experience. When you keep learning, you put yourself in a position that helps you offer your customers more. You broaden your horizons, and you acquire more insights that can stand your apart from your competitors.
What year are you in business and what are some of the things that have helped you along the way? Do drop your comments below!