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People have started and run businesses for ages, but never has entrepreneurship been talked about as much as in the past few years. This is because of the “startup boom” that we are seeing all around the world. Technological enhancements and non-conventional ways of accessing funds have allowed more and more youngsters to explore business opportunities. But of course, it doesn’t need to be said that while starting a business is one thing, running it successfully is an entirely different ball game.
A lot of young and energetic businessmen have succumbed to the infamous seven-year-itch. Oftentimes, ventures have failed to even cross the initial 3-year mark. So, what makes a business fail? The short answer can be anything–competition, market, economy. A business can fail an en-number of reasons, but let us give you ideas to help your business sustain in the initial years. Let us talk about the foundation that you lay for your business. The initial steps to strengthen the company have to be taken in the first year of operation. These steps will set the right note for your business for years to come.
It is all but imperative that you have a business plan before you even start out. You might have one already. The business plan chalks out the operational strategies of the company. It answers questions like–What are the company’s offerings going to be? How and from where will the business acquire customers? What steps will the company take to promote the business? The business plan is essentially a roadmap for the coming years that the entrepreneur can fall back upon.
If you dedicate hours and effort into creating an ideal customer support/service base in the first year of your business, it will go a long way in saving your company from pitfalls. Right from just having a support chat window on your website to visiting your customer on an annual basis, customer support can do wonders for startups.
It is common for a business to go overboard in spending in the initial years. As a company, you should think of ways to stop these expenses from turning into a burden. Use tax benefits to save money in the first year of your business as this saved money can be used as capital in the second year. This habit will give you confidence and can help you make effective business decisions.
In this age of computers and internet, any business should set aside funds to deploy on content marketing, social media and SEO strategies. A meaningful presence on the internet can broaden the horizons for your company. While trying out other marketing strategies, a smart way is to blend customer support and the internet and offer round-the-clock backing.
Product is king. Do not forget that. At the end of the day, no matter what, your product will sell mostly because of the product itself. Marketing and other strategies will only support your product to a certain extent. The final push has to be the quality of the product itself. Hence, it becomes essential that you continuously better your product. The crux of this is that what you should be doing in the first year of your business, which will take you to higher endeavours and make the understructure of your business that much stronger.