They say that if you make it through year one, you are into real business. The initial year is the toughest because you need to make many efforts to sustain your business and make it
competitive. The first year also requires you to finance your business with adequate capital to gain momentum in the market.
Here are some big lessons that successful business owners learned during their first year in business that you need to know:
Lesson #1 – Keep your focus on the big picture.
As a new entrepreneur, venturing into a competitive market can be overwhelming. The daunting tasks of building your business which includes creating a brand identity, growing
your customers; database, hiring employees, managing orders, doing inventories, and more can be frustrating.
Do not lose hope when you feel like giving up because of constant stress. Remember your goals and keep your focus on what you want to build. Learn to relax and step back to assess
your actions in the context of your objectives.
Lesson #2 – Be flexible.
One of the keys to becoming successful in business is flexibility. If your marketing strategy does not work after a period of time, try another strategy. Do not stick to ideas that do not
work. Do not be stubborn or you will lose the opportunity to earn profits.
Lesson #3 – Create a process to evaluate business decisions.
As the owner, your decisions are for your business. Your decisions are the key to the success of the operation. The first 12 months demand decisions that concern marketing,
promotions, and sales. Every decision will impact your business positively or negatively.
Lesson #4 – Think about revenue.
Business is about profits. Even if your business begins because of your passion, you finance it with your money so you need ROI and profits. Carefully review all financial
decisions before spending money.
Remember that what you learn during year one will be the pattern of your long-term business. Do not be scared to finance it, promote it, and modify your strategies. Do not aim
for stress-free, perfect business operation because it is impossible. Choose to be flexible with laser-focus dedication to succeed.