Surviving Year One in Your Own Business – Part 2 of 3

Ready to meet for your restaurant or retail ROI and statement analysisThere are a few things to keep in mind that will give you and your business a chance at surviving your first year. This is part two in a series of four. Read part one here and part three here.

Count the Costs

There are a lot of costs associated with starting a business that you might not realize when you first entertain the idea of starting your own business. Costs you might not have accounted for are things like entrance to trade show fees, gas and food during a full day of prospecting, hosting and building a website. There may be more for your particular business. Discuss your business with a business coach and qualified accountant to discover and budget for these hidden costs.

Always Learning

Some business owners get so focused on all the details of running their business – to just get the idea “off the ground” that they neglect to stimulate mental energy through learning. Read biographies of successful entrepreneurs.  Learn from other business owners. Hire a business coach. The more you stimulate your mental energy the more creative you will be.

Always Leveraging

Leverage the use of tools to help you automate as many areas of your business as possible. Don’t automate in place of good customer connection – we all hate those automated phone systems…”press one for X department.” There are plenty of other tasks that can be automated through the use of apps and cloud computing. Leveraging automation to help you accomplish more will help you to streamline your operation and serve customers more efficiently. Outsource this operation to a technical freelance partner.

Don’t lose sight of the big picture while managing the details

This goes back to having a well-defined purpose. It is also a reminder to not get so caught up
obsessing over every single detail of every client project that you lose sight of the big picture and overall operations of the company. Rely on outsourcing, vendors, and other support people to help you manage the details. If you’re not watching the big picture your business will suffer.

Are you new in business? I’d love to hear about your successes and your obstacles – what’s working and what’s not.

Are you a veteran in business? Tell me how you survived your first year in business

2 comments on “Surviving Year One in Your Own Business – Part 2 of 3”

  1. Pingback: Surviving Year One in Your Own Business – Part 1 of 3

  2. Pingback: Surviving Year One in Your Own Business Part 3 of 3

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