Three Ways Businesses Fail in the First Year

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Setting up your own business was always going to be the move you dreamed of and though those early days are hard work, ultimately the chance to be your own boss and move in the direction you want to is well worth the time and effort.

Getting off the ground requires a great deal of courage and determination and it’s worth noting that not everything you’re going to do is going to work first time. Mistakes will be made. The trick is to figure out what those mistakes were and learn from them. 

In this blog, we’re taking a look at three common mistakes start-ups make in the first year of trading and how you can avoid them.

Fail to Plan for Success

Twenty Tips For Startup Success, Part Ten: Plan for Success

You know your stuff, you know you’ve got what it takes to make your business a success so why are you so surprised when it is?

You would think that many start-ups fail because they haven’t got quite the right niche or because they lack a coherent business plan but you put your business in danger when you don’t plan for it to succeed.

What happens when those internet orders for epoxy floor patch for concrete start pouring in? Are you ready to meet a growing demand for your product or service? Is your website optimised to handle traffic? Can your staffing levels cope with the demand that’s put on them?

Prepare for success, prepare for growth and you won’t get caught out when that time comes.

Unrealistic Expectations

On the other side of the coin is the problem that you thought it would come easy and being your own boss meant less hours to put in. Those first six to 12 months are crucial when it comes to establishing your business and unless you’re willing to go above and beyond in order to make it a success, you’re going to fail.

Yes there will be stresses and yes you’re going to be exhausted but ultimately, putting in those hours now is going to pay off in the long run.

Not Asking for Help

9 of the biggest mistakes startup entrepreneurs make

No one expects you to be the best marketer and accountant from the off but if you’re spending your time trying to get to grips with skills you just don’t have, then you’re wasting your time.

If you need an accountant, then get one and consider it a time saving and ultimately money saving investment, when you don’t get stung for unexpected tax bills at the end of the financial year. The same is true of your marketing activities. Have a friend who knows their stuff? Why not rope them into help or pay them if it makes it easier between you.

Ask for help, ask for support and don’t be afraid to admit when you’re out of your depth. Being your own boss is a fantastic experience and with the right attitude and determination, you’re going to see your business soar from strength to strength.

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