How To Survive The First 12 Months In Your New Business
Now that your business is successfully up and running it doesn’t mean you can relax. You have just begun my friend! And the journey can sometimes get tougher the longer you are in business.
We all have this vision that as soon as the ribbons are cut during the opening, everything is going to be just like we dreamed it would be. Unfortunately, success is not a guarantee. Just because people came rushing through your doors during the opening does not mean they’ll come back the next day or the day after that. Well yes, there are businesses that do make it, lucky for them, but there are also so many businesses that don’t. It is your job to make sure that you don’t belong to the latter.
Business can sometimes be brutal, that is why you need to gear up so you can survive even the toughest of times. In my business, I’ve experienced the lowest of lows but that did not stop me from chasing after my dreams. One of the biggest setbacks in my business was when I had an unexpected stroke. If I had not found ways to establish a great foundation in my business, I am one hundred and one per cent sure that it would not have survived.
But because I incorporated proven strategies I came out even more successful than before and this is what I’m going to share with you. Here are my five tips on how to survive the first 12 months of your new business. I hope that after reading this you will integrate these tips in your own business as well. expert advice
Tip 1: Do Not Be Lazy
No one became successful by being lazy. It took some blood, sweat and tears to get me to where I am now. And so I am telling you that if you ever decide to venture into a new business you should not be lazy. Not being lazy means you need to do your fair share of marketing. You should take advantage of the franchise tools available to you. In addition, you need to continually educate yourself about the business. Educating yourself can come in many different forms. I suggest you attend events and conventions that are related to your industry to widen your knowledge about your industry. You can also do your own research as well by listening to podcasts or watching videos and presentations arranged by coaches and mentors in your industry.
Furthermore, it’s a big no-no for business owners to expect that their franchisors will do everything for them. At the same time if you are a franchisor, don’t expect your franchisees to do it all for you.
Tip 2: Know Your Why
One of the most common mistakes business owners make is forgetting their whys. In my tip number two I want you to recall your whys. Ask yourself these questions:
• What do I want to achieve?
Go back to your goals. Before you started your business I am pretty sure you had goals in mind. The actions and the decisions you take in your business have to be in line with your goals. If things aren’t going right, ask yourself what you want to achieve.
• Who do I want to help?
This is about knowing who your ideal clients are. Go back to this question when you can’t seem to find new prospects so you can refresh your list and focus on the people who you intend to help with the products and services your business has to offer.
• How can I help people the most?
By asking this question you can improve your products and services to suit the needs of your customers.
• What do I want to share with people?
Again, when things are in awry go back to this question, what do you want to share with people? Highlight the strengths of your business. Let your clients know what problems you can solve for them.
• What am I passionate about?
W henever you feel uninspired go back to what you are most passionate about.Finding your passion will always motivate you to do more.
Tip 3: Get Good People Around You
One of the wisest decisions you can make for yourself and for your business is choosing the people you surround yourself with. I always say this to my private coaching clients over and over again; get good people around you.
When you are starting out with a new business I suggest you get yourself a dependable business coach. If you can’t afford to get one, that’s okay. Don’t be discouraged. There are so many ways for you to get wisdom from mentors, social media specialists and business coaches. You can read their books, listen to their podcasts, watch their videos or simply subscribe to their educational newsletters. All these can help you in your business.
Tip 4: Be True To Yourself
Tip number four is to be honest and true to yourself. This is probably the most neglected area in your business and I totally understand why. More often than not, new entrepreneurs spend all of their time and energy focused on the business side without looking within themselves and truly knowing what they are capable of. So I want you to ask the following questions:
• Identify the hours you want to work – when are you most productive?
• Know your strengths and your weaknesses – take advantage of your strengths and identify your weaknesses so you can improve them.
• Do you enjoy customer contact?
• Do you want a team or work alone?
Tip 5: Keep Good Documents & Records
All successful businessmen and women keep good documents and records in their business. If you want to make it during the first 12 months with as few problems as possible I suggest you keep email confirmation of conversations and keep copies of all the documents in your business. You should also know your franchise document. And I also suggest you keep a timeline or due dates to keep track of all the activities in your business ensuring that you are hitting your deadlines.
Surviving the first 12 months in your new business is a milestone you should cherish forever because not all businesses make it this far.. Always know that you need systems and processes in place. I always tell business owners this: People run the systems, and systems run the business. If you intend to open a business, I believe you should find the right systems that work for you.
Sharon is a highly respected international best-selling author and a seasoned Entrepreneur, Growth Strategist and Success Coach. She is passionate about helping people grow their business fast by giving them financial freedom, and the choice to live the life they deserve. Sharon Jurd Events is committed to changing people’s lives. Being the founder of the 12 Week Business Academy, they provide an opportunity for everyone to benefit from real life business strategies.
0428 164 154