Are You a New Business Owner? Here’s How You Can Make It Through the First Few Months

November 2, 2020
CambridgeEntrepreneurAcademy

Are You a New Business Owner? Here’s How You Can Make It Through the First Few Months

As a new business owner, it is normal to feel excited and stressed at the same time. You feel the excitement, as your outlook for your venture gives you hope; who knows, you might make it big. And you feel stressed and anxious, as you’ve witnessed people fail with their ventures and you’ve heard many horror stories.

What you should do is you’ve got to embrace the uncertainty. More importantly, you need to have a clear vision of where your business will be in its first year of existence. Your business plan is already made, and your supplier of custom WordPress website development services has finished your website. On top of these, here are some things that you might have to take into account to survive the first few months (and go beyond):

Build a solid client base

Your clients are the lifeline of your business. And you need to establish a solid list of customers to ensure that income will come to your business on a regular basis. One practical thing that you can do is to start local. This is because it is much cheaper to market your brand within a small targeted area. Treat your community as your test area and get your local clients’ feedback to refine your products or improve your techniques.

Network, network, network

While you are focusing on your local clients, it is also a wise move to build your network along the way. The people you include in your network are not basically customers (though, some are) but individuals that can help you further your cause. For one, they can be journalists and influencers who can come up with good PR for your company. They can also be suppliers who can provide your business with discounted items for manufacturing. And they can even be mentors who will teach you new techniques and tricks.

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Manage your cash flow

Money is everything in business, so you need to know the importance of every cent that goes into your cash register. To manage your cash flow, make sure that clients are paying on time. Try to keep the overheads low. Track your growth by looking at the trend in your financial chart. If you cannot fully attend to the accounting aspect of your business, it is recommended that you seek the services of a third-party accounting firm. If this is not possible yet, use an accounting program or application to organize your finances.

Invest in the right things

Along the way, you will find people and things you’d want to invest in. But make sure that they are worth your time and money. When it comes to equipment, if you think that you will use it for a long time, get it instead of leasing it. Similarly, if you want people dedicated to specific tasks, you can hire them full-time instead of outsourcing the job.

Plan for the future

You’re a businessperson, and you always gamble with uncertainty. However, make sure that your gamble is always predicated on facts and figures. Eventually, what will make your business survive its first year is your agile and accurate decision-making skill.

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