When starting a new online business, you must take into consideration that most businesses struggle within their first year. Even with helpful technology on their side, the first year of business can be a make or break time. This is why it is important to set up your business the right way with thoughtfulness. Here are some tips to help you get started on the right foot. You’ll need these to create a great first year in your own business.
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How to Create a Great First Year in Your Own Business
1. List your strengths and weaknesses
Part of running a successful business is understanding what your business does, where it excels and where it could use a bit of help. Having this in mind will help you tackle any unexpected obstacles, which come your way. Expect obstacles, but always be prepared.
2. Have a simple answer for how your business operates
People will ask what your business does. They don’t want to hear a long, drawn-out answer. They also want to see how well you understand what you do. If you’re confused, then no one else will get it. Don’t be the person still scratching your head after one minute. Your job is to sell your company’s benefits better than anyone else. In addition, you never know when you might meet a potential investor. So, write down a few answers and pick the best one.
3. Focus on the big picture
All businesses have day-to-day operations. Yet, if you get distracted by this, you may never feel as if you can get your head above water. You don’t want to lose focus on where you want your business to be a year, five years or a decade from now.
You won’t have a leadership frame of mind if all you’re doing is putting out fires. Your job is to figure out how to get your business where it needs to be. If you need help with day-to-day operations, then find others to assist.
4. Determine where you can add the most value
You can’t be all things to all people, and you shouldn’t have to be. We all have our strengths, and our weaknesses. Just as you figured this out for your business earlier, you need to figure this out for yourself. Where are your talents best utilized? Time waits for no one, so, you must think carefully about how you spend it. You want to spend your time on activities which provide the best return.
This means you will have to spend less time doing other things such as answering emails every 10 minutes or checking your company’s social media feed. You will have to get other people to help you focus on what you do best. Just because something is urgent for someone else, does not mean it’s urgent for you.
5. Setting up your website
Your website can be your most valuable piece of online real estate. It represents the image you want to convey to your customers. For starters, you must select a domain name. You can get creative with the new gTLDs of the world.
It needs to be catchy, unique and potentially related to your business. In addition, it should not be too long that customers can’t remember it. You also want a website that loads quickly, is professional, offers value to your clients and prospects, is secure and flexible.
6. Make your current customers your priority
All businesses need new customers to grow. Yet, a lot of that growth can and does come from current customers. You also need a recurring flow of incoming revenue. It wouldn’t be worth it to have to always look for new customers just to get some payments coming through.
Your current customers are the biggest advocates for new customers. They also help to sustain your business. So, spend time looking for new business, but, make your current customers feel like royalty.
Ask for feedback
You might love everything your company offers, but there may be some who don’t. The last thing you want to do is have tunnel vision. It is critical to understand what your customers like and what they don’t. This is especially true if they decide to leave.
As a result, you should ask for feedback every six months and when customers leave. You also want all of your employees to read the feedback. This way, you can better understand their experience and how to improve upon it for the future.
You will have to juggle many roles when you launch a new business. Not to mention, the first year is usually the toughest. But, if you have a plan, then you can expect things to go a bit more smoothly. You never know, you might even sail through your first year.
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About guest author: Katrina Manning has over seven years’ experience penning content relevant to client sites and trending topics, that are SEO-optimized. Her main objective is to provide useful content that readers enjoy. Now, she is working as content director for link building company Buildnichelinks–based out of Houston.
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