5 Things A New Business Owner Should Expect The First Year
Starting a new business is a lot like downhill skiing. It can be fast and exciting, but also a little bit scary.
You might feel free as a bird one minute and hemmed in by obstacles the next.
Once you’ve registered your business and found a location for your business, your adventure really takes off. The tips below can help you prepare for the first year of being a new business owner.
Here’s hoping it’s a great ride!
What to Expect as a New Business Owner
Business ownership isn’t easy, but it is rewarding. You can improve your chances of first-year success as a new business owner by being prepared.
Here are five of the things you should expect if you are launching a new business this year.
1. Expect to do a little bit of everything.
Most small businesses start small and grow over time. That means that you’ll be performing a lot of different tasks in your first year.
Managing day-to-day operations, handling marketing and advertising and making human resource decisions–it’s all on you. Don’t allow yourself to get overwhelmed.
Remember, you’re the boss. You can outsource jobs whenever you need.
2. Expect to get tired of doing everything yourself.
If you didn’t start out with staff on your payroll, you may soon find that you need employees. Hopefully, you need extra staff to help as your business grows.
Before the need arises, make sure you understand Canada’s hiring and taxation laws. You might also want to take a look at best practices for hiring so you can find the perfect employees for your growing business.
3. Expect to have some unhappy customers.
It is a very rare business that can please everyone. Before you open your doors as a new business owner decide how you want to handle unhappy customers.
Create a written customer service policy and use it consistently. If you aren’t sure how to handle a situation, ask experienced business owners what they would do.
An unhappy customer can turn into a loyal customer if you handle their complaint well.
4. Expect something to go wrong.
The Balance, a leading advisor for women in business, recommends that you have enough money in the bank to support yourself for a year before you quit your day job. Even the best plans can’t anticipate everything that will happen in your first year.
Bad weather or a down economy may turn your earnings projections upside down. So, plan for the best but prepare for the worst.
Have money in the bank and purchase business insurance to cover the unexpected.
5. Expect to hustle.
After the rush of preparing a business plan, filing the paperwork, and laying out all that start-up cash, you might want to take a breather.
Don’t. You are the heart and soul of your business.
As a new business owner, you’ll need to spend your first year looking ahead and moving forward.
Plan to continually check and revamp your plans and processes. You’ll also need to spend time developing your network of customers, vendors, and business partners.
And did we mention advertising, social media, and content management?
Enjoy the Trip
You became a business owner because you knew what you wanted. You took the risks to make it happen, put in the work and paid the costs.
Now that you’ve made it, enjoy the ride. There’s nothing quite like it–except maybe that downhill slope.
And if you need more ideas to help keep your business running smoothly, just visit our blog. We love to help people succeed.