The first business year is the most exciting. After all, you are trying to get your business off the ground, but you need to negotiate all the ups and downs. With all the excitement, it’s important to note that a business can fall at the first hurdle. Let’s show you some of the key challenges you might expect during the first 12 months.
Lack of Processes
It’s exciting to get everything off the ground, but if you have no processes in place, there is no infrastructure. When you are trying to find your feet, you will naturally put processes in place. But the important thing to do after you put these processes in place is to question them and make sure that each process is as finite as possible. It doesn’t have to be anything complex. Whether it’s using an invoice template to make it easier for clients to fill out their expenses, or using voice dictation software to type emails, working smart will always trump working hard.
Not Understanding the Legalities
Everybody loves the freedom of running a business, but compliance is so important. When you start to get your head around the legalities of owning a business, you might think you’ve bitten off more than you can chew. But you need to know and understand certain laws, especially relating to the industry you are operating. Within marketing, you need to be fully aware of advertising laws. If you are feeling in over your head, you must work with a legal specialist. Remember to find the right legal specialist for your specific problem. One type of attorney will not be well-versed in your specific area.
Taking on Too Much
One of the biggest problems we have is that as soon as we get a client, we bend over backwards for them. There is nothing wrong with this, but we have to realize there should be limits. If we take on too much, we will burn out. Owning a business is stressful as you soon realize you aren’t good at everything. But this is where having an advisor can help. In addition, you may want to consider acquiring a mentor, who has been there before you.
Asking for the Wrong Type of Help
Sometimes we think that we need to ask for help, but when we start to ask for advice, they will only give you advice in terms of what they have experienced, which doesn’t suit you. This is where a mentor can be invaluable as they are someone who has been in the same predicament as you. You need to choose a mentor who is well-versed in your business dealings. Sometimes, we can reach out for help when we’re struggling, only to find that this type of help will be detrimental to us.
Lack of Knowledge of Yourself
Finally, you might not be aware of who you are. One of the best things about running a business is that you soon figure out what you are capable of. But when you start to translate this to the business, you may find that your business is not fully aware of its brand and therefore the marketing is not focused. When you start a business, you must learn the importance of figuring out who you are.
12 months can throw up a lot of issues, but mark your calendar 12 months from now and you will soon get past them!