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Keeping Your Startup Afloat in its First Year

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The world of business is one that is continuously evolving and adapting. As such, there are now more startups than ever before cropping up in the business world.

From fledgling in a small office to make it a big, there is certainly a lot of different steps to take between A and B. And you will find that there is a constant state of flux and evolution between these two points as well. No one is ever really an overnight success, so knowing how to keep yourself afloat in the meantime really can be an invaluable life skill.

Act Your Age (Size)

It’s okay to dream big, but sometimes when you act big and you’re not it can be quite detrimental as a business. Sometimes it may be tempting to put more money into growth and less into developing yourself as you are, but that can actually be bad for your business. It can mean you lose money when you may need it the most. It really is better to act your size when it comes to business, as you never know when it may bite you from behind. Grow proportionally or not at all.

Once your business starts to see substantial or at least noticeable growth, then you will be able to actually start investing in moving onto bigger and better things. Otherwise, you may find yourself tripping over in shoes two sizes too big before your time.

 

Keep Your Mistakes Small

Mistakes happen in life and especially when you are a newly fledgeling startup. The trick, when it comes down to it, is to keep your mistakes as small and with as little impact as possible. Basically, the less money your mistakes cost you the better off you will be.

One good example of this is if you want to do some paid ads online for your business. It may be tempting to spend £500 on your ads from the get-go, but without knowing exactly how well this will actually perform it can be a bit of a shot in the dark. Not to mention you could potentially lose all of that money with no ROI as well. In which case, testing the water is much more advisable.

 

You Don’t Have to Be Right

Being right isn’t always the best position to be in, especially if you want to be making the best impression as a business owner. Being amiable and willing to adapt when necessary, instead, is actually the better person to be in these situations. At least that way you may have been wrong, but you don’t come across as incompetent or hard to work with on top of that.

 

Build Your Team Wisely

The team you have in your startup can make or break you in terms of success. So, when recruiting and drawing people to your organisation it is important that you ensure the people are right for your startup in order to help it genuinely grow.

Recruitment is always important, but never more so than when you’re a very new startup. It can be a bit of a scary thing at first, but if you have the right mindset then hiring people can be just as easy as actually doing the work yourself.

 

Keep Networking

Sometimes it’s the people you know and not necessarily the amount of money you have which can help boost your position as a startup. Or at least help you out during the initial wobbles you may feel.

The fact is that if you keep building your LinkedIn connections and making the right steps towards different circles, then you may find people willing to invest in your idea. Some may even share the same dream as you and can help you on your way to even bigger and better things. You don’t know until you try!

In conclusion, the best way to keep your business afloat is to keep small and actually grow in proportion to the profit you are making (as opposed to whatever you may be speculating to make). If you get too big for your boots early in your business process, then it can easily be a slippery slope to a lot more issues. For that reason, it’s vital you get everything together now. It can keep your business afloat in the treacherous waters of your first year in business!

 

Guest post courtesy of Zack Halliwell is a marketing professional, working with a number of brands including Airmatic.

About Mercy - CBNation

This is a post from a CEO Blog Nation writer. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

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