3 Start-Up Lessons to Survive the First Year of Operations

Chosen the best business idea and decided to create a business plan and grow it. You are on the first month of your start up, the funds received, suppliers are chosen, potential customers are also on your lists, and yet you are feeling like you are missing something and cannot sleep with peace of mind.

This is a normal feeling of a start up entrepreneur, influencer, and business owners because the most critical year of startup business is the first year. You want to make it right and make it successful.

Here are 3 StartUp Lessons to Survive your first year of operations;

First, Focus on Finding Customers.

Many startup entrepreneurs failed in their first year of operations because they focus on creating websites, logo, branding, design but they forgot to find customers first. The first year of StartUp operations should be about finding your customer base or the communities where you can reach them. You don’t need a perfect product but a minimum viable offer will be more than enough.

Second, Control your Cashflows.

Main reason that start up companies fail early is because they run out of money. Managing your monthly cash flow and expenses is crucial during the first year of operations. You want to be able to survive until you see the profits from your Income Statement. You need to start implementing a good cash-flow management system to track the money going in and going out. You can also subscribe to Accounting software like ZOHO, Quickbooks, Xero, and other CRM to have an easy access to your company’s financial report.

Third, Think of the next level.

During the first year of operations you might be lost and there are many changes to make with your product offerings, hire a better team member, look for a reliable suppliers, an unexpected expense, and list can be endless. Don’t panic, you need to think of next level strategy that could move your company to the next level. Always be updated with the market trends and industry that you entered.

Those 3 start up lessons will help you in your journey to a successful startup business.

You need to stay on track and create your own path to success.