When we achieve a complete successful business, mostly we find it difficult recalling the past deals, customers and many other things. However, there is this small period of struggle which no one dares forget….of course, the first year. Before jumping head-long into a new business, you must be prepared for all the hardships and pain waiting ahead.

The first year in business is the “make or break” time for every business, small or big. This is the cruel reality which every business man or woman has to face. Either you manage to pass through all the hardships and move forward or you give up the game.

Considering, the present condition of United States, it has become almost impossible to climb the slippery ladder of success and achieve a stable corporate identity. 
Well, I still have some tips which can help you survive the first 12 months of your start-up business and carve the way to success.

• Banking structure: If you want your business to be successful, you need to be sure about firm banking structure. Banking is the key to success in your first year of business. This means you need to have strong financial backup to fight all types of crisis. The personal loans you acquire to support your business play the most critical part. You need to be very careful about making the repayments on the dates they are due. This is where many businesses fall down; ignoring the loan repayment dates and hoping their bank manager will understand.

   

• Use money wisely: In your first year of business, especially if you are a business that provides goods to other customers, keep your stocks low. It is not always the best policy to have a warehouse full to bursting with a variety of products.

   

• Company Management: I think, to make your services more efficient, employ someone who can maintain the day to day running of the business while you concentrate on bringing in new clients. Although, it is difficult to manage a business on your own so asking for help is always something you should be prepared to do but don’t forget to take daily reports.

 

• Put in sufficient time: A new business can be very demanding and a business owner is entitled to wear several hats to accomplish different tasks. It becomes important for an entrepreneur to work 12 or more hours a day, including weekends….are you ready for it?

 

• Strong passion for your field: Most importantly, start a business when you have passion for that field. Starting a business is no child play as it can be stressful to your physical and emotional health. So, until you are not ready to sacrifice your all other commitments, don’t start a business.

• Systematic planning and organizing: Manage your company as though it is your own child. Although you must be having so many things to be taken care of but still you should be the one to supervise all the departments. No matter, how big or small your staff is, you should be watching things personally.

   

• Know your target market: Before you start a business you should be aware of the people you aim to provide service. Advertise your business in such a way that your target market approaches you more.

 

• Spend on your advertisement: To increase your credibility and become a customer’s product, I will advise you to spend a little more on your advertisement.

 

• Keep monitoring your graph: Check your profits and losses daily, weekly, monthly and yearly! If you find that your daily losses are outweighing your profits, you may be able to make immediate changes to help that bottom line.

Business surveys have proved that only 30 percent of small and medium-sized businesses survive after five years. The survey revealed that 71 percent of businesses survivethe first year of their activity; 58 percent survive the second year 47 percent survive the third year.

But I strongly believe that if you plan ahead with the above given tips, you won’t be among these stats…trust my words.