How To Start A Business And Survive The First Two Years | Your Business Coaching Club

How To Start A Business And Survive The First Two Years

Everyone has thought about running their own business, and the benefits of being your own boss, taking holidays and being in charge. But, in reality, creating and maintaining a successful business is hard.

It has been revealed that 80% of new businesses fail within the first two years, so if you’re considering starting a business or already have, read these tips to give your business a head start and a great chance to survive that all important first two years.

Your New Business Should Offer Something New

In today’s society, there is a business for just about anything and everything. As hard as it may sound, it is vital that you create an idea that is innovative and will really get people talking.

Setting up a hairdressing business in a small town that already has seven is unlikely to bring in many customers, unless of course you can offer something completely different to the other seven business owners.

When thinking of an idea, look at a location, decide what is missing and whether this missing business would be in high demand and do your research from there.

There is no point starting up a business that will literally, have no business. So, be creative, imaginative, and be prepared to change your direction if an idea isn’t going to work.

Your New Business Should Be Something That You Believe In

A business is far more likely to be successful if you put genuine effort and passion into making it work, and of course you are more likely to do that if you truly enjoy and believe in what you are doing.

Create a business that you will care about and want to see flourish for more reasons than just earning money because it is likely to take some time before the money starts to flow into your private spending account! Choose something you love doing and the money will follow in time.

For customers, there is nothing more concerning than a business owner who isn’t a master in his or her craft, so if your head, heart and soul are truly in a business, it is once again more likely to be successful.

Save, Save, Save Before You Start Your New Business

It may seem daunting to think about the amount of money you need to set up a business.

If you have to cut corners right from the beginning, you are already sacrificing the success of the business, so it’s key that you save and have enough money, plus some, to get your business off to a strong start.

Put together and follow a business plan, both in your private and business life. The business plan should include a detailed financial forecast that predicts how much cash you will need to start the business and keep it operating during the startup phase and until you finally reach breakeven point.

Once you have reviewed your incomings and outgoings, reduced unnecessary payments and created your budget, reaching your goal will seem much more reachable. There are some great mobile-apps to help you manage your money.

Key Message To All Start Up Business Owners – It’s a Marathon, Not a Sprint!

Setting up a business and expecting to have immediate success is likely to leave you disappointed.

During that critical first two year period, it’s important you set up a strategic business plan to drive short term performance and achieve long term success. Working with a plan will focus your efforts, unify your team and assist you in difficult business decisions. Clearly communicate your goals and strategies to all employees so everyone is on the same track, and put faith in them to help you achieve ultimate success.

Creating a successful business will take time so be patient and focused. Take every day as a new learning opportunity and be open to change. Versatility and flexibiity is the key to business success, so be prepared for the challenge and enjoy every step of the way (well as much as you can at least)!

 

Guest Author Bio

Alice Porter is an avid writer who works closely with a ventilation system company to raise awareness for healthy living and motivation in the workplace. She aims to share her knowledge with like-minded professionals.

 

Next Steps

Members of Your Business Coaching Club should log into the Members Area and work through the coaching module on starting your new business. You will get all the tips and strategies you need to be able to properly research and plan for business success. Sometimes, the real trick is to be able to walk away from an opportunity that won’t be successful, and take your time to find the right opportunity for you.

Non-members should consider becoming a member for just $15 a month (that’s just 50 cents a day!) to get access to all 60+ business coaching modules to help you start a new business and drive success as the business matures. Members also get access to professional coaching support through our Masterclass sessions where you can ask questions about your own business issues and get input from your coach and other members from around the world.

Learn more about the benefits and value of joining our coaching club here.

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