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How To Make Sure Your Business Doesn’t Fail In The First Year.

June 3, 2016 by  
Filed under Money/Business, Weekly Columns

( Many people will tell you that a huge amount of startups fail within the first year of opening. This happens because young entrepreneurs are not prepared for the demands of running a company. Here’s how to make sure that this doesn’t happen to you and you new business.

Have a Plan in Place

The first thing that your new business will need is a business plan. Planning and organising are two things that can get forgotten about and left behind when people are starting a new business. But this can be a huge mistake. Without a plan in place, there will be nothing to 2016-black_owned_businessguide you when you hit a rough patch. The very best business plans are the ones that set targets, make forecasts and highlight challenges that the business is likely to face. You should take an extended period of time working with your team to make sure that your business plan is comprehensive. This should be done before the business is up and running, not afterwards.

Be a Good Leader

Good leaders are the individuals who know how to motivate everyone who works for the business. It’s not something that everyone is naturally good at though. Some people are natural leaders, and others have to work hard to reach that point. But one thing is for sure; good businesses need good leaders. So, you need to make sure that you’re being the best leader that you possibly can be. When the business is young, and people are still learning and growing their roles, the strong leader is even more important. Pulling your business along is a struggle, but if you have the people skills and motivational rhetoric, it’ll help a lot.

Take Precautions

You will have to take a few key precautions if you want to stop your business failing in the first year. There are many things that can do wrong when you are starting a business, and many of them are not under your control. Having your business destroyed simply because you didn’t take the right precautions is always a hard blow to take. At least when you’re to blame you can learn from the mistakes that were made. So, you need to make sure you have insurance for starting a business. This insurance will cover you in case something does go badly wrong and you need some help.

Emphasise What’s Different

Businesses that are merely clones of what has already come before are rarely successful. To find success in the marketplace, you need to be offering people something that’s new and fresh. Consumers are not stupid, and they can tell when they are being sold something that’s not new or unique. So, you need to emphasise the things that you think make your business different from all the other ones out there. If you can do this, then people will view the business a little more favourably. Whenever you produce advertising campaigns, return to those themes that make your business unique. It will pay off in the long-term.

Staff Writer; Larry Poole

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