Tips for Surviving Your Start-up’s First Year

Tips for Surviving Your Start-up’s First Year

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1.Talk to customers
Doing market research at the start can help you avoid so many mistakes. You’ll have the right offer, at the right price, in the right market.

2. Choose your location carefully
Whether it’s a great website URL that’s easy to remember or a retail location with enough foot traffic, make sure your business is where it needs to be.

3. Keep expenses down
Look for every possible way to save. This will allow you to keep going longer, hopefully until revenue starts to cover your nut. Hire interns, trade services, postpone purchases, or pick up a broom and do it yourself. Do it all yourself, for as long as necessary.

4. Plan for problems
The only thing as sure as death and taxes is that unexpected issues will crop up in your baby business. Sit down and think about everything that could go wrong – then, make a plan for how you will survive each possible scenario.

5. Analyse how it’s going
Even though it’s hard to find time in those crazy start-up days, it’s important to stop and look at your numbers to see where your business is headed. Is that where you want to go? If not, change course. Most successful start-ups went through multiple iterations before they found their groove.

Carol Tice
Carol has been reporting on businesses large and small for 15 years now.