TIPS FOR SURVIVING THE FIRST YEARS OF BUSINESS

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They say that starting a new business is like getting married, there is so much excitement in the air initially, then it brings more fun and work, then less fun and more work, then more work, headaches, and heartaches, then mistakes and lessons that keep you wondering where you went wrong. But if you are able to pull through over 2 to 3 years, then it becomes easier to overcome anything for the rest of the years plus reap the fruits of your labor bountifully. So what to do you have to do to survive in these initial years?

Stay Committed

Most businesses that fail often do so in the first 2 to 3 years of operation, to overcome this you have to committed to staying in business for the next 5 years at least. For startups, those initial 2 to 3 years are difficult because they don't have any experience in handling/ running a business, and these initial years is like taking baby steps into a new venture, it is in these periods that you will learn and unlearn the things that will be required for the success of your business going forward, so stay committed and never give up no matter what, gain those experiences and move your business forward.

Plan Long Term

You will be disappointed if you start a business for instant cash and gratification because it is unlikely that you will make money in the first 1 or 2 years, in fact, you are more likely to lose money instead. So get prepared for the tough initial years which will definitely happen and by the next 3 to 5 years you must have sorted out the bumps and challenges and start reaping your fruits. So, plan long term.

Create a good credit

You can only do this if you have stayed long in the business. Establishing good credit is ideal because most leasing corporations often look out for a 3-year business history before offering a lease. It doesn't matter if you have made looses, what matters is that you are willing to stick through thick and thin.

Plan for success

One striking attributes of successful entrepreneurs is their ability to be optimistic, A pessimist never gets anything done, so plan with success in mind, not a failure. While setting your goals, set your mind at the results you want to achieve and believe in it.

Don't be scared to succeed

Most times I face the fear of what might happen if I succeed at a particular thing, will I be ready for new responsibilities and higher expectations? I'm sure there are other people that face this fear also and this could sabotage your business. So learn to keep this fear in check and don't be afraid to soar new heights.

Go with the flow

Don't be too uptight on yourself and your business. Give your business what it needs if it needs to move to a new place then move it. If t needs to be online, then go online. Be open to change criticisms, new style, technology. Just go with the flow of what your business needs to move to the next level.

These tips will help any intending entrepreneurs to survive the initial years of business. Remember, you don't fail when you make mistakes, you fail when you give up.