Surviving The First 12 Months In Business
We’ve heard it before, and we’ll going to hear it again, the first year as an entrepreneur can be the hardest. No doubt, you’ve the read the stats and facts than can bring on a cold sweat pretty damn fast, and every part of us wants to shut down the dream before it’s even started. Let me tell you, if you are feeling the stress, pinch, fear, overwhelm and have paced around your kitchen at 1am, dare I say, you are right on track. Over the years, we have heard the alarming percentages that 90% of new businesses are shutting-up-shop, before they’ve even made a sale. Erm, first fact fail. Actually, 75% of new businesses survive the first year, 69% survive the first two years, and 50% make it to five years. Sounds better already, right? I could write an entire book on the first 12-months on the pre-ladder, ladder, which I might one day. However, there are some fundamentals that you need to know from the get-go. Accept there is going to be some stress: Anything in life worth raising the bar for, is going to feel a little stressful. Afterall, your dreams are on the line. You are doing something new, something exciting but perhaps you’ve never do it before. Perhaps, no-one has done it before. Benchmarking new beginnings can be tricky. Just slow down, breath and believe that it all will be worth it. Cut yourself some slack: You’re going to make mistakes. It’s the most guaranteed part of starting a new venture. You are going to change your mind, tweak an idea, and question your resilience. All these feelings are normal, and perhaps give yourself a break or two. You are doing so well! You will want to bail, so hold your nerve: There are going to be bad days, good days and days where you will question your worth as an entrepreneur. Let me tell you, the biggest, bravest and leading entrepreneurs consider the long-term viability of a business. However, trust your instinct, and hold your nerve. You’ve got this! Quitting a plan, isn’t quitting the dream: Being flexible and versatile with an idea is key to adapting any new business dream. Learning what works, and what doesn’t is a crucial step in building a business.
