How to Survive Your First Year in Business

Did you know that approximately 20% of businesses fail in the first two years of being open, 45% during the first five years, and 65% during the first 10 years? (Credit: BLS) While unfortunate, the truth is entrepreneurship is no easy feat and it is imperative that you stay focused and disciplined enough to stay in business. While the more obvious answer to your business problems typically includes hiring the right team, improve business operations, increase revenue and more, there are another set of important items for you to consider when thriving in business. Follow the below checklist and you are 99.99% more likely to survive your first year in business.

Surround Yourself with Like-Minded People. 

People who aren’t in business for themselves or are part-time entrepreneurs will never understand the things you go through as a full-time business owner. Their checks come in every week or two; yours don’t. Surround yourself with people who are on a similar journey because they will be able to relate to you and comfort you due to their experience in going through the same things. 

Block Out the Noise

The people closest to you that have known you from your previous roles and responsibilities should be the people that support you the most, but the truth is, that’s almost never the case. Most of the times, these are the people that can’t seem to understand why you would leave a well-paying stable job to go open a business that literally throws your life into chaos. Ignore the noise. Believe in your why and believe in your business. They’ll come around eventually. 

Don’t Get Distracted

You’re an entrepreneur now. One week for us is equal to three weeks for everyone else. You don’t have time to go out every night, be cuddled up all day or do things without any purpose. It’s important for you to dedicate every single possible second to business development and revenue generating activities. 

Don’t Spend $$ The Way You Use To 

Before you had a check every week or so. Now you don’t. So don’t spend like you used to. Now is the time for you to keep your head down and to be as frugal as possible; only necessities should be prioritized. 

Don’t Believe in Balance 

Your first year in business, people will encourage you to believe in balance and that everything will be alright. Don’t believe them. They don’t know what they’re talking about. This lifestyle is intense, and it comes with a lot. This is your new main priority and everything else comes second to it. Approach this like a warrior in a battlefield because that’s exactly what this journey is. 

Enjoy The Journey 

The truth is all of this is new to you; it will only be new to you right now. There will come times in the business where you feel you’ve mastered it and times in the business where you will feel like everything is going wrong. However, after a while, they both start to feel the same. For that reason, before you get to that point, enjoy the journey. It’s truly one of a kind and something that looking back on, you will be happy you did.