Year One: Things You Need to Do in Your Business

The first year in business is pivotal. This is the time when many companies establish the path they are going to take in the future, and it is also the time when many more fold and fail to go any further. There is a daunting amount of work to get done, and you obviously have a huge number of responsibilities. In this article, we will be discussing a few of the most important things that you need to do within this first year.

Create a Business Plan

It may seem like an obvious task to complete, but many entrepreneurs fail to create a proper business plan that lays out the basics of their company. It doesn’t necessarily need to be hugely complex, but you need to include things like a short description of your company, products, target market and sales goals. Having a business plan shows that you are going in the right direction and you have clear goals that you are working towards.

Manage Your Finances

One of the main reasons why so many businesses struggle in their first year is because they don’t take steps to properly manage their finances. If you don’t have intimate knowledge in this sector, it is a task that is worth outsourcing so you should seek to get professional accountancy services. You need to be doing things like setting up a business account, monitoring your expenses, and making sure that you get paid by your clients on time every month.

Build Your Business Website

With so much done online these days, having a proper business website is vitally important. Though you want it to look attractive, the most important thing is that it conveys what your company does clearly and effectively. It should also be easy to navigate regardless of the device that the customer is using to access the internet. Make sure that clients are easily able to contact you and they can make purchases easily.

Establish Your Social Media Presence

A highly important aspect of every modern business is social media, so you need to make sure that you establish a clear presence on the websites which you intend on using on a regular basis. Facebook and Twitter are the most obvious ones, but there are plenty more which may be useful such as Instagram and Pinterest. Start building up followers and establish a clear strategy which includes an outline of the type of posts that you will put up.

Try Different Marketing Strategies

Marketing is hugely important in your first year of business, so you should try out a range of different methods that attract people to use your services. Digital marketing is hugely popular these days including online ads, email newsletters, and PPC advertising, but the more traditional methods can also be very effective still as well.

Though there is obviously a lot to think about in your first year of business, these are just a few of the essentials which you need to make sure that you do.  

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