Sing Your Way Through Your First Year As An Entrepreneur

Photo Credit: iStock.com/Artist’s ojogabonitoo

Starting your own business might appear to be an interesting prospect; of course who wouldn’t like excelling in life? If it proves to be a profitable venture then it could make things so much better. You wouldn’t have to worry so much about your finances; paying the mortgage, rent, the bills that are piling up, and wouldn’t it be great if you could afford your child’s university education without working two jobs or having them take up a student loan. You could get your wife those diamond earrings you know she’d love for her birthday, but couldn’t afford. The best part, you’ll earn a name and respect. No more working a 9 to 5 under a boss who’d make Hitler look like a choirboy.

However, grass isn’t always greener on the other side. The success comes later on, after arduous labor. Being an entrepreneur requires you to put long hours, make herculean effort and to be as determined as a bear after honey. If you aren’t, then you won’t even make it through the first year.

The Bureau of Labor Statistics (BLS) reports, that 50% of small businesses don’t make it past the first four years. And out of those which do make it through the fifth year, 58% are in the real estate sector, 47% in retail and 37% in information. With so much rooting for you to fail, surpassing your break-even point and making your business successful seems a Utopian idea. Yet it isn’t impossible, as can be seen from the numerous entrepreneurial success stories. Just hear us out…

We’ve compiled a list of 10 things that would help you in your first year as a small business owner. We’ve also added some lyrics for you to remember these rules by. It’s like PEMDAS but so much more interesting and melodic, so hum along!

1. ‘Cause I Gotta Have Faith, Faith, Faith

Believe in your product, business and most importantly yourself. No one will invest their time and money in you, if you yourself are unsure. Trust your ideas and have faith in their execution; because sometimes you have to drink your own Kool-Aid, just be sure you don’t become over-confident.

2. So I’m Following The Map That Leads To You

Know what you’re working towards and for what. Be clear about your aim and where you want to end up, once you know it, then remember it always. It is the only beacon of light that will guide you forward and motivate you once the going gets tough. 

3. But There’s A Voice Inside My Head Saying, “You’ll Never Reach It.”

Cut out the negativity from your life. It is imperative that you sever all ties with negative people who make you second guess yourself or your goals. Also, ease up on the defeatist attitude; try to erase all discouraging and pessimistic thoughts from your mind that are telling you that you’ll fail.

4. We Just Set A Goal, Talkin’ Matchin’ Lambos

Set short-term goals and focus on them. For those people who have a hard time sticking to something in the long run, it is best to divide the task and tackle them one at a time. The small victories will encourage you but the small defeats won’t phase you much.

5. In The Madness And Soil Of That Sad Earthly Scene

Keep an orderly setup and organized system. You don’t have to run a tight ship, but at least keep your transactions documented and important papers filed. Also, maintain your calendar so you don’t miss any important meetings with potential clients. Remember, anarchy isn’t your friend.

6. We’ll Do It All, Everything, On Our Own

Get help before you need it. By this, we don’t mean that go visit a shrink, because the work is going to drive you insane. We mean, hire some people to help you run operations because you can’t be at all places at once. If your business hits off and the work load increases, it’ll become unmanageable, so you’ll screw up. Try to keep one or two people on payroll, and if you require any further assistance, then opt for freelancers.

7. I’ll Repose In New Ways, Though I Haven’t Slept In Two Days

Don’t burn yourself out. Try to maintain a healthy lifestyle despite the long hours; eat, exercise and sleep. Take breaks whenever possible and try to avoid unnecessary exertion at all costs. If you still feel too stressed then try yoga or get a massage.

8. So It’s Gonna Be Forever, Or It’s Gonna Go Down In Flames

You might have to pivot and improvise a lot. Get used to making impromptu decisions and taking risks; some might work, some might not, but don’t let it stop you. Be flexible, adjustable and willing to change your plans, depending on the situation you are in. At the end, you have to reach your destination, no matter what roads you take or lanes have to switch on the way.

9. Baby I Don’t Need Dollar Bills To Have Fun Tonight (I Love Cheap Thrills)

Spend less and save more. Adopt a close-fisted, prudent lifestyle and lots of patience. Some suffering for now will benefit you in the long-run, as you can save this money and use it in business.

Savin’ my money and I’m hella happy that’s a bargain
Reinvesting in your business won’t bring in instant returns, but they will support your business so you can reap fruits later on.

10. Hey, You Tell Your Friends It Was Nice To Meet Them

Maintain your business relationships. PR and networking with the right people can help your business a lot; you do favors for them, and they for you, it’s a give and take relationship. Clients and potential customers are the ones you need to focus on the most. After that on your competition; don’t let a competitor’s success get up on your head, nor be unaffected. Healthy competition is good, and maybe in the future you could merge businesses or work on a project together. So don’t make any enemies. 

Oh, it’s our time to go, but at least we stole the show…

Follow these golden rules and your first year in business would be plain-sailing! Otherwise, what you could do is conduct surveys to get more insight for your business like Customer Satisfaction surveys, Business Research surveys, and more.  We have a whole range of such surveys that would be heaven-sent for you right now. So save yourself the trouble and check these out Survey Templates)