Surviving the first year of business

*contributed collaborative post

If you start up a new business at any point in your life, there are many things that you are going to need to focus on to make sure that you get it right, and this is something which you will want to think about early on.

Somewhere around half of all businesses fail within the first six months, so it is clearly often a challenge to keep a business going for a year or more. If you want to be one of those success stories, rather than just another failure, you will need to make sure that you are paying close attention to a few things in particular. In this post, we will look at what they are, and what you will need to expect to do to ensure that you really do survive the first year of business – or even thrive beyond it.

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Compliance

One of the most common reasons that businesses fail early on is that they get in trouble with the law or with some kind of regulatory body in their field, and as a result they have to either shut down or pay out so much that they are essentially bankrupted. You of course want to do whatever you can to avoid such a fate, so you need to make sure that you are focused on compliance and ensuring that you are following any rules and regulations which might prove to be necessary for your business. There are so many things to focus on here, ranging from how to ensure compliance with KYC to understanding corporate tax laws. So long as you are careful, however, you should be able to avoid any drama regarding these, and keep your head above water for a year and beyond.

Competition

Remaining competitive is hard enough for an established business, but for a brand new one to be able to gain a sense of competitiveness to begin with is even more difficult. If you are keen for your business to start off strong and succeed in the long term, you will want to make sure that you are doing whatever is in your power to be as competitive as possible, which of course requires that you understand and thoroughly study the competition as much as is possible first of all. Only by knowing what your rivals are doing can you ensure that you will find some clever way to gain the upper hand, so this is absolutely something you want to be focused on from the very start.

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Confidence

It takes a great deal of boldness to begin a new business, and a lot of confidence to keep it going for a long time. Getting your business to survive the first year requires a degree of confidence which not everyone has, and you might find that this is a particularly testing time which helps you to actually develop some confidence for that purpose. This is going to be essential if you expect success, so make sure that you are doing whatever you can to keep yourself and those around you feeling as confident as possible.

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