Top 10 Things to do in Your First Year of Business to Ensure Success

This question came in from one of our readers. It's a great question for new business owners with their eye on the prize. If you have a small business question that you'd like for me to answer, let me know.

Q: What is the most important thing to do in the developmental stage to ensure success once the business is launched into the marketplace?

A: Congratulations on launching your business! And even more so for looking beyond your start-up and asking the question that will lead to your success. Here are my suggestions:

1.    If you haven't created your business plan, do it now.

2.    Don't let yourself get sidetracked from your business plan. There will be lots of distractions that will make it seem like deviating from your business plan is a good idea. Don't be seduced. Work the plan.

3.    Keep the big picture in mind. If unemployment is at 7%, that means that 93% of the market is gainfully employed and spending money.

4.    Remember that everything cycles. Keep moving forward.

5.    Make sure you differentiate yourself in the market. Create an apples and oranges comparison and convey the contrast to your market.

6.    Stick with your core values. Remember why you are in business and what values are important you.

7.    Be transparent and honest in your dealings with people. During your first year, honesty will matter. Being a good person will matter. Being authentic will matter. Integrity earns trust.

8.    Master social networking to create inbound marketing.

9.    Keep things simple your first year. Don't over-complicate solutions, make situations more complex than they are, or react when you have the power to respond.

10.    Unplug from your business one day a week. I know. I know. There will be lots to do your first year. Your tendency will be to do whatever it takes to get things done. In addition to working long and hard, though, your business also needs you to refresh and renew yourself. Schedule one day a week off and stick to it.

Let me know if this was helpful, or if there is anything more you'd add. If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
The original Accidental Pren-her™
Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Comments

[Linda Alisesky]

Thank you for this article Susan! It is good to know that I've been on the right track for the most part. But, I would ask if you could give some examples of how one might differentiate oneself in the market.

[The Original Accidental Pren-her]

Sure. When you think of differentiating, you want to think of the ways your product or service is different from everyone else in your industry. Or, better.

For example, you sell personalized books for children. What makes your personalized book business different from all the other personalized book businesses out there? Is there something you do that no one else does?

Answer this question (from a potential customer's viewpoint), "Why should I buy from you?" Once you know the answer, that's what sets you apart and differentiates you from your competitors.

I wrote an article on how to determine your unique selling point that may be helpful to you: http://www.alkamae.com/content.php?id=257