By now, you have probably heard that more people fail with small business owners during their first year of operation than any of the years that follow it. While that sounds discouraging, there is also cause for celebration. According to the Small Business Administration, the number of start-up businesses is increasing while the percentage of failure is decreasing. Approximately three out of four new businesses started in 2019 will continue past the first year. Below are some tips to ensure that your start-up is part of this positive trend.
Start with a Business Plan
Another thing you have probably heard is that a failure to plan is a plan to fail. This is nowhere more evident than in small business. You also need to consider than lenders nearly always request to see a business plan before considering a funding request. Your business plan should include the following:
- Company description
- Analysis of industry and market
- Sales and marketing plan
- Organizational structure and management chart
- A detailed description of products and services
- Financial predictions and goals
- A summary of your entire business plan
Creating a business plan requires hours of research and writing. If you’re having trouble getting started, a consultant from Capital Connex can advise you.
Don’t Forget Content Marketing
The content your company produces and shares with customers and prospects during its first year of operation helps to set your brand’s tone and image. Taking the time to produce high-quality content that offers true value to your reading audience is an important aspect of small business ownership. This includes such things as website content, blog posts, videos, and guest articles on other websites in your industry.
Prioritize Customer Service
Gaining a reputation for providing poor customer service during your company’s first year can be difficult to overcome. Be sure to provide your staff with the encouragement and resources they need to offer outstanding service to customers if you want to see them return.
Capital Connex is happy to meet with you to provide additional small business ownership tips at your convenience.