Starting a business is a very brave thing to do, and if you have recently decided to take the plunge and follow your dreams with a start-up company – congratulations! This is an incredible achievement and a fantastic opportunity to showcase your talents and build a successful business from the ground up. However, committing this will not be without its challenges, as you will already be aware, some of which might be unexpected or tougher than you first thought. This is why it is important to prepare yourself as best you can when you become a business owner for the first time, as there will be a lot of learning curves headed your way. Below are some tips to help you and your business through the first year that you should remember.
Don’t Be Afraid to Ask for Help
Sometimes it might feel as though you have to have all of the answers, particularly when you’re in a leadership role. However, there might be times when you are unsure of what your next step should be or how to best handle a difficult scenario. While it’s important not to panic in these circumstances, you shouldn’t feel like you can’t ask for help, either. It is always better to seek advice if you’re not sure what to do, and even hiring a business advisor to consult with for the first year or two of owning your new business might be worth looking into. If you’re feeling overwhelmed with your daily tasks, consider outsourcing to freelancers or other services or even hiring an intern to help you.
Stay on Top of the Paperwork
Business admin is not exactly exciting, and when you have your mind focused on other exciting projects for your company, you might find yourself putting off these jobs. Doing this can be a slippery slope, however, and all of this paperwork is essential if you’re going to keep your records accurate and organized. Don’t let time slip away only to find yourself panicking at the end of the year trying to balance your books and submit your taxes, amongst other admin. To help you stay on track with what needs doing, always refer to this end of year checklist so you know what needs to be done and when. Always make some time each week or day to check over business paperwork to make sure everything is in order.
Bond with Your Staff
You might already know some of your employees well, particularly if you have gone into business with friends or previous colleagues have decided to come and work for your new company. Nonetheless, it is important to bond with your employees whether they are familiar or new to you, especially if you want them to respect you in your role as their new boss. The bottom line is that you need your team to help you get your business off the ground, and if you fail to make a connection with them, this risks them choosing to take their talents elsewhere to a place they might feel more appreciated for their work. You don’t want to be overly friendly, as you might need to discipline your staff at times, and this can make it more difficult, but you shouldn’t be cold or aloof either. Perhaps going for drinks with your staff after work occasionally or treating them to lunch now and again is a good way to boost morale and help them bond with you.
Take Care of Yourself
Running a business can be and will get stressful at times, especially in those formative years when you’re still finding your feet as a business owner and brand. You might find yourself working extra hours to help your business take off, but remember that you do need to give yourself adequate rest time, too. Eat well, exercise, and make sure that you’re giving yourself at least one day off a week, but preferably two for a full weekend. During this time, do not check work emails or take calls. Instead, use this time to relax or do something fun with the ones you love. This is incredibly important to your well-being, and although your business might be your passion, it shouldn’t be the only thing in your life. Find a healthy work/life balance to help keep you sane and happy, as those early years are likely to be some of the most challenging in your time as a business owner.
Starting a new business is a marvelous opportunity and brilliant achievement; just make sure that you’re looking after yourself throughout those early years so that you have a more positive experience and give your company the best chance of success.