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The First Year In Your New Business
Written by: Lee ListerArticle Overview: Well you’ve done it – you’ve started your new business. You’ve managed to get a great business loan, your marketing seems to be working and your products and services are starting to sell. So what else should you expect?
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Free Download - What Type of Business Should I Start? By Lee Lister |
The First Year In Your New Business
Well you’ve done it – you’ve started your new business. You’ve managed to get a great business loan,
your marketing seems to be working and your products and services are starting
to sell. So what else should you expect?
The realisation that
you don’t just have a business but a new life style. Your business now should be encased in every
part of your life. You find yourself
continually networking and telling people what you now do for a living. You find that you don’t “clock off” at 5pm
any more. Thoughts come into your mind
at night and you just have to write this idea down before you forget them.
You don’t have big
company back up anymore! You learn that you have to be the one that fixes
the photocopier, make the tea/coffee and greet the clients. If you are organised you will already have
got yourself some virtual or technology help such as a virtual assistant,
voicemail and support contracts. Maybe
you don’t have that kind of income as yet?
It’s something to aspire to as the less time you spend on non income
earning work the more time you can spend on earning.
That getting
customers takes a lot longer than you thought. You might have started your business because
you had a few customers already. You
quickly find that getting the next few customers is hard work. If you have a difficult customer then you
also find that keeping a customer is hard work as well. Marketing is hard work, marketing whilst also
looking after customers and fulfilling their orders is really hard work. The trick to learn is to set up some
automated marketing – such as article marketing, PR etc that will go away and
sell your business automatically. The
problem is that this kind of marketing needs to be regularly and consistently renewed
at very short intervals. At the end of
your first year you should have learnt that marketing takes up at at least 50%
of your time.
You didn’t make as
much money as you thought you would.
Setting up a business is expensive and hard work! You should by now be at least meeting your
normal bills and maybe saving a bit for those bigger one off bills. It’s important that you plan not to be in too
much profit in the first year. Only
spend on items that will bring revenue and keep control of your expenses, Maximise your profits and your should survive.
Good luck.
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About the Author: Lee Lister RSS for Lee's articles - Visit Lee's website  From an early age she began an unparalleled journey through business consulting that continues to span across the UK, USA, Europe and Asia. She has consulted for a considerable number of companies all over the world. Specialising in business change management, start up consultancy and trouble shooting. Lee's experience in marketing and internet marketing is also keenly sought after. She is a prolific published writer of books, ebooks and articles and can easily be found on major search engine and Amazon. Her books include: FastTrack Bid Management, Proposal Writing For Smaller Businesses, How Much Does It Cost To Start A Business, Entrepreneur's Apprentice and a series of Start My New Business books that do as they say in the title! Her major web sites are: Click here to visit Lee's website   3 Marketing Myths that are Stopping you Succeed Branding The Hows Whats And Whys Writing A Tender In A Recession Buying A Web Site On An Auction Site And Why It May Not Be A Good Idea How Do I Know That My Customer Is Having Financial Problems |
Related Forum Posts
How to valuate a business
- Hi Garth - here is how we did it at Northern Crown Capital when I was helping them raise venture capital for Toronto-based entrepreneurs. Assume the start date is 2003 so 2008 projections are 5 years out:
How Northern Crown Capital Valuates a Business
2008 Financial Projections
Earnings Before Tax
$5,865,000
Tax Rate
42%
Taxes
$2,463,300
Net Earnings
$3,401,700
Amount Seeking to Raise Today
$3,500,000
Discounted Value of Future Opportunity, 5 Years Out
2008 P/E Ratio
15
Value of Company in 2008
$51,025,500
Discount Rate Applied
30%
Year 2008
$51,025,500
Year 2007
$35,717,850
Year 2006
$25,002,495
Year 2005
$17,501,747
Year 2004
$12,251,223
Value of Company at Investment in 2003
$12,251,223
Less: Investment Amount
$3,500,000
Present Value
$8,751,223
Discount for Risk & Private Company
40%
Less: Discount for Risk & Private Company
$3,500,489
Private Company Value
$5,250,734
Present Value (What the Owner Keeps)
$5,250,734
60.00%
Financing (What the Investor Gets)
$3,500,000
40.00%
Total
$8,750,734
100.00%
I hope this helps!
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Re: HAPPY NEW YEAR!
- Happy New Year!
New Year - New Resolutions?
- Anybody got any goals they'd like to share for the New Year?
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