Your Startups First Year - 5 Things You'll Encounter

Your startups first year is a big deal. Starting any new business is an exciting prospect, for sure.

Often new business owners have no idea what to expect in that first year.

It’s easy to get thrown for a loop (or ten) with your new business.

New Entrepreneur’s First Year In Business Survival Kit

Earlier this week on the HerPaperRoute blog we discussed how you can grow your business as an introvert.

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As well as what steps entrepreneurs and bloggers need to take to legally protect their website, business and themselves.

Today we are discussing what things tend to happen in a new business’s first year.

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5 Things You’ll Encounter In Your Startups First Year In Business

Here are five things you should expect to encounter in your startups first year in business.

1. Ramping up takes time

Once you’ve had your big idea, it’s easy to expect things to all fall into place.

However, that likely won’t be the case. There will be a myriad of things you’ll have to decide before you even get started.

Your brand message, your imagery, your target audience are all things you’ll have to take time to strategize.

Don’t be discouraged that the time from when you decide to get started and when you actually get started is a little longer than you’d like.

2. Startup costs will exist

To start any business, even one that doesn’t have the costs of a brick and mortar store, takes some capital.

At a minimum, you’ll likely need to pay for hosting for a website ($3 with this discount), a logo, the proper website legal pages, and possibly some marketing materials.

You also should consider if you need to create a formal legal entity such as an LLC, and if you will trademark your business.

And just as important, you should budget for advertising expenses. Investing in your business can be the key to making sure your business actually takes off.

3. You need more business than just friends and family

I have no doubt that your friends and family think your idea is great.

They likely will support you and even buy some of your products or services when you start. However, you can’t expect them to be your sole source of revenue once you’re off the ground.

It’s unreasonable to expect them to buy something from you, at all really. Your family isn’t your target market!

Your customer base needs to be larger than just the people you already know. To get this, you’ll need a marketing and/or advertising strategy to reach people who will be likely to become repeat customers.

4. People will unfollow you

Social media can be a huge driver for many businesses. New followers can be extremely exciting!

While it’s something no business owner likes to see, the truth is: people will unfollow you online.

This can happen for a number of reasons, and you may never know the reason that someone unfollowed you. But don’t take it personally.

It happens to every person and every business. There’s no reason to take it personally. Just keep on chugging away with your awesome content.

5. You owe taxes

Hooray! You just made a big sale. That money is all yours, right?

Unfortunately, it’s not that simple. If your business is making sales, you owe taxes on that money, plain and simple.

One of the things we’ve seen with many small businesses is that they forget to take taxes into account when they set their prices.

It can be tempting to set your prices low to make sales. However, you need to be sure that after the cost of materials, labor and taxes, that you’re still making a profit off these sales.

Without planning for this, it can be a shock when the government comes knocking on your door.

For help on how to strategically price your products and service, read this book.

5 Things You’ll Encounter In Your Startups First Year In Business

Starting any business is a labor of love. One that will have countless ups and downs.

Your startups first year is the only first-year it gets, so cherish the process.

Have you started your own business? If so, what would you add to this list?

Kristin Zaslavsky is co-owner of Eli | Rose Social Media, LLC, a small business online marketing firm.

Your Startups First Year – 5 Things You’ll Encounter

New Entrepreneur’s First Year In Business Survival Kit

The Entrepreneur ToolKit – Yours FREE Today!