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How to Make it Through Year One of Running a Small Business

businesswoman happily uses a laptop

It is estimated that one out of five businesses will fail in the first year, one out of two fail by the time they hit year five. What actions can you take to maximize success and minimize failure? We’ve put together three simple, yet incredibly important steps to take to optimize success. Take a look:

Seek Support

Unless you’re pitching a never-before-seen product or service in Shark Tank, the chance that other people are offering the same service or product is high. And, actually, that’s fantastic! This gives you the opportunity to learn from others who know the industry and have found success. We encourage you to connect with others on social media, seek help from a mentor, and more.

Take Measured Risks

The key word in this tip is measured. Risks are inevitable when you start a small business. You probably had a steady job and income prior to going out on your own. You took a risk! Now it’s time to continue taking risks, but first measure them appropriately. Know what risks to take now and what risks to take later.

Set Up Your Business Legally

For every small business owner, there are certain rules and regulations he must follow to ensure he is working within the law. You’ll need to consider the structure of your business such as a sole proprietorship or LLC, what permits or licenses are needed, business taxes, and more. A certified public accountant can tremendously help you set up your business legally.

Partner with Bespoke for Your Custom Website

Part of making it through your first year is attracting and retaining customers. One way you can attract customers is through a stunning website. You can customize your Bespoke website with images, video, blog, about us, and more! Browse our website templates, then give us a call with questions: 888-444-5162

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