How to Survive Your First Year of Business

So you’ve done it. You’ve started a business. You’ve made the commitment. You’ve taken the leap. Congratulations! Now what!?

When the shiny excitement of your business name on ASIC and new website domain starts to dull just a wee bit and the reality of running a business sets in, it’s important you know how to set yourself up for success.

Let’s walk through how to survive the first year in business.

Have a business plan

There is no way you can clearly and confidently move forward in your first year of business without a business strategy in place. From setting up your marketing roll out and ensuring it lines up with any new products or services to creating milestones you need to hit along the way to help keep you on track, a solid business plan is key.

Our Business Start up Checklist can help you with this. Grab your fave bevvy and start reading!

Have insurance

When you’re investing your own time and money into your business and connecting with others as clients or customers, you need to keep both yourself and your Foundd fam protected! Different businesses will need different insurances.

For example, if you’re providing services, you’ll need to get yourself some good ol’ professional indemnity insurance to protect yourself against claims made by clients or third parties deeming you as negligent or having offered poor services or advice. You’ll also want to get yourself some cyber insurance to protect yourself from any financial losses due to a hack or data breach. And, if you offer products, procure some product liability insurance to protect you and your customers (if you send someone a doll that smells delicious but for some reason the purchaser ends up with a severe case of hives, you’re both covered!).

Get clear on finances

First of all, get yourself an accountant you trust! If you find one that you can make laugh, even better! Making an accountant laugh is suuuuper rewarding! Regardless, make sure you understand your numbers, track your expenses and even consider engaging the services of a bookkeeper.

Don’t forget to keep your business and personal expenses separate and put a percentage of your income aside for tax liabilities. Just because you make a thousand bucks, doesn’t mean it’s all yours to spent. The only two things in life that are certain, and all that…

Build your network

While starting a business is hugely exciting and rewarding, it can, admittedly, be lovely at times. Friends and family will be supportive, of course, but they don’t always understand the grind that it can take to get a new biz off the ground. So step out of your comfort zone and hang out with like-minded business owners at live events through Belle Evolution and We Are One Roof or Facebook groups like She-com, LMBDW and Lady Startup Lounge.

Legals

Annnd this list wouldn’t be complete without my juicy specialty, legals! Be proactive, protect your IP and your business with website T&Cs, privacy policies, trade marking and all those goodies that help keep you legally legit! I’m here to talk through any questions you may have.

Mindset

Last but certainly not least (and possibly the most important thing to help keep you in alignment in every other aspect of your business!), keep a healthy mindset! Whatever it is that helps you stay mentally healthy, be it taking regular breaks, meditation, going for walks outdoors or anything in between, look after yourself. (Mind)set Yourself Up for Success! A positive mind supports positive outcomes all round.

Happy first year of business, friends! x

***Disclaimer. Please read!!***

This article is for general information purposes only and should be used solely as general guidance. It does not and is not intended to represent legal advice or other professional advice.