6 Things to Consider in Your First Year of Owning a Business ✅Read about it here ➜ ⏰TIMESTAMPS⏰
00:36 - Give yourself some self-care
01:57 - Cultivate a team
02:53 - Incorporate or form an LLC
04:10 - Have a business plan
04:49 - What are the steps of a business plan
10:49 - Keep track of ROI
12:19 - Expect trial and error
Regardless of the industry you’re in, the first year in business is always a wild ride. There’s a lot to cram onto your to-do list. From the items you knew would be included, to things that you could never dream were a priority. What should you focus on first? I did a little mental flashback on my first year in business to target the key areas any first-time entrepreneur should put front and center on their to-do list.
1) Be good to yourself during your first year in business
In the midst of everything you are doing, don’t forget to show yourself some self-care. Exercise, unplug from your electronics, eat well, meditate, think positive, and get some sleep to avoid burning out. If you don’t work, then nothing works!
2) Surround yourself with a great team
Every entrepreneur needs a strong support system because nobody can go down this road on their own. Surround yourself with great employees, family members, friends, mentors and advisors who believe in you and your business and can offer objective feedback and advice. Entrepreneurship is a risk from start to finish, and your support system is your biggest guaranteed safety net in the game when owning a business.
3) Incorporate or form an LLC
If you haven’t already done this, make it your first priority during your first year in business to ensure you have a legal formation. From limited liability companies to corporations, partnerships and B Corporations, there is an entity available that fits every type of small business.
By incorporating, you are assured the liability protection and the separation of your personal and professional assets.
4) In the event the business does not succeed, it will not affect your personal belongings like your house or car. Legal formations also allow you to establish credibility with consumers early on, and incorporating even helps save money on taxes. Additionally, it’s smart to register for trademarks and copyrights because your business is likely to need at least one of these or possibly both.
5) Draft a thorough business plan
Your business plan is going to be one of the biggest assets you could possibly have, as it serves as a blueprint for your company and its future. These documents tend to be written about three to five years out and evaluate the feasibility of your business as objectively and critically as possible.
6) Go lean and focus on ROI
Money goes fast during your first year in business, and unless you have created a groundbreaking app on the same level as Facebook, it is not likely that you will have an abundance of investors banging your door down to fund your business.
7) Be willing to do a lot of trial-and-error testing
Work with your team to come up with ideas, develop, test and launch them together. Some will fall flat while others will soar high, but if every idea contains 100% of your hard work and effort, then you’re heading in the right direction.
Ultimately, if you have the passion then you might be ready to head out on your own. The only person who can decide that is you, so be honest, be clear in what you want, and have faith in your ability to make it happen.
The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day.
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