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Start-up Survival: 5 Indispensable Tips for Making It Through Your First Year in Business

The first year for any start-up is tough. You have to make a name for yourself, build your client list, manage tight budgets and get everything set up properly. With so many things on your plate, it can be easy to miss something or make a mistake, and this can significantly reduce your company’s chances of survival. 

The good news is that there are steps you can take to ensure you don’t run into any issues. Start with the following five tips to enhance your chances of building a successful business.

Get the Right Location

Much like in real estate, location is everything in business. For example, if you’re going to be serving the Melbourne area, setting up your offices in Abbotsford will give you a convenient location in an up-and-coming area of the CBD. This isn’t to say that those who can’t afford a good location won’t make it, but being in the right place certainly helps.

Find the Right Team

A chain is only as strong as its weakest link, and your business is only as solid as the lowest performer on your team. While people definitely need to be given a grace period to get to know your business and industry, now probably isn’t the time to be bringing on staff members with no experience in their field. 

People who know what they’re doing and have a strong track record will cost more to employ, but their knowledge and skills will be highly beneficial to your business. If you want to help people start their careers, we suggest building a solid foundation for your company first. Then look into bringing on people who need a large amount of training.

Take Care of the Tech Side of Things

You may assume you won’t be targeted by hackers as a new small business. However, this is far from an accurate assessment. Hackers happily attack businesses of all sizes, and breaches will lead to unhappy customers and possibly even legal issues. 

If you’re unfamiliar with how to protect your systems, we suggest getting assistance from a managed IT solutions provider. This may cost more than the DIY route, but the peace of mind and expert support are priceless.

Build a Strong Digital Presence 

Even if you’re not looking to sell your goods or services online, you’re going to need at least a basic website and a Google listing so you can gain exposure and build authority. If you’re not sure how to go about this, consider engaging the services of a digital marketing agency to create a professional online image for your brand. After all, once it’s on the internet it’s there forever, so you want to do it right.

Stay on Top of Your Taxes

Finally, when you first start making money it can be easy to miscalculate how much you’re going to owe the tax department when it comes time to lodge your BAS or tax return. The tax system works differently in the business world, so it’s wise to engage a specialised tax accountant early in the process. That way, you won’t make any mistakes that leave you owing the government a massive amount.

Getting a business off the ground isn’t for the faint of heart. You’re going to face unique challenges that will almost certainly make you want to throw in the towel at least once or twice during the first year. If you don’t give up, however, the rewards can be significant. So, follow these tips (and your dreams), and treat any roadblocks that show up as learning opportunities rather than something that can stop you.

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