The first year of business is undoubtedly the most important. If you get it right, you’ll be well on your way to trading successfully for many years to come, and if you don’t, you’ll struggle a little more to get your brand out there into the world. Sure, it’s not impossible, but getting things right the first time around can save you a lot of hassle, and money. But what do you need to remember in your first year of business?

We’ve noted down some simple things here, that will go a long way for your company.

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Make a strong business plan

A lot of people who are new to business overlook the importance of a business plan, because they believe that they already have it worked out in their heads. That’s great, but you do need to be able to share your ideas with people, and show them what your plans for the future look like. Even as a point of reference for yourself, a plan can allow you to see where you need to be heading, and when.

Put the hours in

In truth, the main thing that makes or breaks a business is whether you’re willing to put the hours in, especially in the first few years. You’re going to have to say goodbye to your social life for a while, and you’re probably not going to be coming home and having relaxing, work-free evenings either. If you can accept this, and put a lot of your time into the business, then you’re likely to succeed.

Invest money back into your business

Making a profit in the first year of business is great, but think wisely about what you do with it. Be cautious to take anything out of the company pot aside from your wages, and instead, re-invest the money back into your business to ensure that you’re pushing it forward. Whether that’s purchasing some new tech, or paying out for marketing to bag yourself some new clients, investment is usually a good idea.

Think wisely about risks

Of course, there are going to be occasions as a new business owner when you need to take some risks. This is what business success is all about, right? However, there is a difference between stab-in-the-dark risks, and those that are well-informed, and are thus highly likely to pay off. Seek out a mentor in your field, or contact a risk management company for support and advice on the future of your business.

Network well

Your success early on in business will be defined by who you know, and how well you can network. Getting those connections in early on will be a brilliant start for your business, so ensure that you attend events where you can meet people who will be beneficial for your company. Also, be sure to get your networking skills nailed. Don’t just be throwing around your business cards!

Good luck in your first year of business, and ensuring that you enjoy many years of success as a result!