10 Things to Do In the First Month of Business

Starting a business takes a lot of resources, motivation, and most importantly, guts. With so much to think about and the high risk factor of starting your own business, it's no wonder many entrepreneurs will never end up taking on this endeavor. Here are 10 things that any smart, savvy entrepreneur on the verge of starting a business from scratch should know. 

1. Figure Out Funding

Money is possibly the most important factor of this project. If you fail to plan, you plan to fail - make sure you have a solid financial budget for startup. Without this, you might find yourself halfway through a project with no funds left. In order to avoid that worst-case scenario, plan your finances accordingly.

2. Choose a Customer Focus 

Even the most successful and encompassing businesses can't reach everyone, with any product or service. Don't bite off more than you can chew in this endeavor - focus on a specific customer base and start from there. You can branch off over time, but creating customers from a reliable base is crucial to startup.

3. Determine Time and Commitment

This is especially important for those who have other commitments and businesses to attend to. Spreading yourself too thin is a prime spot for a nervous breakdown or foolish decisions, and this is not the time for unnecessary risks. Either have extra hands on deck, or budget your time as carefully as you would your finances. Your energy is crucial, and dying out early is a recipe for disaster. 

4. Build a Website

Ironically, this crucial step is often looked over in today's startup business setting. Creating an online presence for your company is a necessity that cannot be overstated. You must create a user-friendly, efficient website (even if it's simple and bare) for potential and current customers to access. 

5. Determine the Legal Structure

This is especially important for companies dealing with copyrighted and patented materials. Business lawsuits are more common than you think, and knowing where and where your company can tread is crucial to avoiding lawsuits and making an honest profit. Look into some reliable business insurance.

6. Get Some Helping Hands

Starting a business isn't easy. Get some help from professionals or friends who have gone down the road and come out successful on the other side. Put aside any pride and take all the help you can get. If you start by yourself, chances are you'll be overwhelmed before the first week finishes with marketing, finances, payroll, taxes, customer relations, and more.

7. Choose a Great Business Location

Without this, you might find you've already created a huge barrier between you and clients by being far too out of the way in an inconvenient location. You might also accidentally work against yourself by moving into a location that is too large or too small. You don't want to be terribly cramped or be paying for room you're not using. 

8. Create a Brand

A brand is more than a catchy graphic or slick slogan. Your brand who your company is, and what traits you stick to. Your image is important, but it's what's behind the picture. Your brand gives people a look into you and who you are. The best businesses are created by honest relationships, not advertisements.

9. Create a Year-by-Year Business Plan

Budget everything - time, finances, employees, taxes, materials, etc. Writing down your business direction for the next year or two will help you more than you realize when you're trying to stay on track. Don't leave this enormous project to chance - be smart and plan ahead.

10. It's Going to be Tough

An astoundingly high percentage of startup businesses go under before their first year finishes. This is because of many reasons, but a big reason is that many people give up under pressure. The best business stories are the ones that persevered through times when everything seemed hopeless, but came out successful on the other side. Great businesses don't just happen - they are created with blood, sweat, and tears of the truly motivated. Don't give up - pull through when starting this enormous endeavor.