Starting a business is one of life’s most exciting adventures. But it can sometimes be a lonely experience too, with no one there to help make all those big decisions.
You can probably expect to wear many hats, especially in your first year. On any given day you might be a marketer, accountant, recruiter, or IT manager. And that’s on top of the day job.
Even the most skilled multitaskers can’t do everything alone. No matter how self-confident and/or flush you might feel. Making a proper go of it requires iron-clad self-discipline and good decisions because now, you’re the boss.
While no two businesses are the same, most will tick off similar milestones in their first year. We’ve put together this timeline which you can use as a guide, or a checklist, as you navigate your first year in business.
What kind of business structure do you want – sole trader, private limited (LTD) or limited liability (LLC)?
Do your research on what each kind of business demands, including the legal liabilities and admin involved.
This is the fun bit–finding the perfect name that your business will be remembered by in the history books.
You’re going to need a marketing strategy in place so that your future customers can find you easily.
Whether that’s securing a physical premises, launching a website, or setting up an e-commerce shop with business social media accounts, you’ll want to create a large presence across the best channels for your new business.
Now that you’ve set your business up, you’re ready to launch.
You did it!
Some new business owners might expect to start receiving orders on day one. For others with a more complex or expensive product, it might take a bit longer to land your first big sales.
