How to Get Through the First Year of Your Startup
Getting Through the First Year of Your Startup
The first year of any startup is almost always the toughest. In the first year, you might be moving from ideation to starting on production. You might have to find funding or find suitable contractors. The first year of opening a startup can also make or break your business, so I’ve compiled some tips and tricks to help you grind through the first year of your brand-new business.
How Much Does It Cost to Start a Startup?
This is one of the most important questions you will be asking yourself because it will heavily determine what the first year of your startup looks like. A few expenses that every business will have are paying for your business license, paying for a lawyer to file your business’ trademark, and materials. You’ll want to calculate these costs and decide how you will be funding your startup.
If you know you have a lot of expenses headed your way and need to look for outside funding sources, then the first year of your business may be focused on writing a strong business plan and applying for loans. It is important to consider all of your options for outside funding including small business loans, Kickstarter programs and more. This will help you to ensure you lock down your needed loan within the first year of your startup so you can get started on your business!
How to Start a Startup with No Money!
If you know you will be self-funded and don’t have a large savings account to tap into, your first year might look a lot different. Many types of businesses have very minimal startup costs, so you may want to consider what type of business you would be passionate about running that simultaneously has low costs tied to it.
If you’ve already decided on a business idea and know it will come with hefty startup expenses, just remember to take it slow. Pay for expenses as you have the money for them to ensure you don’t end up in a large hole with debt piled up around you!
When the Going Gets Tough
In the first year of working on a startup, there are a lot of hurdles to jump and barriers to break through. It can be hard to focus on the end goal when you’re trying to snag a loan, or the startup expenses are piling up. However, when you focus on creating an incredible product or service, the business will come.
Be sure to use your time wisely and make the first year of your startup a time for productivity! It can be easy to get discouraged, especially when the people in your life aren’t being supportive. Keep being productive and continue learning by reading blogs like this, listening to business podcasts, and watching informational YouTube videos.
This will all make the first year of your startup a lot easier which can change the trajectory of your startup. Stay focused on the mission of your business and you’ll be on the fast track to your grand opening!
Meet the Author: Holly Hickman
Holly Hickman is a Kennesaw State University graduate who has worked with a myriad of clients in e-commerce, Saas, hospitality, non-profits, and more to grow their companies with smart digital marketing strategy. She specializes in content marketing and has a keen eye for language and messaging while focusing heavily on SEO.
Holly is also passionate about health and fitness spending her time outside the office as a full-time bikini competitor and competitive powerlifter. She is also the Founder and CEO of HollyLolly, an athletic apparel company helping women feel bad-ass and confident in the gym whether they’ve been an athlete all their life or are just beginning their fitness journey. You can connect with her on Instagram @holly_hickman.