7 Steps to Survive The First Year of a Start-Up

1.  Pad Your Budget - Cash Flow goes one way

If you are coming from a corporate background, you are used to trading work for money.  When you start your own business it is all about investment of both time and money.  You will pay yourself last and you may not see a paycheck for the first year or two.

If you are saving up or getting a loan to start your business, make sure you pad it with more available cash than you think you will need.  Not only will you need cash to inject into your business, you will need money for your personal living expenses.  

2.  Clear Your Calendar  - More work than time

I find that entrepreneurs are busy people by nature.  They are always working, creating new ideas, helping out, being social.  Don't wipe the slate fully clean, but realize that time will be a treasured commodity and saying yes to everything will not work.  In the beginning a business will be both a job and a hobby.

Unless you have the type of business that you can hand over to trust-worthy individuals, it is hard to disconnect for any length of time.  With my first business, it was four and half years before I felt comfortable enough to go on a vacation without my laptop.  It takes time and trust to get to a point where you can feel comfortable leaving you business without being plugged-in.

3.  Double the time for everything

Another common quality of entrepreneurs is that they tend to be overly optimistic.  This is a great quality to have when times get tough, but can be an issue when planning how quick the business will grow and how fast a project can be completed.

In the start-up phase, everything takes longer.  You will be developing and learning processes, learning how to sell and communicate to your clients, and laying the ground work for your business. 

I find that I spend a lot of time reading and learning things that will better help me serve my clients.  Having a retainer based business, my learning is done on my time.  Therefore, I have to include my learning time into the equation.   

4.  Get Snappy making decisions and finding solutions -  The Buck Stops Here

Guess what, when it's your business you have the final say.  That means you must make a lot of decisions and solve a lot of problems that may have no clear answer.  You are expected to be an expert on everything as it pertains to your business.  Often times, speed is the difference between making a sale, getting to market, or creating a happy customer.  There is no time for pondering every decision or sending the hard stuff up the chain. 

5. Get a team, but the buck still stops here

Maybe this should be considered "Way 4a," since it ties in to the above.  It is really hard to do it all, so make sure you get a good team in place.  You may hire staff or contract out areas of your business where you are not strong or is too time consuming. 

I work with a payroll company whose staff's strengths mirror my weaknesses. My business, Marketing Eye, is based on helping companies where their marketing needs outweigh the abilities of their staff or they just don't have time or skills they need. Recognize where your strengths lie and have a team that you're not afraid to delegate to.

6. Find a Healthy Outlet

Starting a business is not easy.  There is a lot of pressure, long hours,  and little pay.  Your attitude and energy will be reflected in the success of your business.  Find healthy outlets that keep your spirits up even when business is slow to grow.

I find spending with friends and networking with other entrepreneurs helps me not feel so isolated and keeps everything in perspective.  Running a few miles in the morning and quality family time also keep me grounded and happy.

7. Celebrate Wins - it makes the tough days better

Don't be so caught up in the grind that you forget the rewards of growing your own business.  Set goals and reward yourself.  Not all rewards may be monetary at first. Sometimes you finish a project earlier than expected or complete a sale you have worked so hard for; the reward may be leaving early on a Friday to catch a movie or going to the lake.

If you have employees and they are instrumental in your business's growth, don't forget to reward them as well.  Working in a start-up environment is not easy, so allow your support team to be a part of the reward system.

The first year of anything is more challenging.  Like the first year of parenting, you will be amazed by what you learn and you will face and overcome more challenges than you thought capable.  With each business as with each child, it gets easier, but there are always surprises and opportunities to learn.  With both parenting and entrepreneurship, the joy of nurturing and growing something that you love and build will always out weight watching from afar and saying I wish I had done that.