I set up a small business here in Vancouver Washington around 5 years ago with my buddy Dean Kirkland Vancouver WAnative like myself and a savvy businessman. At that time, we both were incredibly worried about the statistics which had just come out about the fact that more than half of new businesses will fail in their first 3 years. I think that actually, this fear helped us a great deal because it really increased our awareness and our drive.
After surviving these first 3 years and being in a position now where business is good, I wanted to share with you some tips on how you can survive your early years in business.
You simply have to have the faith in what you are doing and that the product or service which you are offering is good enough to make your business successful. Without this faith in what you are doing, you could begin to second guess yourself or lack confidence, both problems which could cause real issues as you move forward.
Trusting Those Around You
If you are just starting out in business then it is crucial that you are aware of the fact that you don’t know everything and you need to trust in the advice of those around you. Another reason for this trust is that it can be very difficult to get lost in the minutiae of the business and not be able to take a look from the outside like others can. Surround yourself with good people and trust their advice.
If there are larger company since your industry that you are competing with you need to approach them with 2 things in mind. The first thing that you need is to understand your scale in comparison to theirs and give them the respect that they deserve. The second approach should be one of fierce competition that lets them know that they can not squash you.
There is nothing wrong with having the fear of failure in your head but don’t ever let it win. What you should be doing is to remain optimistic that you will succeed and ensure that you are always planning ahead. Personally, we had 3 plans for 5 years and for 10-year growth, depending on how successful we were. The reason why we planned ahead so fervently is that we have always been aware that if you fail to move and react as a business, you run the risk of dying. Make sure that you plan for every eventuality so that nothing becomes a surprise.
Nobody says you have to go into business and try to destroy those around you, your sales with beat competition if the business is good enough. Instead, it is always better to be nice and respectful to other businesses or contacts which you make in the industry. You never know when you might need someone’s help and if you burn bridges instead of building them, it will come back to haunt you.