Developing and growing a business is not easy! There is a big learning curve that can make or break your prospects. There are a few things you may want to consider during your first year. Escanaba Polo Mallet Company is a start up making mallets as well as helping others figure out how to be successful in their business as well.
We are somewhere near the end of year one. We have done a lot. We started creating a brand and we are selling on a regular basis. We are not yet a big production but we know where our price points are and what market we fit into.
The first few years is all about learning how to start, run, and manage your particular business. As volume and need change there is now a pretty good idea on how to meet those things and the general direction of the small business.
We also want to help other businesses succeed as well (In Delta County and Other places). Here are a few things I have learned.
1.) Focus on Brand: Profit is wonderful but your brand and core service offering is what will keep your business open next year.
2.) Find Balance but Work Hard: You will need to work hard and harder than you thought to keep your business floating. The first few years are about sweat equity. Find a balance but stay focused.
3.) Secure Financing: You either have all the money you need or you don't. There are fluctuations and dry spells so have back up cash/finance.
4.) Collaborate: Work with other small businesses in the area. They also need help and you can hedge and share services. If nothing else you have a community of people.
5.) Develop Your Operations: This is your time to develop your operations. Figure out where you are getting your resources, how you are preparing them, and what distribution channels you are using.
6.) Marketing and Awareness: Connect with your customer base. Get involved and find those marketing channels that focus specifically on your core customer group. If you don't know what that is make sure you spend the time figuring it out.