How to Sustain Your Business in the First 6 Months

April 9, 2014 | By | Reply More

sustain your startup

Starting a business is a tough endeavor, and every day is full of challenges. There’s the question of whether you can get customers, even whether the business can earn money. It’s even scarier if you have already started the business, and there’s seemingly no interest from the marketplace. No customers mean there’s no income! So how are you going to pay for your expenses and inventory (if any)?

Regardless of what kind of business you start, you need to have the capital and available time to sustain your business, especially through the critical first six months of operation. This is especially true if your small business does not have inventors willing to bankroll your startup phase.

RELATED: How to Survive Self Employment

Before starting the business, it is always best if you are well-prepared financially. The worst assumption you can make before starting the business is that you can earn money immediately from the business. This sometimes happens, but for many, they may not see any income (much less profits) with the first six months of operation.

During this critical period, you must not count on receiving or spending any money coming in from your business on yourself or for your bills during those first six months. All the income from your business during those first six months should be reinvested in your business in order for it to grow and reach your planned first year potential.

Once you have passed that first six months milestone, you can set up a small monthly salary for yourself, and begin enjoying the fruits of your labor. But the first six months or operation for any business are critical, so do not plan to use any of the money your business generates for yourself during that period.




During the first six months of the year, here are some ways to help you sustain your business:

If you’ve got your business plan properly organized, and have implemented the plan, you should at the end of your first year be able to begin thinking about hiring other people to alleviate some of your work-load. In the meantime, be sure not to spread yourself too thin. There’s a lot of work, so you need to prioritize the things that will give the highest returns.

RELATED: How Your Business Can Survive Tough Times

Remember this: starting a successful business is not a means towards either a job for yourself or a way to keep busy. It should be regarded as the beginning of an enterprise that will grow and prosper, with you as the top guy.

Eventually, you’ll have other people doing all the work for you, even running the entire operation, while you vacation in the Bahamas or Hawaii and collect or receive regular income from your initial efforts.

 
Recommended Books on How to Sustain Your Business in the First 6 Months:

 

George Rodriguez

George Rodriguez is a writer for PowerHomeBiz.com. An entrepreneur with experience in running several businesses, he writes on various topics on entrepreneurship and small business.

Summary
Article Name
How to Sustain Your Business in the First 6 Months
Description
Starting a business is a tough endeavor, and every day is full of challenges. Learn how you can sustain your business in the first 6 months.
Author
GD Star Rating
loading...
GD Star Rating
loading...

Tags: , ,

Category: Open a Business

Leave a Reply

CAPTCHA Image
*