{"id":11340,"date":"2013-09-29T03:01:47","date_gmt":"2013-09-29T01:01:47","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?page_id=11340"},"modified":"2013-09-29T03:01:48","modified_gmt":"2013-09-29T01:01:48","slug":"does-it-take-three-years-to-start-a-business","status":"publish","type":"page","link":"https:\/\/www.w-t-w.org\/en\/general-articles-for-entrepreneurs\/does-it-take-three-years-to-start-a-business\/","title":{"rendered":"Does it Take Three Years to Start A Business"},"content":{"rendered":"<h2><\/h2>\n<p>Maybe. \u00a0If you&#8217;re lucky. \u00a0Here are three stages published by the US Small Business Administration, a good place to go for advice and even start up money.<\/p>\n<p>Entrepreneur and founder of The Body Shop Anita Roddick once said: \u201cNobody talks about entrepreneurship as survival, but that&#8217;s exactly what it is and what nurtures creative thinking.\u201d<\/p>\n<p>The first few years of small business ownership are undoubtedly the toughest, a huge test of entrepreneurial character. \u00a0And data proves that getting it right is as challenging as ever. \u00a0The survival rate for new employer firms stacks up as follows:<\/p>\n<ul>\n<li>Seven out of 10 new employer firms survive at least two years<\/li>\n<li>Half survive at least five years<\/li>\n<li>A third last 10 years<\/li>\n<li>A quarter stay in business for 15 years or more<\/li>\n<\/ul>\n<p>So, what strategies and tactics can you employ as you venture through the early years of business ownership? Below are some year-by-year approaches to consider:<\/p>\n<p><b>Year 1 \u2013 Be Prepared for the Unexpected<\/b><\/p>\n<p>Whatever your field of business, one of the first things you\u2019ll probably encounter in your first year is that things rarely go as planned. While you can do a lot to set up your business carefully, be prepared for the unexpected.<\/p>\n<p>You may find you need to diversify your product line or that your true niche is something else. Maybe demand for your product goes through the roof and you can\u2019t cope or you find your suppliers aren\u2019t as reliable as you\u2019d hoped.<\/p>\n<p>Predicting shifts in market forces and business strategy isn\u2019t easy, but you can prepare by having a plan and sufficient cash reserves to allow adjustments to your year one strategy. \u00a0A\u00a0well-prepared plan <span style=\"text-decoration: underline;\">that is revisited often<\/span> will help you steer your business on its course, and help you navigate bumps in the road. Try to think of your business plan as a living, breathing project, not a one-time term paper.<\/p>\n<p>Part of your planning strategy should focus on maintaining cash flow and having reserves.<\/p>\n<ul>\n<li>Add up all your monthly expenses, so you know what your true personal expenses are.<\/li>\n<li>Still in a day job? Set aside five percent of your net pay each paycheck and build savings.<\/li>\n<li>Sound like too much? Start with a goal of setting aside $100 week equals $5,200 a year, a nice cushion.<\/li>\n<li>As an entrepreneur, you want to be sure that whenever you take a cash draw from the company, you set aside money to pay taxes. Don&#8217;t be surprised by a nasty tax bill.<\/li>\n<li>Start now. The most important thing is to create a habit of saving each week<\/li>\n<li>Year two is also the time to <b>work ON your business, as opposed to working IN it. <\/b>Becoming a fulfilled and successful business owner involves positioning yourself as a true advocate for your business, not just a salesperson. Some of the most successful brands in the world are where they are today because the entrepreneur behind the brand is out front advocating its products, its successes, and its core values \u2013 think Richard Branson or Steve Jobs.<\/li>\n<\/ul>\n<p>Becoming an advocate isn&#8217;t difficult, but it involves relinquishing control of some day-to-day business operations that you have gotten used to as a startup. This blog offers more tips:\u00a0<b>Year 3 \u2013 Grow your Formula<\/b>Year three is often when small business owners really feel they\u2019ve found a formula and a niche that works. Business fluctuations still happen, but by now you likely have a good view of your financial projections, so you can better prepare for market and seasonal fluctuations.<\/p>\n<p>If your niche is working for you, keep focused and stay true to it. Stay customer-centric, look for opportunities to grow in that niche, and refine your business and marketing strategy to stay ahead of the curve.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.w-t-w.org\/en\/general-articles-for-entrepreneurs\/does-it-take-three-years-to-start-a-business\/start-up-entrepreneur\/\" target=\"_blank\" rel=\"attachment wp-att-11341\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11341\" alt=\"Start Up Entrepreneur\" src=\"http:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2013\/09\/Start-Up-Entrepreneur.jpg\" width=\"327\" height=\"307\" srcset=\"https:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2013\/09\/Start-Up-Entrepreneur.jpg 327w, https:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2013\/09\/Start-Up-Entrepreneur-300x281.jpg 300w, https:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2013\/09\/Start-Up-Entrepreneur-319x300.jpg 319w\" sizes=\"auto, (max-width: 327px) 100vw, 327px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maybe. \u00a0If you&#8217;re lucky. \u00a0Here are three stages published by the US Small Business Administration, a good place to go for advice and even start up money. Entrepreneur and founder of The Body Shop Anita Roddick once said: \u201cNobody talks &hellip; <a href=\"https:\/\/www.w-t-w.org\/en\/general-articles-for-entrepreneurs\/does-it-take-three-years-to-start-a-business\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":0,"parent":10262,"menu_order":0,"comment_status":"open","ping_status":"open","template":"sidebar-page.php","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"class_list":["post-11340","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Maybe. If you&#039;re lucky. Here are three stages published by the US Small Business Administration, a good place to go for advice and even start up money. 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