Business Success Stories: Four Secrets Of Successful Companies Who Did Well In Their First Year

The first year of business can be a rocky time for companies just starting out, and it is during this time that many businesses fail. However, there are many success stories out there which can inspire your own business and help you to become a business success.

  1. Find the right inspiration

All businesses start with an idea. Sometimes an idea for a business comes from working for an employer and realising that something could be done better. Other times, business inspiration strikes because of an idea inspired by an occurrence in daily life. A good way of knowing if a business is right for you is to consider whether you feel passionate about the concept. All businesses experience ups and downs and commitment and passion for an idea is needed in order to persevere.

 

The entrepreneur behind AlgAran, a seaweed product company, first became fascinated with seaweed because of its impressive results as a grape fertiliser. This inspired a fascination with seaweed which resulted in her spending so much time researching it she says she was shunned by her friends due to it being all that she talked about!

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  1. Discover your motivation

Money is often the first answer that springs to mind when people are asked why they want to have their own business, but the most successful businesses are usually founded because their founder was passionate about solving a problem or improving upon an existing idea. Some entrepreneurs are even motivated by the excitement of building teams and starting something new. Listen to successful serial entrepreneur Judy Estrin talk about what motivates businesses here: http://www.bbc.co.uk/news/business-24853536

 

It is a great idea to consider exactly why you’re in the business you’re in – even if you’ve been doing it for a while!

 

  1. Be prepared to be flexible

Many businesses fail because their owners get fixated on one idea and refuse to make any changes that could result in massive success. PayPal was originally envisioned as a cryptography company and overcame many failures before they found their sweet spot as an online payment system. If something isn’t working about your business model, consider a slight change of direction. Small adjustments can make a huge difference and lead to business success.

 

  1. Don’t be afraid to grow your business

If you’ve conducted research, tested the idea, and are passionate about what you’re doing, you shouldn’t be afraid to seek funding for your business. While obtaining backing for a new business can be tough in the current economic climate, raising money to grow your business is very important and will stop you from trying to do every single task yourself. Funding can help your business to grow faster and succeed faster.

 

Applying for backing might seem intimidating. It’s a great idea to connect with other business owners and entrepreneurs who’ve obtained backing before and ask their advice. Starting a business shouldn’t be a lonely process!

 

Taskrabbit, a business that specialises in errand running, connected with an already successful entrepreneur who supported the idea and allowed Ms Busque to watch him scale a business of his own and raise the money to support it.

We’re here to help your business succeed in its first year and beyond

At eformations, we offer a wide range of services beyond company formation. We’re here to help demystify the behind the scenes work that goes into running a business. Using our business services will help free up your time so you can focus on taking your company forward. If you’d like to find out more about any of our services, please contact us for a friendly chat on 020 8232 5479 or visit https://blog.eformations.co.uk 

 

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