You’ve heard the statistic many times. You know that most new businesses fail the first year. You’re smarter than those people, though. You have big ideas and a vision to see them through. You just need to keep your sanity during the company’s early days.
This is even more pressing in the age of e-commerce, where businesses can scale quickly and cause untold stress for entrepreneurs. According to Whistl, the brand handles in excess of 60 million e-commerce items per annum, highlight the challenges and the competition that businesses must contend with online.
Regardless of the size or nature of your venture, you must take steps to minimise challenges and ease your stress levels as a new entrepreneur. Here are three steps to help you achieve this:
You’re going to negotiate a lot of deals during the early days of your business. You’ll agree to contracts with clients and investors alike. Many of these parties have more experience brokering deals. They can leverage that knowledge to construct one-sided contracts with you. To avoid signing a harmful contract, you must lawyer up.
Attorneys are in the business of making and reviewing deals. By hiring one, you’ll have a veteran of negotiations. This person will advise you about how to write effective contracts. They’ll also point out the potential dangers of contract clauses that you might not understand otherwise. Try not to overpay your attorney, though. You can find several ways to save money on legal expertise.
The most stressful part of a company’s first year is the money monster. You’ll frequently worry about the liquidity of your firm. You need to save money any way that you can. One of the best ways is by hiring freelancers rather than salaried employees.
Think about your company’s biggest expenses. They’re real estate and payroll, right? You need more office space for each worker that you hire. You also need to pay each employee, and that’s more than just a salary. You’ll have taxes, healthcare, and training costs. When you use freelancers, you avoid all three of those charges. You’ll have more capital and better liquidity as a result, reducing your financial stress.
Outsource Your IT
Your technology hires are a special subset of regular employees. The tech that you use will impact whether your business succeeds or fails. You’re in a bind as a startup. You can’t afford the best employees, but you also can’t afford to hire incompetent IT professionals. The latter mistake could cripple your business. Thankfully, you can and should outsource your IT. A talented IT group like My IT Pros will take care of your technology needs at an affordable price, saving you a lot of potential headaches.
Take Some Time Off
One of the worst mistakes that a startup founder can make is working too much. Yes, 80-hour workweeks come with the territory. That doesn’t mean that you can or should work 80 hours for each of the next 52 weeks. You’ll burn out on a personal level. On a professional level, you’ll suffer the effects of exhaustion. Your decision-making will decline in quality, and you’ll act grumpy with employees and clients.
Most importantly, you’ll set a bad example for others. During that first year, all eyes are on you as the company leader. You’re displaying the behavior that your workers will mimic. A fatigued boss won’t lead well. You must remember this and find a meaningful work-life balance.
Your startup will cause you a lot of worry. By following these four tips, however, you can minimize your stress level while you build a strong foundation for future growth.