How to Survive Your First Year in Business

July 16, 2021
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Launching the field service business of your dreams is an exciting time, but it’s important to recognize that many companies struggle to survive their first year in business. Every business’ circumstances will be different, but this harsh reality usually comes knocking for the same kinds of reasons. For example, many budding operators struggle to find new customers, over-invest too early, or fail to have a contingency plan for when they hit unexpected hurdles.

These are all scary possibilities. But the good news is businesses that develop a comprehensive plan and approach can thrive with the right amount of marketing and discipline. To help you stay in business while in your first year in the industry, we’ve put together some fundamental tips that ensure you learn the ropes and establish a flourishing venture.

You need a robust business plan

As you might expect, having a business plan is critical to the ongoing success of a new organization. Rather than fumbling your way through the darkness and undoubtedly making easily avoidable mistakes, having some clear directions in place will help guide your endeavor. Although you want to make sure you include enough detail, this doesn’t have to be some incredibly formal document. Instead, write down answers to a host of questions that you’re bound to encounter eventually. For example, who are your core customers? How much do your competitors charge? How much can you invest in tools and marketing? What does success even look like?

Prepare for downtimes

When you’re busy getting your field service business off the ground, there are almost certainly going to be periods where you drift from earning great money to barely anything at all. With this in mind, your business should save cash for periods when the jobs simply aren’t coming in. After you’ve had a good month or just completed your biggest job yet, it’s easy to get carried away and think that your business is only going to go up from here. But the truth is downtime is never far away, so be sure to always reserve funds for times when you aren’t so flush.

Reinvest in the right areas

Most new businesses will reinvest much of the money they earn back into the organization. However, many business owners make the mistake of spending this cash on inappropriate things that probably don’t need to be bought until their foundations are secured. Examples of this would be expensive tools that rarely get used, or a new work van when the old one still gets you from A to B. The needs of every business are different but think carefully about how to reinvest your spare cash. You might find that Facebook ads grow your business more than a new set of wrenches ever could.

Your network is everything

Unless you’re entering into an area where there are literally no competitors, you can’t expect customers to be banging down your door from the moment you open up. This is why it’s so important to leverage your own network from the very beginning. Whether that means reaching out to friends, family, former colleagues or random encounters on the street, focusing on your network is critical to your success. Once you’ve landed a few jobs, provide the utmost customer service possible to ensure people spread the word about your business to their own circles.

Celebrate small victories

Running a small field service business is undoubtedly a stressful experience that has plenty of highs and lows. And while you shouldn’t get too ahead of yourself when you land a new client or cash a big cheque, celebrating even the smallest victories will keep your mood up in hard times and motivate you to achieve more success. So without going overboard and blowing your profits on a night on the town, don’t forget to relish the victories you experience in your first year of business.

Take charge of your business with FieldPulse

Being organized is key to keeping the lights on for any field service operation. FieldPulse is a leading business management app that enables trade professionals to lead their business from the office and on the move. Featuring a host of intuitive features that simplify your day-to-day operations, FieldPulse allows users to schedule jobs, keep track of customer information, process invoices, send estimates and more!

Headquartered in Dallas, Texas, FieldPulse puts the tools in your hands to save plenty of time, money and effort when leading a modern field service business. So whether you’re in your first year of business or your tenth, this market-leading app ensures you can focus on getting the job done rather than being buried underneath mountains of paperwork.

Ready to learn more? Schedule a free demo today to find out what makes FieldPulse special.


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