Overcoming the Challenges of Your Business’s First Year: A Comprehensive Guide
If you’ve started a business, you know that the first year is both the most difficult and the most crucial.
That’s why you need a carefully constructed plan that addresses your infrastructure, funding, staffing, payment processing, and goals for growth. This plan will serve as your proverbial roadmap, and will help you better anticipate any challenges and prepare for them.
Building a Solid Foundation for Success
As a provider of business merchant services, AVPS believes that this planning, in addition to the right service providers, will help set you up for success. Let’s take a look at why these elements are so important to tackle:
Infrastructure: Setting up Your Business for Financial Success
- Infrastructure—From your physical location and utilities to insurance and the cost of supplies, you need to plan for all of the expenses that come with maintaining a storefront and/or website. These costs will be the baseline for your financial planning.
Funding: Securing the Financial Base for Growth
- Funding—Do you have investors, loans, or do you need to open a merchant account for a new business? A good idea or product can’t thrive when you don’t have a solid financial base.
Staffing: Avoiding Mistakes and Burnout
- Staffing—New business owners tend to have an “I can do it all” mentality, but that leads to mistakes and burnout. You want some kind of support so that you don’t get too much on your plate.
Payment Processing: Ensuring Secure Transactions for You and Your Customers
- Payment processing—This area is one of the most important to protect both yourself and your customers. Our merchant account solutions include secure payment processing that conforms to industry standards.
Goals: Creating a Path for Long-Term Success
- Goals—Rather than focus only on getting your ideas off the ground, look at the long-term picture as well. You want a staged path of growth so that your business scales at a pace you can handle. Start by developing a comprehensive first-year plan to create the path for your own success.
Partnering with AVPS for Your Merchant Account and Payment Processing Solutions