Surviving In Your New Outsource Business
by Pankaj Kumar |June 03, 2019
Every business has its own life cycle. But every business life cycle has the following stages, which may include:
- Launching Period
- Rebirth/ Death
Lunching or the introduction stage is the hard time for any business. Expanding your roots in the fresh market or to make survival in your first year is far hardest than starting the business. When you are in the first year of your business, everything is new for you and your business. A new startup will always give you the stories of several failures And this is the only time period when you have to:
- Gain Your Business Goodwill
- Make Your Clients
- Attract Your Customers
- Make Place in Every Targeted Market
If you are involved in provide accounting and bookkeeping outsourcing services, you must have familiar about this hard time. Starting up and surviving in new venture in home country mainly for the outsourcing business, is never been an easy task. You need to work for overseas clients and the clients are the only which are difficult to get in the starting period.
It is not always possible that a successful outsourcing service business is never shared or experienced any failure. It must have gained a reputed image after several years and so many losses. It must have also setup various start up strategies to overcome these hurdles.
For your consultancy, here are few considerations that you have to keep in mind during your introduction stage, for making your outsourcing business grow and make your strategies accordingly.
A Better Planner: Everything starts from a better planning and managing your work accordingly to your plan. Before your action get started you must make an outline plan for how to step into outsource market as a new applicant and how will retain there for the longer period.
Make Your Existing Network Strong: You may have some of the existing network made prior to the operations of the business. It may due to the preliminary stage of promotion. Always make a strong bond with them. In return they will help you to enlarge your network.
Focus on Attracting Customers/ Clients: At the initial stage of your outsourcing business, you must focus on the strategies for attracting more and more clients. As this is the only time period for enlarging your network and making your target market strong. And at starting, you can fix your roots very well in the business industry of yours.
Low your Expenses: At the starting point of the business, you must ensure that your firm will keep all your expenses as low as possible. It is because, if your profits are not higher in the introduction stage, your profits will be gone directly to bear all of your expenses and you will be left with no adequate profits.
Think Of a Long Way: Always plan for the long term. Never think for the shorter span of time. And make sure that you believe that your business will run for the longer period. You must keep this principle in mind while making your first year strategies and planning. If you make the shorter policies your work will always suffer from deficiency.
Be a Learner: In the starting years of the accounting and bookkeeping business, always learn from the incidents happening with you. They can be either failures or success. It will be better if you learn more from the failures and always remember them. They will always motivate you to give your best.
Never Be a Greedy for More Profits: In introductory years, never be greedy for making more and more profits. Yes, your target can be for achieving higher profits, but that target must not be converted into the greediness. As this may leads to path of unethical activities, which will not be valuable in the outsourcing business industry.
Never Lose Hope: If you are suffering from the regular failures, never lose hope. Be practical and try again until you achieved the marker target. Never dismiss the habit of practicing.
Starting of a new venture especially in the small outsourcing business is always like a roller coaster ride. Working on your new corporate in the first year will be more challenging to you. There will be too much ups and downs. Introduction stage is mix with full excitement and fun. There will be a lot of work for you but only this work is beneficial for you, in the long run, after you have gained a reputation in the market.
So, Good Luck and Survive Your First Year.
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