The first few months in any company’s life are often the most crucial to its long-term success so anything that you can do to start your new venture and attract new customers in the early days is well worth considering. 

Below are 5 tactics that could help to ensure your business is still afloat this time next year.

1. Take advantage of all the free publicity on offer. Nowadays, many new companies attempt to go global from the first day and ignore their local market, which is a little bit like trying to run before you can walk. Whilst there is nothing wrong with having international ambitions, it is well worth putting in the effort to build a solid client base in your corner of the world before attempting to conquer the rest of it. Local newspapers and radio stations often offer new businesses the opportunity to publicise their services for free or at very low rates, especially if the services in question could be of real benefit to the local community. Grab these opportunities with both hands and give your firm the best start possible.
2. Keep your tax burden to a minimum. Nothing kills off a new venture more quickly than overpaying taxes and other government levies. If it is possible to set your company up in a country that offers a low corporate tax rate, such as Switzerland, then look into how it can be done. Websites run by Swiss company formation specialists such as www.co-handelszentrum.com contain a lot of valuable information so are well worth checking out when you are evaluating the viability of operating your firm from a country with low taxes.
3. Operate with as few employees as possible until your turnover really justifies taking on more people. Some entrepreneurs make the mistake of hiring too many employees in the early days, which can put an enormous strain on the finances of a start-up. Working 16 hours a day may not sound like much fun but if it means that you can wait a little longer before taking on new members of staff then it could make all the difference to your company’s chances of staying in business long enough to turn a decent profit. When you do take on people to help out, consider using an employment agency to supply temporary workers, at least until your business is more firmly established. It may mean paying slightly higher wages in the short term but the ability to lay off staff at a moment’s noticed will give your company the flexibility to adapt to changing market conditions that could make the difference between staying afloat or sinking without trace.
4. Offer your customers more than the competition. Even if it means making a small loss on certain contracts, offering new clients a better deal than they can find elsewhere is one of the best ways to draw attention to the existence of your new venture and to begin to establish a loyal client base. Once you have been up and running for a number of months, you can start to normalise your prices to ensure long-term profitability.
5. Remain focused on your long-term goals. It can be easy to lose sight of what is really important when you are battling for survival in the first few weeks and months after opening a new business. Maintaining your focus on the goals that you set for yourself and your company will help to give you the determination to overcome any problems that you may encounter and drive your business forward even when it looks as though progress is impossible.

Zoe Ferguson is a writer for Co-Handelszentrum GmbH, a firm located in Switzerland offering company formation services for various corporate structures and international corporate groups.