7 Startup Essentials Entrepreneurs Should Know About
Getting started in business is extremely challenging, there are many different elements that you have to monitor and manage from day 1. In all probability youâ€™ll be doing most, if not all, of these tasks yourself, startups rarely have the funds needed to employ an array of staff.
That doesnâ€™t mean itâ€™s impossible to get started and become successful; plenty of people do it. However, the following 7 tips will help to ensure your startup goes well:
1. Decide Your Company:
Before you can launch you need to create a company or be a sole-trader. There are pluses and minuses to all the different types of business models; you need to speak to an expert in order to make sure you know the right entity to use.
This will help protect you and your business as you start trading;
2. Draft Founders Agreement:
This is especially important if there is more than one person involved in the startup process. A foundersâ€™ agreement ensures everyone knows their contribution, role, and responsibilities. It can make it much easy for everyone to focus their efforts and can help if you do have any disputes.
It also allows you to establish ownership of intellectual ideas.
3. Going Online:
In order to survive and flourish every business needs a website and an online presence. You canâ€™t afford to wait for this if you do youâ€™re missing out on a huge number of potential customers.
Make sure the website is professionally developed so that it looks good and reflects the values of your business; this is your public image and it will stick.
In every industry, there is a giant or two that get instant recognition, such as Nike. You need to trademark your name, you may not be big today but who knows in the future; doing this now will help to stop larger competitors from overrunning your business.
Thereâ€™s a good chance youâ€™ll need funding to establish your business; If this is the case you should draw up an agreement that establishes the roles of investors and their potential rewards; these should be different to those of the shareholders.
Getting this right at the start will help you to benefit in the future when the company starts to do well.
6. Donâ€™t Forget Vat & Tax:
With everything else going on it is easy to forget the legal side of things. Youâ€™re probably going to need to register for VAT and there may be service taxes or other taxes that are due. Make sure youâ€™re aware of these before you start trading and you register in time. This will prevent any unexpected and nasty surprises.
When you first come up with your business idea you were probably by yourself. However, as your startup and build the necessary services and links, others will become involved. This is when it is essential to recognize the skills of every person on your team and delegate where possible. You donâ€™t need to do everything. In fact, you should focus solely on your areas of expertise and growing the vision of the company; that will help you to be successful.