Estimated reading time: 3 mins
There are numerous resources and lots of free information out there right now, and many people are utilizing this in order to start up their very own small business. It’s almost too easy to start your own business – which is why many first time business owners don’t consider absolutely everything there is to consider before starting up. In some ways, this is good – you don’t overthink, lose momentum, and get analysis paralysis and fail to do anything about your dream. For obvious reasons, it can also be bad.
Making sure you’ve considered the 7 things below will ensure you avoid many of the pitfalls of starting your own business for the first time. Take a look and you might just see something you haven’t thought about yet:
- The Legal Requirements of Starting Your Business
Knowing the specific legal requirements of starting your own small business is a must. Laws aren’t as exciting as just getting started and doing the thing, but unfortunately, it’s important if you want to be successful. You could be in for a number of steep penalties and fines if you don’t stick to the rules and requirements laid out by the government. Your business specific tax liabilities must be researched early on, and you need to follow employer laws if you plan on hiring anybody. All of this will, of course, depend on your state, business structure, and the industry you’re in. A small business accountant could help you with this if you’re stuck.
- Are You Doing It For The Right Reasons?
Most people think that starting a business is a good idea no matter what, but it might not be the best call if you’re doing it for the wrong reasons. For instance, if you’re trying to prove something to somebody, or trying to one-up somebody you know, then it’s a bad idea. This should be something you really want to do. It should be something you’re willing to put the work in for, and something you think you’ll be good at and can provide value for others doing.
- Forgetting To Lock Down Your Intellectual Property
A new business should make it their priority to lock down their patents, copyrights, trademarks, and other pieces of intellectual property. If you don’t do this, there’s a chance you could owe fees later on down the line – and many businesses struggle to come back from this.
- How To Make The Best Hire
Many first time business owners make poor hiring decisions. Your team is going to be one of the most important pieces of your startup puzzle, and making a wrong hire could well lead to your downfall. You need to look at things like intelligence, tenacity, and skill first. Hiring people who are just good enough when you want to grow quickly could seriously hinder you in the long run. It’s so much better to take your time and you will reap the rewards for a long time.
- Understanding The Importance of Cash Flow
Thinking it’s all about making profits is a huge mistake. You need to understand and maintain cash flow so that you can survive as a business. Be sure you’re staying liquid with your cash, and try not to tie it up. This is especially important when you’re just starting out and trying to grow.
- How Accessible Your Premises Is
Many new businesses choose to start out online and online alone, but other kinds of businesses don’t have that option. When you’re trying to choose a suitable premises, you have 101 things to consider. At least one of those things should be accessibility. How accessible is your business for those who don’t drive? Are there transport links nearby? How accessible is it for those who have disabilities? You will also need to ensure that the premises are safe, so you may need to look into things like flat roof construction and commercial door installation for the best results. Don’t rush when selecting the location and amenities and make sure you have everything you need.
- How Important Customer Engagement Is
Of course your audience/customers should love your product – but you need to find out why. You have to be willing to listen and respond to their needs. Connecting with them on a daily basis is a must, and for this, you need to put a focus on customer engagement.
There are so many more things to consider, but the above 7 are some of the most important. Thanks for reading.