First Steps First
Congratulations on registering your business.
To give a newly registered Startup the best chance at success one must be calculated and conscientious in building a strong foundation to support future business growth.
Here are some practical things that we think are worth your attention as a new business owner.
Not registered but ready to begin the process? Read our how-to-guide here & 5 Things I wish I was told before starting my own business.
A Good Plan
A well-thought out and thorough business plan should never be underestimated. If you have put off preparing a comprehensive business plan, stop everything. Now is the time to put the details down on paper. All of them! Don’t make the mistake of not being clear from the beginning. Put your plan into ink & paper; intentions, agreements, roles, and responsibilities to avoid disaster down the road.
Take Action on Actionable Tasks
Now is the time to begin documenting everything and to create the documents needed for everyday business dealings. Think employee payslips and contracts, client invoices, sales-presentations, investor pitches and more.
How will orders be processed? How will customer communication take place? Even though the temptation might be to put these things in the ‘do-later’ basket, don’t underestimate the power of a well-thought out system to begin with. Systems allow for task-progress to be monitored and for roles & responsibilities to be clarified. Realize the importance of achieving a steller client/company interface from the word ‘go’.
Assess Available Capital
Wise financial management will play a huge role in whether or not your StartUp gets past the gate and is ever able to truly compete in the marketplace. If you haven’t gotten real with your numbers and gotten down with accounting basics, it’s time, don’t delay! If your budgets aren’t precise and detailed, you need to revisit them. Be intentional with the limitations and realities of the capital you have and spend conscientiously – as there will be unforeseen costs along the way.
Speaking of money matters, since you are a registered business – decide if you need to purchase insurance &/ get to the bank to set up separate business bank accounts. You can sign-up to our Newsletter to receive our future article regarding bank loans for StartUps. Do your research before making the leap and signing-up for merchant credit cards – as they often have killer interest rates and hidden charges and fees.
Note: Numbers not up to what you need? Here are some ideas on how to raise more capital.
Pick a Team of Superstars
Choosing the right people to be on your StartUp team is one of the most important things you will do for your new business. The right skills plus the passion to be a part of the founding team is important. The people you hire ought to be excited about your vision and the ideas behind your Startup. Any significant partnerships should be discussed and documented in detail. Don’t go off a late-night agreement over drinks. Make formal working contracts that are specific and out-line how possible future events will be handled.
If management is new to you or is not your forte, do some research and get a handle on the qualities of a good team leader. Be humble but prepared to stand firmly devoted to the health and well-being of your StartUp enterprise.
Choose Tech that won’t slow you down
Decide what tech your team needs to succeed. Does the office require traditional desktop computers or are SmartTablets the order of the day? Have you explored the capabilities of the 2-in-1 tablet/laptop? Do you need tech to manage an online-office with remote-location employees?
Perhaps your Startup budget and ethos is better suited to functional and capable Smartphones? How will your company’s contact number work?
Prestigio offers tech with dual SIM cards so that you can channel professional correspondence how you need to.
Bring your A-Game
Don’t wait till your new business is earning an income to do things on-the-level. Bring your A-Game from the start of your Startup. Use this time before the business is in full-swing to get ahead of the game. Don’t cut corners and do not take short cuts; these will only cost you time and money (and could even hurt your reputation) in the long-term when you have to backtrack to fix them.
Budget your Time & Build Relationships
Now that your business is registered don’t even think about relaxing. Recognize that your time is now very precious. Choose how you use it carefully! Realize the value of relationships in building a successful business from employees to investors to your very first customer.
For a StartUp you can be proud of, invest in the now, wisely!