Launching a start-up requires a significant amount of time, effort, research, and dedication, which could serve to dissuade some prospective business owners.
New start-ups could face many issues before the business is even up and running, for example – How do you start hiring? Do you need a partner? And what if something goes wrong legally?
Fortunately help is at hand, with specialist business advisory firm Greenaway Scott offering expert advice to help new companies navigate the common pitfalls.
Here are a few do’s and dont’s to consider before getting the business cards printed …
When you think of your amazing idea, unfortunately there is a high chance that someone has already thought of a similar idea. All ideas are based upon someone else’s idea. However, even if someone does have a similar idea to you, what matters is that you can turn the idea into a successful business. To turn an idea into a successful business you must be aware of the market you’re entering by doing market research.
DO Have Support
A problem shared is a problem half solved. A partner is always useful to have, especially in a start-up as it allows you to support each other and share work without having to worry about employing someone.
DO Be Careful
You will always be looking for new talent to add to your business to enhance your success. However, you must be careful who you hire. You must be completely confident that not only are they talented but that they also share the same work ethics and work visions with yourself.
DON’T Avoid Legal Advice
The worst-case scenario is that your start-up is involved in legal proceedings which can last months and be very costly. It is best to have a reliable legal advisor by your side just in case anything crops up. Many people leave it too late and are not protected when something goes wrong.
DON’T Move In Quickly
It is very common for start-ups not to have an office but start looking for one early on. But, what they may find is it is more beneficial to be remote. This is even more important if money is tight. There is also the option of co-working office space.
DON’T Be Afraid
Go out and meet people. Tell them about your new business. The more people you know, the more people know about your business. Also speak to potential customers and find out what they are looking for.