Key to Success is as much clarity as possible before you get started
– By Bhumika Ramesh
For all newbie entrepreneurs out there, starting a business may seem exciting – however no challenge comes without its risks. Entering any industry requires us to keep our senses alert and eyes open for any opportunities that come our way. Today’s post consists of tips that can help you navigate and find that path to achieve your goals and conquer your dreams!
Let’s get right down to it:
- Know your why
Understanding the reason, purpose, and passion behind starting your business will motivate you to focus on your company, push forward even with obstacles, and stick through thick and thin. Your company’s purpose must be exhibited in its every facet – this is what makes it truly robust.
- Protection of your intellectual property
Intellectual property refers to the ideas, patents, copyrights, trademarks, and other items that make your company unique. These elements require legal protection as much as any other physical component of your company would. Invest some time in understanding your rights and where you stand on these elements – bringing in legal experts can be helpful. To make sure your idea is particularly unique, research the market and the industry to identify other products that may have the same use or look. These could pose problems later.
- Hiring the right team
Remarkable employees can build a great company. They enhance almost every aspect of your business. Use an agenda to keep track of what the company would benefit from when recruiting. Analyse their credentials to make sure it’s what the company requires. Frame the right questions for the interview – this helps you segregate potential employees. Do conduct background checks before sending out the offer letter.
- Create emergency funds
Keeping aside assets for a rainy day is never a bad idea – as we have seen with the pandemic. Budgeting is the most essential part to plan for emergency funds. Create a monthly goal to deposit funds. Setting up a separate account for the accumulation of funds is an excellent way to escape the temptation of spending. However make sure it is accessible and easy to withdraw when you need them. Review your emergency fund requirements every year to account for the changes taking place in your professional and personal life.
- Plan for the cash flow
Cash flow is an extremely crucial part of any company. It is the driving force that keeps the company on its feet. Review your bank statements regularly to monitor the status of cash flow. Make a note of all your expenses and other ways cash could be used up (rent, salaries, etc.) Create projections of your cash-flow statements – this is extremely useful for planning future finances and the growth of the company. Track your inventory (if you have one) and make sure it does not sit on shelves for long periods.
Success and consistency do not arrive without hard work and perseverance. Ensuring your company passes all the hurdles thrown at it is not an easy feat. Here’s hoping some of these tips help clear the foggy sight, and make you take those first strides to reach your aspirations.
Hiring a new team, read this post on how to onboard new team members