When your business is just new, that’s when it’s at its most vulnerable. Most businesses don’t make it past two years, which is a scary thought to consider as a startup owner. But you don’t have to be amongst the many who fall too soon. It’s all about who and what you know. It’s about having the right plans in place. Here, we’re going to look at which plans will save you from disaster.
Protecting your employees
When we talk about protecting your employees, we’re not just talking about your responsibilities as an employer. We’re also talking about the very real loss that can come from failing those responsibilities. Employment disputes make up most of the lawsuits a business will be in danger of. Fighting them off in advance is about having everything nailed down in contracts and a code of conduct for the business. Make sure you’re keeping things like harassment and dealing with termination all above board.
Protecting your finances
It’s important that you have some money sense if you want to survive in business. However, the fact of the matter is that a lot of new startup owners don’t have that experience yet. So you need to learn how to keep a close eye on your money. Make sure you’re tracking and keeping records of all incoming money and outgoing. Develop cash flow projections from the data and make sure you’re set to keep financially healthy in future. Set out a checklist of accounting jobs to be done every week in advance so you don’t fall behind.
Protecting your idea
There’s something at the core of the business that is much more important to the function of the business than employees or money. It’s the idea behind the business altogether. If you’ve invented a product of your own, you need to be able to protect it. With partners like World Patent Marketing, complaints about ideas getting stolen can be pre-empted. Look to those who can help turn your idea into a reality and get it protected as soon as possible. The sooner you can fabricate prototypes and get them safe under intellectual property law, the better.
Protecting your future
The three topics above are all going to be an important part of getting a good start. But what about after that start? Do you realize that the most dangerous phase for a business is after that initial success? To continue succeeding, a business needs to grow. But many businesses fail to scale properly. There are a couple main culprits for these all-too-common tragedies. First, people only look to scale up the number of people doing each job, rather than rethinking the organization of the business. Secondly, many don’t seek out the funding they need. Meaning they don’t have the resources to finish the scaling process once they’ve started.
The right prep can help you avoid those early hurdles easily. Just make sure you’re taking the time to get the right assistance and the right plans in place. Then you can deal with the little challenges of the here and now.