Politics and Business
The Essential Entrepreneur’s Startup List
Striking out on your startup venture is a very admirable thing to do. It takes no short supply of grit and dedication to make a success out of a business, and it’s by no means an easy ride. Still, with your quality instincts and a sprinkle of foresight, you can soon find yourself leading a successful startup that’s ready to grow into something bigger!
Every new entrepreneur needs a set of objectives to meet to hit the ground running. For your benefit, a few are listed below!
Understanding the Law
It’s a heavy note to start on, but understanding the law surrounding your business is undoubtedly the most important thing to start with. You don’t want to accidentally hurt customers and suffer business closure when you’ve barely got started, so it’s vital that you have a crystal-clear vision of what is expected of you legally.
There’re no excuses for any lapses in judgement here. Some laws will be very specific to the niche market you’re in. For example, if you’re working with food, research the laws surrounding the presentation of your stock and the hygienic conditions it must be stored in. Some regulations pertain to all business too, such as The Health and Safety at Work etc Act 1974, which ensures all staff and customers are safe in your premises. Read up, wise up!
A new idea is a good idea. If you’re simply trying to capitalise on a market that’s already been fleshed out and perfected, then your startup will be appearing to be little more than a cheap cash grab. The best new businesses innovate and create something out of nothing, making their customers wonder how they ever lived so long without that product or service.
To secure this feeling from the buying public, you need to conduct some quality market research. Are there any crucial gaps in the market you could fill? Where are other businesses failing? What are they doing right? Could you, if your brave enough, strike out to create something that looks like your very own market? The answers to these questions should help you refine your startup into something truly unique, and unique if done well is highly profitable!
Contacts and Allies
The romanticised vision of a startup can really remove the budding entrepreneur from reality. Dreams of ‘going it alone’ and striking out against the odds don’t do anyone any favours. Confront reality. Unless you’re very lucky and have a lot of money to utilise, then know that otherwise you will need help and you’ll need it fast.
Consequently, you should never shy away from a good trade deal or an association with another company. For example, companies such as National Pallets offer quality pallets to any budding business, so think of everything you need both big and small and decide if you really can provide everything yourself. The answer will probably be no on a few items on your startup list, so don’t hesitate to work with another business to make ends meet!