Starting up a new business is so exciting, and most people go into a venture because it’s something they’re passionate about. This might be an idea you’ve had in mind for years, and finally, you’re making it a reality. But don’t just lead with your heart, there are elements in business that have to be right in order to succeed. Here are five to consider.
Insurance
Don’t treat insurance as an afterthought, insurance is your safety net as if claims are made against you (which can happen even if you’ve genuinely done nothing wrong) the crippling legal fees could put an end to your venture just as its getting started. Consider general liability insurance to shield you against unforeseen mishaps, this could be anything from a product you’ve created going wrong, to someone slipping and hurting themselves on your premises. If you have employees then worker compensation is non negotiable.
Taxes
Taxes might not be the most thrilling topic, but they’re a reality for every business so get familiar with your tax obligations early on. An EIN (Employer Identification Number) is your business’s social security number, essential for tax filings. Some businesses will need to look into a FEIN (federal employment identification number) filing service. Be sure to keep meticulous records to simplify tax season and always consider consulting with a tax professional to get through the complexities and ensure compliance rather than having a go yourself and potentially getting it wrong. This could cause a huge headache during tax season and even end you with fines and a criminal record depending on how big the mistake is.
Employees
Hire employees wisely, making sure that each addition to your team aligns with your vision (and hopefully theirs too). People that have a genuine interest in the field they work in and a love for their job will always do the best work for you. Along with salaries, factor in employee benefits too as this is an investment into a motivated and loyal workforce. A content team is a productive team, so don’t just manage employees- lead them!
Office Space
When it comes to your actual office area, assess your needs and consider the nature of your work. Weigh up the pros and cons of leasing versus buying, and think about how much space you’ll need. Will you grow and hire more employees later down the line for example? Consider things like the location of your office and how easy it is for workers to get there, as well as issues like accessibility and parking. Making sure you choose the right office space for your business is really important.
Branding
Branding is so much more than just a logo or a catchy tagline. It really is the soul of your business, so nail down your brands identity. If you’re not a professional in marketing, you’ll need to hire someone who is either as part of your team or outsource to a company who knows what they’re doing. Without good branding there’s just no way you can succeed in a crowded market, plus bad branding will actually harm your business rather than help it. Since Google are constantly changing their rules and algorithms, this isn’t something you can just guess at. Be sure to get it right.
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