If you have developed a lucrative idea for a new company and written a business plan, then you are ready to set up your firm. There are issues you may have to contend with, however, to ensure your business gets off to the right start. Here we reveal what to keep in mind when launching a start-up.
Is your concept viable?
It is key that you determine whether your concept is viable, before you start making your products and services available to the masses. This means that you will need to test your business idea, and there are several ways to do so. You could send out online polls, via services such as Survey Monkey, to pin down your target market. Afterwards, it is wise to conduct face-to-face research, perhaps by holding focus groups with your intended audience, to see whether your concept actually works.
How will you secure investment?
Consider how you will attract start-up investment early on, so you have the capital required to get your business off the ground. It is important that you determine exactly how much money you will need before speaking to investors, so you do not need to rush to start securing investment. It can be hard to acquire capital through banks for small businesses, but there are various options open to you. You could ask friends or family to invest, or utilise alternative financing sources such as crowdfunding, where you attain capital from a large pool of investors, giving you the cash required to get rolling.
Who will your first employee be?
You are now ready to begin building your team, so you can receive the extra support needed to enter the market, so it is time to take on your first employee. It is wise to adopt a strategic hiring approach from the start, vetting candidates carefully and only taking on the staff needed to fill gaps on your own industry knowledge and experience, to develop a robust team straight away. Also ask yourself whether your firm is financial stable enough to take on an employee, to ensure it thrives and look for candidates who boast a ‘can do attitude,’ so they will happily help you build the business up.
How will you manage your team?
Once you have taken on personnel, determine how you will manage your team, to promote productivity. It is key that you find ways to organise your team, and there are now various technologies you can utilise to achieve this aim. You could download mobile apps such as Slack, which enables easy communication and Trello, a top task management programme. If you ensure all staff use these apps regularly, they will ensure your team uses its time wisely to enable business growth.
It is just as important that you find the means to keep your team motivated, so they feel compelled to make your business a success. You should aim to set clear targets so everyone understands how they fit into the team and how they play a role in driving growth. It is critical that if someone on your team succeeds, you celebrate with them, so they feel appreciated. But if someone makes a mistake, ensure you sit down as a team and talk it through, transforming the error into a teachable moment.
How should you use your time?
As your business’ leader, its success depends on you. There are a range of tasks you will be required to handle, from product development to marketing, so how can you find the time for everything? It is essential that you learn to prioritise, so you can continue to drive the company forward, no matter how chaotic your schedule is. You could draw up weekly work plans for yourself, and categorise tasks across different areas of the firm, doing the most important first, to use your time productively.
Sometimes, there are just not enough hours in the day to effectively manage all that is required of you as a company leader. This is especially true during the launch stage of your business, as it is paramount that you focus on product development at this point. You may wish to turn to Turner Little for assistance, so you can spend your time focusing purely on getting a successful business off the ground. We provide the corporate services, such as sound business and company advice and business banking arrangements, that you require to use you time effectively while launching your start-up.
Turner Little
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.
