Taking the first steps with your startup can be a very scary thing. Often, it can feel a bit like venturing out into the unknown, especially if it is the first time you have run a business before. Of course, just because you are a newbie doesn’t mean you need to expect to fail. We all know about the scary figures regarding startup successes, but the reality is that as long as you keep your wits about you, there’s no reason why your new company should fold. The reason so many new ones do is down to the fact that a lot of business owners are reluctant to let anyone else in on their plans. When you own a company, it can often feel like your baby, and allowing anyone else to muscle in can be a daunting prospect. But before you turn your nose up at the idea of having other people on board, remember that two hands are better than one. Asking for help with your startup doesn’t mean that you are struggling – it means you are smart.
Whether we like it or not, money makes the world go round. In order to get any fledgling business idea off the ground, a certain amount of money is always required. This is where investors come into play. Unless you have substantial financial savings, you yourself are unlikely to have the backup funds to carry your business through the first few years. Try doing it alone and you face running your business and your own financial situation into the ground. Plus, investors can often bring more than just money to the table; they can often bring expertise and contacts too, which could benefit you in the future. Work out your realistic 18-month plan and then approach suitable investors. When one comes through, you won’t regret it.
When you are just starting out in business, you are unlikely to have an expert team of staff behind you. Even if you had people in mind to fulfill your dream team, you probably wouldn’t be able to pay them a set wage until your company had actually started to turn over some profit. This is why during the first year or so, you will find it more beneficial to outsource your marketing. Why? Well, firstly, choosing a company such as Kogneta means that you don’t need to have in-house staff, thus reducing your overheads. Secondly, you can rest assured that an outsourced company are experts in their field who will get the job done. No entrepreneur has time to be carrying trainee marketing staff, so go for the jugular when it comes sourcing an early stage marketing team.
Think of accounting and bookkeeping, and most of us will internally groan. After all, is there anything more dull or uninspiring than spending an afternoon filling out your accounts? It is especially frustrating when you know that you could be spending that time doing something more productive and useful to help build your business. Hiring an accountant may seem like an unnecessary expense when you first start your company. But getting your accounts right and getting them right first time is a luxury for most business owners. It will save you time and a lot of potential hassle, so consider putting your money where your mouth is.