Starting a business is no easy feat. There are plenty of things to consider before taking the plunge and moving from just having an idea, to having an idea that supports an entire organisation. While there are, of course, aspects like employees and their salaries to sort out, it’s of utmost importance to make sure the business has a number of foundations in place in order to ensure smooth sailing.
Starting a business is no easy feat. There are plenty of things to consider before taking the plunge and moving from just having an idea, to having an idea that supports an entire organisation. While there are, of course, aspects like employees and their salaries to sort out, it’s of utmost importance to make sure the business has a number of foundations in place in order to ensure smooth sailing. Take a look at five things you, as an entrepreneur, should know before starting a business.
Understand the legalities
Any business needs to abide by the rules of the country. In order to do this, you need to fully understand all of the legalities that come with running a business. This can involve anything from being SARS compliant (easily achieved through systems such as Sage Payroll), to knowing exactly what the legal minimum wage or maximum working hours per week are. The more you know, the better, as it could save you from finding yourself in hot water from time to time.
Trademark your business’s name
While you’ve probably had a name in mind since the very early stages of your business, you need to make sure it’s not trademarked and registered to someone else. For a business still in its infancy, you need to be sure that no one else has the same name as you, as any legal implications could possibly result in the downfall of the business.
Source the best possible accountant
While it often takes time to find someone who is the right fit for a business, it is extremely important to have someone who can manage your books properly from the very beginning. Having this resource in place will afford you the opportunity of being able to determine whether or not you are turning a profit, as well as whether you can cover all overheads.
Define your growth path
Before you even open your doors, you need to know exactly what your anticipated growth path is. This means taking the time to set targets or milestones for yourself. For example, by the 12-month mark, you want to have sold a certain number of products. Having these goals in place gives you something to work towards – and that’s never a bad thing.
Trust your gut
This may sound like a bit of a cliché, but trusting your gut is key. After all, it’s what’s gotten you so far to begin with. Trust your gut when it comes to your business, whether it be in aspects such as hiring new talent or something as small as deciding on the wall colours of your office. Trusting your gut is likely to carry you further than you anticipate, and it will give you peace of mind as well.
Before you even start your business, consider the aspects above. As an entrepreneur, they can be key in helping you establish an efficient business model that will carry your establishment onwards and upwards.
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