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StrategyDriven Entrepreneurship Article

4 Things You Must Consider Before Starting a Company

StrategyDriven Entrepreneurship ArticleStarting a company will never be easy, especially if you are new to the business scene. There are several aspects to consider before beginning which can make things easier from the start. Have a solid idea, but know you may have to bend this to fit obstacles that come your way and you have the right mindset to begin. Friends, family and colleagues will all tell you different things about starting a company, the best people to listen to if you want advice is professionals. Before this, have these things sorted and you will find the transition to becoming a successful company owner a lot smoother.

Understand the Law

This is the boring bit, but unfortunately is such a huge part of owning your own company. If you are lucky enough to already have a law degree then you are pretty much sorted. If you aren’t that lucky (which most of us aren’t!) then the next step is some research. You need to know what regulations your company needs to follow, what taxes will need to be paid and any licenses you may need to have to run your company. There are professionals that can help you when starting your business if you are unsure, such as lawyers and accountants.

Check Your Company Name is Available

This seems like such an obvious step, but can be forgotten within all the legalities and plans you need to consider. The last thing you want is to start a business to find somebody already owns it, after you have put the time and effort into establishing your name and company. An internet search is not enough, as although you cannot find the name on the internet, somebody could have trademarked the name or it is a closed business- this means you are still breaching the law. CFS International Formations offer a trademark search on their website for those interested in offshore company formation.

Be Careful with Money

Knowing how much to put in a company is hard. You can over and under-spend very easily. You need to have the money, and know how much is going to go into your company before starting, as it can be very hard on you and your family. There are things that you will need for your company to be successful depending on what it is offering, and some things you may want to offer, that may have to take a back burner until you are more successful.

Perhaps purchasing adverts is something needed early on, rather than offering customers incentives to join your company, even if that was your original plan. A part-time job could be an option when first starting out, if your company isn’t taking up all of your time whilst it is still finding its feet. If you find spending money in the right places hard, there are many apps that can be used to keep track of your money and help you visualise what you have to spend.

Are You Ready to Begin?

Starting your own company does take a lot of time, effort and cash. Even if it is your dream and you have your idea and you want to get started right now, you need to know you are in the right place to do so. Many people start a business too fast and for this reason, life gets in the way and they may not succeed. Are you in a place where you can give up most of your time to your new company? If something is happening in your personal life, it may be best to sort this out first before venturing into this new adventure. Life will always throw obstacles at us, but we know best when we can cope and with how much. Do not take on so much it overcomes you.

You also need to be aware of money. When thinking about the money you have to put in to your company, your personal life needs to be taken into account also. Have you worked out how much your living costs, transport, rent and any of other bills may take out of your budget? If you cannot afford to live, your company may need to take a time out until you’ve saved up the appropriate amount to look after yourself too.

There are many people out there that can help you when starting your own business, but getting these 4 steps in place before you consult them, can save you a lot of time and money. The most important thing to consider when starting a business is you. You need a good understanding of the legal side, enough money behind you to still have a personal life and the knowledge that starting your own company is going to be stressful and hard, but extremely rewarding.


Photo by Andrew Neel on Unsplash

StrategyDriven Entrepreneurship Article

Starting A Business? Utilising Experts Can Help!

When you start your own business, you are putting yourself in a position of ‘jack of all trades’. As a one-man-band, you are effectively doing it all yourself until you get enough traction in your company to bring in more people to help you with your business growth. Not every business owner wants to handle every area of their business, and contrary to popular belief, this is okay! It’s not a failure to want to concentrate on your own strengths and to do this, you need to know where the experts are. Part of your business plan will include a portion on expansion and to be able to facilitate this, you need to be able to focus on the areas of your business that are strengths for you. It’s not a bad thing to know your weaknesses as a business owner, but if you don’t own those weaknesses from the beginning you could find yourself drowning before you’ve even begun.

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The best way to ensure that your company doesn’t fall at the first hurdle is to explore outsourcing. Most entrepreneurs are aware that they have a plethora of talents, if they didn’t they wouldn’t have what is required to get a business off the ground. However, this doesn’t mean that you have every single tool at your disposal to make your company a success. You may not be at the point yet where your company is ready to expand, but that doesn’t mean you won’t have the budget to pay the experts to help you! The hard work of starting a business doesn’t end with a successful launch, it only starts at that point. Not being able to do it all in your company means you need to know where to look to find help. There are many pieces of a business that get outsourced, and the most common are IT, marketing and human resources. If you aren’t aware of how you can outsource, you can read this more in-depth article for more information.

When you start a business, you have to take in as much advice as possible so that you can be a success. Business growth starts with asking for help and it’s that help that can keep your business afloat. When you get advised to outsource some of your business processes, you can feel like some of your company is being taken off of you. Taking steps toward outsourcing can be a long process while you decide how to manage your business. As a progressive entrepreneur, playing to your strengths is the smartest business strategy you can implement. The thing is, to be able to concentrate on your strengths you have to allow outsourcing to happen.

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Knowing when you should outsource your daily, time-consuming activities is difficult. If you have a team in-house who are ready to take on the work, timing your outsourcing will centre around you and your staff being unable to continue with the workload. You want your business to grow, but if you have no time left in the day to pursue the growth, then consider outsourcing. You don’t need to have absolute control over everything in your business, so read this article here and learn how to delegate tasks effectively. There is a lot of advice online that can tell you when the optimal times to outsource is, but popular advice says that outsourcing from the very beginning is the best idea. You could start by outsourcing your payroll processes to an external accountant or finance company, and grow into other ventures from there.

We mentioned earlier that IT, human resources and marketing are the most common business elements that are outsourced and the chances are you are already outsourcing your finances. Any task in your business that you haven’t got the time to dedicate your attention to can be outsourced. Using a digital marketing agency to handle your campaigns instead of managing them yourself can be hugely beneficial and money very well spent. Marketing is such a big deal for businesses, as you have the choice of print marketing, digital marketing, email marketing and mobile marketing at your fingertips. You need to spend time on business growth and all of these marketing elements are going to be a big part of that growth. If you hand over your marketing campaigns to an outside company, you end up with a whole team of people working for you that you have allocated your budget to. The beauty of this is that you are not going to be the one to manage personalities, salaries or ego as you have taken that outside of your office. All you have to do is approve the campaigns that your outsourced marketing team comes up with.

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When you are choosing which areas of your business you should outsource, you should ensure that you are doing it for the right reasons. Your area of expertise may not lie in data management and analysis, nor would it lie with data protection, so outsourcing your IT services to a company that specialise in those areas is a smart decision to make. Business management is all about knowing where your strengths lie and capitalising on those. You can pay outside companies to be strong in the areas that you are not and this is something very important to remember. Finding the right IT companies, HR companies and marketing companies to work on your behalf is rather like interviewing individual staff. You have to know your long-term aims and goals before you can go ahead and sift through the many businesses that offer those services.

The key to finding the right businesses to work with will come from recommendations, reviews and personal experiences of those in the same niche of business that you are in. If a trusted mentor tells you to use a particular company because of their efficiency and value for money, it’s worth looking into. It doesn’t necessarily mean they will be the right company for you, but it’s always good to trust the word of someone you know. Once you’ve found the right providers for the work you need, it’s time to check and recheck references and draw up contracts. You must be sure to effectively communicate your expectations to the companies that you want to outsource to. What you have in mind may be completely different to what a new, trendy company has in mind. You have to be clear about the service you want to pay for and as time goes on, a relationship can be built. It isn’t easy to let go of control of parts of your company that you have grown and nurtured, but the only way to keep that vision successful is to trust that there are people out there who have more expertise than you do.

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The last thing you need to do as a business owner is let go. The control that you have to hand over is not simple, but the collaboration of working with other companies can open so many more doors for you. You need experts on your side in all fields to be able to be a success, and it’s less about the logic and more about the mindset behind it. You may be the only person who knows exactly what your business needs, but it takes a village to achieve that vision with you. There’s no need to run everything yourself when as a team, you can get your business to the heights you’d like it to be.

Brian Greenberg

5 Things Every Modern Entrepreneur Needs

Amid the release of data revealing that the economic outlook among U.S. small business owners had finally stabilized, there’s cause for entrepreneurs to be optimistic. Whether or not that outlook begins to uptick not only depends upon how agile, adaptable, creative and resourceful entrepreneurs can be in planning for, or reacting to, market conditions, revenue and brand-building opportunities and other key concerns, but also how well they maintain a forward-thinking mindset.

Towards this end, tomorrow’s smart and successful entrepreneur will have their bases well-covered on these five fronts in particular:


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About the Author

Brian GreenbergBrian Greenberg is a multi-faceted entrepreneur who has founded and now spearheads multiple online businesses. He currently co-owns and operates three entrepreneurial companies with his father, Elliott Greenberg, which have each flourished for over 10 years: www.WholesaleJanitorialSupply.com, www.TouchFreeConcepts.com and www.TrueBlueLifeInsurance.com.