Guidelines for Company Formation Start-up’s
Everyone who starts a business should have a clear and concise plan as to what they want from their business and how they want to go about achieving that so here are a few helpful tips on what we think might be best for helping out along the way.
It’s all about the passion: Don’t start a company if you’re not entirely passionate about the idea or marketplace it’s in. You’re going to have some long nights and doing a lot of the leg work yourself, at least for a little while, so you need to know that you’re not going to lose faith in the whole project a few months down the line otherwise that’s a lot of time (and most probably money) to sink into something you’ve no longer got the patience for. You also need to be looking for people who share that passion with you when you’re on the hiring trail. At least for your core disciplines. You need to know what’s vital to the running of the company and make sure passionate people are installed in those positions. In other areas it may be less important but make sure you’re prepared to pay for the culture you want to engender within your company.
Where’s the money coming from: It’s an obvious one but you need to identify how you’re company is going to be bringing in the cash. Do you know where are the sales going to be made and whose buying the product and why? If you know how the sales are going to be made you can build on that and identify what the best strategy is in regards to marketing and financing the whole thing.
In terms of tech, better the devil you know: Of course you want the best software out there if it’s relevant to your business and of course you want to invest in something that will be as relevant to you in the future, when you’re an established company, as now, whilst you’re a startup, but there is absolutely no point in buying products that you’re not entirely au fait with. They’re going to take time to learn and you need to consider whether that time learning new software is time well spent if other software does the same job. If you’re team has never used Apple products before it’s probably not the best idea in the world ploughing all your money into a load of MACs just because they’re the better machine. The tech is only as good as the person using it.
Be your own PR: If you are passionate about the business and love what you’re doing then you’re going to be reading the magazines and websites that you should be contacting and marketing through already. It’s not a giant leap to start contacting these people and they’ll appreciate the personal touch over some faceless PR firm who are also going to charge you for the pleasure of it.
Keep it simple, keep it fun: You’ve the right people for the job, they have a genuine interest in the job and you have a genuine interest in making sure that continues. Make sure you reward them for all the good work that they’re doing, or just acknowledge it from time to time and that appreciation will go a long way. Also be wary of introducing complex hierarchies because the minute you do that is the minute you bring office politics into the equation and if people get too bogged down in the complexities of who should be reporting to whom then the work itself is no longer a priority.
Please don’t hesitate to contact us to discuss you specific start-up ideas.