Setting up a business is a difficult task, anyone will tell you that! Whether you are starting to move upmarket with an established business or you are starting at the very beginning, time is never on your side. There are reasons to take your time in starting a company, but you may want to begin your business now. You’ll need to consider everything from marketing to the hiring of staff. If you need to set up a business in record time, it is possible! It just takes a few simple rules.
Rule One: You Cannot Be Precious!
If you are impatient and need to get your company out there as soon as possible, you can’t waste time on things that you can change later. Fill out a “doing business as…” form only takes a matter of minutes to do and if you are wondering what to put down as your business name, it doesn’t matter at this stage. You can put it under your own name, and the business name does not have to be the same as the company name, these things you can change later. Registering your trade name, getting your EIN (employer identification number), business license, and setting up your accounts spreadsheet will only take a few hours. At this stage, it’s all about getting the basics down.
Rule Two: Locate The Best People For The Job
Once the building blocks are in place, you need to get the best people on board. Look at each aspect of the business and decide what needs addressing first. If you are looking at your finances and think they could be in ruder health, you can take advantage of accredited investor leads and start knocking on doors to get the relevant capital behind you. Business is about who you know instead of what you know! Get the best people on board where you can and you will make a solid business structure. And while you are working hard to whip the business into shape, you must be very specific in your goals. You are trying to get your company set up quickly, so you need to have as little wriggle room as possible!
Rule Three: Aim For The Hard Middle
The Hard Middle is a concept where you can keep steady revenue while not necessarily aiming at the stars in the beginning. The start of a business, especially the first 6 to 12 months is the hardest time period. You have to think about your processes at this point so your business doesn’t go down before it has the chance to develop. The Hard Middle is about finding a way to generate a good turnover while not putting all your eggs in one basket. It is only while you find ways to steady the ship at the start. The start of a company is very difficult, so once you find your feet your marketing tactics can become more ambitious. Play it safe at the start, and you will reap the benefits quickly.