If you are looking to start a company, you likely already realize that it will be an uphill battle from the very start, and that you might have nothing to show for all your effort once the battle is done. You know there are shocking and scary statistics out there, about the number of companies that fail every day, and you are hoping not to be a part of them, just another cautionary tale people share over a pint in the pub.
With so many young aces out there, trying to make it in this dog eat dog and shark eat shark world of business, it can be quite difficult to know where to begin, and what need to be your most important tasks at the very very start. Let me give you a few pointers, one ragged businessman to another.
I’ve been through it all myself already, the night sweats, the shaky hands, the terror when your accountant gives you a call and asks for a meeting, the feeling when your best manager is walking out the door because the guy next door has made them a better offer. And let me tell you one thing – you can survive most, if not all of it, if you just play it smart.
Its royal majesty – research
Every article I write on this subject begins with the same thing: research. And I know you’ve heard it all before. But trust me – research, or the lack thereof, is the one thing that can cause you to seriously fail, like nothing else can. Even a bad drop in market shares is nothing compared to the havoc that can be caused by poorly done research.
If you want to make it big, you need to be smart. And to become smart, you need to learn, that’s all there is to it. You simply need to sit down, and learn everything there is about the market, the industry, your competitors, their competitors, the developments, the tech, the vibe, the everything.
And you need to be doing this constantly, but never more so then at the very beginning. Once you feel smart, go do some more research, and only then start coming up with a plan.
Take care of the formalities
This is another important matter, but you only have to do it once. Hire an accountant as soon as you form the company. Don’t think you can do it on your own. Also, hire a lawyer. Have them read all the important papers, and ask for their advice on any subject you feel they can be helpful with. They will be an immense source of knowledge that you can use to your advantage.
Think about growing
I know the one thing you want more than anything is to make it big. The trick is, even though you have to dream of it, you need to taste it, see it every time you close your eyes – you also need to plan for it. Don’t just leave it to chance, and don’t think you can work with the growth as it happens. No, you need to have a plan set up.
Once you hit a certain number of employees, you need to hire another manager, things like that. Scale your growth, and always know when you will need to invest in more employees, more tech, new premises, and so on. Don’t let it ever come as a surprise, because this is where most companies fail – they have no idea what to do with success.
The right tool for every job
This goes for both actual tools, and people. Try to always find the best software, hardware, or any other piece of equipment you are using, and always search for something better.
Don’t just buy everything once and wait for it to die on you. As for your team, once you get to know them, set things up so they can work on what they do best, not what you necessarily hired them for. People do their best if they do what they love, and keeping them inspired will keep the wheels turning for many years to come.
A good manager can save your life
I have worked with two amazing managers in my life, and I cannot stress this enough – a good manager, a really good manager, is worth more than you are. Never, ever, risk losing them.
Never underestimate them, never treat them without respect, because handling so many different tasks, working with so many different people, and keeping an entire company running is something very few people can do with ease, with a smile and genuine love. Treat your managers with the respect they deserve.