Deciding to create a business is a big leap into the world of commerce. You’re going to be thrust into the deep end straight away and be competing with everyone around you right from the get go, so you have to be properly prepared! Your business is going to have to survive the first few months of it’s creation, which are arguably the hardest few months of the business’s life! But don’t fret, if you carry on reading you’ll know by the end how to make a successful startup business.
Make Use Of Freelancers
Unless you’ve got a monstrously huge budget to get you started off, you’re going to need to be clever with the way that you use your money. You’re not going to be able to realistically afford to hire permanent employees yet because you’re not going to have the money for it! This is where freelancers step in. You can hire them from websites like Upwork, and they come with a multitude of benefits that a permanent employee doesn’t have. Firstly, the contract is never fixed, you can hire them for as long or as little as suits your needs. This is excellent because once you’ve had them do the job that you required them to do, you can simply end the contract and save lots of money! The second benefit is that they are usually cheaper than hiring an actual employee, they will be working from home so they won’t be charging as much for their services as they won’t be traveling to work for you! And the final benefit is that they won’t need any office space as they’ll be working from home, meaning that everything is cheaper and easier for you!
Get Your Products Patented
If you’re selling a unique product then this is definitely going to apply to you. Patents are the way that you are able to protect your unique product, by applying for and successfully getting a patent, it makes it illegal for someone else to copy what you’re selling. You can a patent broker to help you achieve this, but a lot of people don’t quite understand what it’s for, which is why it’s about to be explained to you. If someone is able to copy your product and use it, it means that you’re going to have a lot of competition so your business isn’t going to be as successful as it could be because you’ll be losing business out because someone else is doing exactly the same as you! By making it illegal to violate a patent, it means that other businesses are going to be greatly deterred from copying your product, and if they do you can sue them to reclaim all of the money back that they had gained by using your idea! There are a multitude of things that can happen if a patent is violated that you need to know, so read this to get up to date on it!
Get Your Premises Insured
One of the biggest things that puts a stop to any business, regardless of size, is not being insured. Insurance covers you in case of a specific event occurring which will be outlined in the insurance, they will pay for what the insurance covers on the agreement that you pay a certain amount to them a month. If a disaster happens, such as a fire, it’s going to ruin your entire building and everything in it! This means that, if you don’t have the money to buy everything again, you’ll either have to downsize or bankrupt your business, which is not something anyone wants! This danger is especially apparent to startup businesses because they are more susceptible to being wiped out after a disaster, so there are two types of insurance you’re going to need; contents and business interruption. Contents insurance covers the physical property and what’s inside it. If your premises gets set alight and everything burns down, your insurance will give you the money equal to all of the equipment that has been damaged and will give you the money equal to how much the property was worth meaning that you can replace it all. Interruption insurance covers your business for any losses that you’re going to make during the “downtime” of an accident like a fire, or even a computer meltdown. These times your business won’t be able to properly operate, so your interruption insurance will give you money that is equal to your monthly income to keep the business with a regular cash flow so it doesn’t go under!
Rent The Right Property
You’re going to need a property to start your business off at, and you’re going to need the right one. There are two ways you can go wrong here, so let’s start! If you’ve got an office space that’s too small, it means that you’re going to have to move at some point which can be expensive and time consuming depending on your contract length with your landlord. Or, if it’s way too big, you’re going to be overpaying for space that you don’t use, meaning that your business makes less money. This is why it’s good to use websites like instaoffices, they are able to find offices across the country that are perfect for you so you don’t get one that you don’t like! As a rule of thumb with offices, remember that you should have a little bit of extra space for a few people. This accommodates any new employees that you might get over the term of your contract, giving you the ability to expand your workforce as and when you need to.
Doing all of these things is highly advised when you decide to startup a business! Make the most use out of freelancers to cut costs down, get everything insured so you can claim if something bad happens, get your products patented so you can dominate your market and get the office space that’s perfect for you and don’t settle for anything less!