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Think Your Startup To Go? Ask Yourself These 3 Questions Before You Launch

Contributory

by | Jun 20, 2018

I’m so excited for you! You actually went and did it. You labored away developing your business plan in your spare time. You spent hour upon hour on detailed market research. You carefully calculated your cash flow projections for your first year, and thus prepared you went to lender after lender in the quest for startup capital. It wasn’t a quick or easy process and a whole lot of doors got slammed shut in your face, but you didn’t let that put you off. You kept your faith in yourself and your business plan and eventually found you a lender who could give you the capital you needed to make your business dream a reality. You invested in the right premises, the right tools and the right people to use them and you feel pretty great about the decisions you’ve made so far.

Now you’re finally at the point where your tireless work begins to pay dividends and you’re about to get your business off to a flying start with a grand launch event. But before you get ready to pull the trigger, now’s the perfect time to dot those pesky i s and cross those troublesome t s. Remember these things before you launch and the path to success will be laid bare for you…

Are your legal compliance issues in order?

Legal compliance is a common stumbling block for nascent startups and it’s all too common for promising young businesses to be hobbled by compliance issues. Compliance must be at the heart of your corporate ethos and your operations rather than being treated as an add-on. Fortunately, bespoke legal packages for startup businesses are easy to come by and businesses like Go Legal Yourself are extremely helpful for creating a legal package that is tailored to your specific needs. When compliance is a part of your operations from day one, you’re far less likely to unknowingly run afoul of authorities.

Is everybody on board with your mission statement?

Compliance isn’t the only thing that needs to be a huge part of your workplace culture and daily operations. Your mission statement should be at the forefront of everything you do. It should influence everything in your enterprise from the products you make or sell to the way your front line employees interact with your customers. It should inform your policy and the way in which you train your employees. It will help you to remember your business’ USP and differentiate you from your competitors. But it simply cannot work if everyone isn’t on the same page. Make sure that everyone from your employees to your vendors have an ethos that’s compatible with your mission statement.

What are your competitors doing?

Needless to say, at this stage your eyes will be firmly on your own work. But that doesn’t mean it’s not work casting a sideways glance at your competitors’ operations. Your success in these crucial early days will be hugely contingent upon your ability to provide something for your customers that the other businesses like yours are not. Thus, competitor analysis should be an ongoing part of your operations.

Once you have satisfactory answers to all of these questions, you’re pretty much ready to pull the trigger. Good luck!

xoxo, Karmen K

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