3 Pitfalls To Avoid When Launching A Startup
If you are keen to reassess your priorities because of the Covid-19 pandemic, you might want to rethink your professional life. While you were once bothered by your excellent wage, your promotion prospects, and your stunning company car, now you want to hone a better home work life balance, you want to be around for the kids more, and you want to do something that leaves you fulfilled. You may have slipped into your current career fresh out of college. Now is the time to reconsider your options and make a change in your professional life. Launching a startup gives you the chance to work for yourself and follow a passion. Take a look at these three pitfalls to avoid when you launch your new venture.
Do The Plan
You can’t have a business idea one day only to launch it the next. This is a foolish way of harnessing what could be a great money-making venture. Instead, you need to commit to a planning phase. A business plan that details risk mitigation, funding routes, and profitability forecasts will enable you to appear more appealing to investors. Planning your business also helps to clarify your thoughts and helps you to hone a clear business vision. You need to have that elevator pitch for your startup. When someone asks you what your venture is all about, you need to tell them in twenty words or less. This clarity will permeate every business function driving efficiency throughout your venture. A wishy-washy ethos will lead to an ambiguous startup.
Those businesses that launch headlong into the market without any consideration for the industry that they are entering are doomed to failure. At the very least, you need to consider business insurance policies that will protect your interests should a case of negligence be filed against you. If you work in the food industry, you need to adhere to food hygiene and health and safety regulations. This is for the safety of your diners. The legalities of your business will differ from sector to sector. Think about the paperwork you need to file, sort out your tax returns, and be a full-blown legal entity.
The assets that your business holds online in cloud based storage are crucial to protect. Sensitive financial and personal data from your customer base need to adhere to GDPR regulations. Any sort of online asset needs to be cyber secure. This can be achieved by training up staff and ensuring that they don’t open any dodgy email attachments that can launch a malware or ransomware attack on your network. By ensuring that they also use regularly changed alphanumeric passwords, you can be more content in the security of your assets. Neglect your cybersecurity, and your assets could be compromised meaning that you may struggle to function should a hacker get into your network.
You can be a successful and thriving business in the twenty first century. Follow this guide and you can avoid the pitfalls that every new entrepreneur faces.