Startups tend to fail within the first year. Studies show that eighty to ninety percent of new businesses don’t make it, which is incredible. It is also pretty scary if you want to consider starting a new company.
The trick, as you can guess, is to survive. If you can survive the first year, you can, hopefully, go from strength to strength. But, you also need to grow. If there isn’t any growth, there won’t be any profits in your future. For anyone that is looking to get into the business industry, here’s what you will need.
A cost cutting mechanism
In fact, you might need more than one. To survive, you need to find a way to offset your lack of money. A business is a costly expense, and you need alternative finance methods to keep your head above water. You can, of course, opt for a business loan and an influx of cash.
However, the interest rates are dangerous. An accountant is a much better option. Although they require payment, they know the world of business expenses like the back of their hand. They will be able to cut everything from your production costs to your tax bill. If you prefer, you can also attempt to cut costs without any help.
There are plenty of reasons you need a lawyer, but let’s start with the obvious. As a novice, you probably won’t know how to formulate a business. You certainly won’t know how to formulate one so that you aren’t at risk financially. Business lawyers aren’t novices, and they understand the complexities of the situation.
For example, most of them will tell you not to opt for a sole proprietorship as it leaves you vulnerable. If you suffer personal losses, so does the business. The better the structure, the more chance you have of survival. A lawyer will also come in handy for employee disputes and lawsuits.
A lobby firm
One obstacle that you might not foresee is the government. The government and small businesses don’t get along because of the introduction of legislation. At times, it will seem as if they introduce new rules just to mess with your company. And, there isn’t much you can do about it as they are the law, right? The truth is that you might be able to make a difference.
With top lobbying firms by your side, the government might see things differently. All you have to do is show them the harm it will cause to change their mind. Lobbying firms are great at this, which is why you need one on the payroll.
It isn’t what you know, but who you know that will get you places. Although it is cynical, it is true. As a result, you need a plethora of contacts that you can call on at any time. With their help, your business can navigate the choppy waters that are in the industry.
For example, you might be able to get an extension on a deadline or a loan. In the business industry, these details are the difference between life and death.