So you’ve managed to set up a business. Perhaps you had a loan, or maybe you did it on a lean budget. You’ve made a viable business that is in somehow profitable and running well. Yet, you are still classed as a start up, and you’re still relatively inexperienced compared to others in your business area who have been doing it for years.
There are many bad things that can happen to your business, some through your inexperience, others through pure chance and misfortune. However, many of these can be mitigated by prior planning and awareness. Here are some you may need to look out for as you fight to keep your business alive.
First off, you need to admit to yourself that you may not know all you need to know. Sure, you’ve done your research, but you need to realise you’re at the bottom of the pile when it comes to owning and running a successful business, others will know things that only experience can teach them.
You’ll get there, sure. But admitting you could know more and learn more is the first step to becoming a good business leader. Never be shy to ask for help, to listen to advice and to grow as a person because then your business will grow with you.
If you serve clients then you’ll store their data and information on your servers. Data that needs to be protected. If you lose it, they’ll lose confidence in you and you will be on the back foot. It could also put the work you’re doing out of sync, and force you to ask them for information again, making you look amateurish.
You need to employ a security against this, and the best one is the cloud. Storing your information online may seem daunting, but it is safer than it is on your servers. You can access it from anywhere and it cannot be lost or stolen. This way, if anything happens to your servers you have everything backed up and ready to go.
There are many companies offering these services, you see this comparison between Backblaze and Crashplan, two leading providers in online backup. Don’t make the mistake of not backing up your key files, many businesses have failed as a result of losing vital files.
Now you’re experiencing success you may be thinking about hiring people to supplement your company, maybe you already have. You need to be careful. A huge mistake startups usually make is hiring some of the first people that come their way out of desperation.
Take your time, do your research and only take on those you think will add value or benefit your business. Make sure you draft a work contract too. Have an expert look over this if you feel unsure. This way, you’re protected if anything goes wrong.
Now you have hired people you need to remember you have certain obligations to fulfil regarding the work place. There needs to be a break room. You can’t have your guys working over a certain amount of time and you need to contribute to their pension, it’s the law.
If you fail to do any of these things you could be taken to court and sued for a lot of money that can break your business into pieces, so be careful, learn what you need to know and consider hiring a lawyer for advice in these areas so you don’t make any mistakes.