Starting your own company takes courage. There is a chance that you’ll make a success of it but there is also every chance that your business will fall by the wayside. In fact, some studies indicate that only around 10% of startups continue to trade after the first year.
Recognizing some of the more common obstacles could help your startup fall into the category of those businesses that do make it. Outlined below are some important points to remember.
Having the right people around you
If you’re launching a little side business then you might be able to do that on your own. For anything larger, you’re probably going to need some help. The team you have around you will be pivotal to whether you fail or succeed. Team members include your business partner and employees. If you don’t share the same work ethic, ethos, and vision for the company, then you could find yourself in trouble quite early.
Even if you do bring in a harmonized team, it’s inevitable that disputes will arise at least occasionally. What matters is that you have the provisions in place to resolve these disputes. Partnership agreements and employment contracts will help with this.
Protecting your branding
You’ve created something unique and it’s hit the ground running. The trouble is that you’ve entered the market with some giants. They’ve seen your early success and want to take that momentum from you. If you haven’t protected your branding and intellectual property, then all your hard work could be undone in an instant. Remember this as you launch your company, or preferably before you get to this stage.