9 Beginning Steps When Starting Your First Company

9 Beginning Steps When Starting Your First Company

by August 31, 2022

Starting a company can be a wonderful experience; it can also be a nightmare. The following will explore a few vital steps you might want to think about when you’re starting a business. The focus here will be on people starting their very first company, but, of course, many of these tips can also apply to subsequent business endeavours.

Follow The Rules

Depending on where you live, there will be legal standards you need to meet to have a legal company. Within your industry, there will also likely be standards that have to be met, like certifications or inspections. You can read up on How to register a company name – Uniwide Formations. You also want to be sure that you’re reading all paperwork carefully. Take the time to figure out what all these standards are early on in the process so that you have the time to get them in order before your opening date. Sometimes forms and processing take longer than expected.

Get Comfortable With Pitching

When you’re starting a business, you have to pitch your work a lot. Everyone is a potential customer, and everyone is a potential investor or connection. Find a succinct way to talk about what you do when it comes up in conversation; this should be no more than three sentences, but ideally one or two. You need to tell people what your company is called, what it does, who it helps and what it helps them do.


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Develop A Self-Awareness Practice

Very few things will bring forward all your neuroses and inner struggles more aggressively than starting a business. If you don’t have a healthy practice in place to deal with the personal development required to not quit when your self-limiting beliefs flare up, you’re going to find the whole process harder than it has to be. Journaling, prayer and or other contemplative practices can help with this. Every time you find yourself saying something like: well, it was easy for that person, they didn’t have to deal with x, or they had y to help them, or people like me don’t get things like that, take a step back and address the limiting belief. Find an example that disproves that belief.

Read Lots

Running a business requires lifelong learning. Get a library membership and start working your way through books on your industry and different elements of business. Books are so much more valuable than online articles because they’re able to go far more in-depth and often they have to meet certain legitimacy standards to be bought by a publishing house.

Steps When Starting Your First Company

image via Unsplash

Speak To An Accountant ASAP

Tax season doesn’t have to be terrorizing, but it will be if you’re not prepared. As soon as you can, have a conversation with an accountant. Make sure you know what you need to keep records of and develop an organizational system that makes it easy to find these things when you need them. Ask for advice that can help you get prepared for tax season. You don’t want to be stuck with a huge bill because you weren’t putting aside the right amount of money for your taxes. You don’t want to be stuck with a legal proceeding because it seems like you were evading your taxes.

Emphasize Differentiation

Get clear on what differentiates your business from your competitors. Quality cannot be the only distinguishing factor, as people tend to be biased towards the companies they know versus the ones they don’t know and being told a product or service is of higher quality isn’t often enough to encourage a switch. Figure out what makes your work different and emphasize that in your marketing, pitch, design and content. If you’re looking for investors, this is going to be a major focus of theirs, so you need to be able to answer directly and briefly.

If you don’t see any ways your product or service is different from your competitors, this is a sign that you need to further develop your idea. Read through your competitors’ reviews and see in what areas they’re lacking according to their customers. Is there a way you can meet those needs? Refine and refine it again until there is something truly unique about what you’re offering.

Be Prepared To Pivot

Everything in life takes the time that it takes. When it comes to running a business, often, things take longer than you first expect them to. Once you learn about the inner workings of a specific task or process, you can make a more realistic estimate of the time something will take. Don’t beat yourself up if your initial aim was off by a few days, weeks or months. The average business takes three to five years to get to a comfortable place and often a lot longer to grow to it’s full-size.

It’s okay to say to yourself: oh, this is taking longer than I first expected; I’ll adjust my expectations for next time. It’s easy to get disheartened and disappointed when your initial assumptions about time turn out to be incorrect; it’s easy to get down on yourself and develop a defeatist attitude but what you should be doing instead is adjusting your expectations.

Keep Meetings Minimal And Short

One of the biggest time sucks when it comes to new companies is meetings. While meetings can make you feel like a “real business owner,” most meetings are unnecessary. If it can be an email, make it an email. If it can be a quick call with one person, make it a quick call. Never require people to attend meetings if they don’t need to be there. Create a culture where anyone can say: hey, this doesn’t actually apply to me; I’m going to leave this meeting. The time you save can easily be put to use elsewhere.

Give Yourself Time Off

It’s easy to take a business on your shoulders and work night and day, hoping for its success. It’s also easy to burn out this way. All too often, people push themselves to their limits, saying things like when I get through this first month, then I’ll take Sundays off again. But by the end of the first month, there’s another very good reason to keep working like a dog. There’s also a massive problem with hustle culture in today’s society, meaning it’s easy to feel like you’re a terrible business owner if you’re not making yourself sick with work. Again, most businesses take three to five years before they’re in a comfortable position; it’s a marathon, and you need to be able to maintain your efforts over the years. Give yourself time off to rest so that you can keep up your efforts over the long haul.

The above information should have pointed out a few key components of starting a company. Running a business is a creative adventure, filled with constant learning and readjusting. If you let it, it can become one of the most freeing and rewarding things you do.

 

Featured image credit: Unsplash

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