One of the most fundamental necessities and at the same time, the most challenging aspects that face a start-up is the question of funding. It is imperative then to have a set of financial goals in mind when a concept of start-up is planned. In addition, the start-up needs to have a contingency plan for at least six months in the face of something adverse
Whether it is a home based business, operated remotely or online eventually aimed at growth or a brick and mortar business, there are certain investments that have to be made in the initial stages. One of the most important things that need to be done is getting the relevant licenses from respective government bodies. This, by itself is a time consuming and physically draining exercise. In addition, it also involves a lot of back and forth which ultimately eats into precious resources like time and money that could be utilized in starting the enterprise.
- Type of business holding
Actually, this pointer should be prioritized earlier than the investment point. The prime reason being that there are certain fundamental differences in not just the physical setup, but also the working and ultimately the seriousness of the enterprise itself. With this in mind – and though every business is started with a certain sense of seriousness –the promoter(s) of the business have the responsibility of starting the operations without much loss of time.
Last but not the least is the challenge of attracting the right kind of talent in all the departments of the company, be it operations or marketing and accounts to the lowest in the hierarchy. With this said, it is pertinent to mention here that not every candidate is keen to work with a start-up. Almost all of the candidates that are looking to make a place for themselves has dreams of making it big while working with the big wigs. This is obvious because of the sense of certainty that these established companies could lend to them.
With this challenge in mind, the HR department needs to formulate a compensation package that will not only attract the right candidate but also encourage them to stay on in the company for a longer period. This in itself will cut costs of further recruitment since attrition, which is a prime concern for a start-up company, will be low.
- Vision and Mission
A vision and mission statement when in place reflects the seriousness of the enterprise, both to the clients and the4 potential employees. To have a strong presence in the business is the utmost common vision of every business. However, the main promoters of the company should think of a statement that will not just keep the clients coming back but also the employees from never leaving.
With the above pointers in place, a start-up can be rest assured that they can look to the future with hope in their eyes and the strength of conviction deep in their hearts.