Most businesses start with a single great idea. If you’ve had a brainstorm that seems like it might be a viable business opportunity, you are probably eager to get moving. As exciting as the opportunity seems, you might be overwhelmed by planning process. There are a few things that you can do to avoid overwhelming startup issues and make sure that your business starts off on the right foot.
Don’t rush it
It’s understandable that you are anxious. The fear of a missed opportunity is a valid one, however, with a little advanced planning, you can move forward responsibly. If you have not created a business plan of some kind – one page or multiple pages – you’ll need to.
- Determine who your customer will be. Understand market gaps and figure out how your product or service will fill these gaps. Establishing your target consumer base will help you develop appropriate selling points.
- Thoroughly research your competition so that you understand risks and growth potential.
- You might be facing intellectual property issues. Taking the appropriate steps to protect your ideas and verify that you are not inadvertently infringing on other’s intellectual property can save you time and heartache.
- New businesses require a substantial time commitment. Create a workable schedule ahead of time.
Understand your budget
All businesses require some kind of start-up investment. Ask yourself some key questions.
- What licenses will my business require to operate? A well planned budget will include initial licensing costs as well as renewal costs.
- What will it cost to market my product or service? Marketing requires more than a great business card. In order to attract and keep customers, you’ll need to have access to funds for websites, print documents and other creative materials.
- What type of legal risks will my business face? Failure to protect your assets and ideas can lead to costly litigation. Establish your insurance needs and research options for protecting your intellectual property. Planning for the worst case scenario may sound grim, but it might keep you from finding yourself in a financial crisis.
- What are my personnel needs? Budgeting for personnel costs requires more than establishing a salary. Taxes, benefits and workman’s compensation insurance are just a few of the costs associated with hiring staff to help you run your business.
- Take our free Business Risk Assessment because there are other business entity needs that must be addressed from day one.
Seek professional help
It’s easy to get discouraged, which is why you should trust a professional to walk you through your first steps, including IP identification and protection issues. This doesn’t have to be an arduous process. Traklight can help you manage and protect your intellectual property. Take our free business risk assessment and gain a better understanding of your liabilities. Contact us for more information and to get started with the development of your IP strategy.
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