Making my start up business better.
Assuming you make it through the start stage, you can now say that you have a product or service that people will buy. Developing your business now becomes the primary concern.
At this stage ‘owner bandwidth’ is often a barrier to growth and letting go of total control can be a challenge.
But, in order for your business to grow and develop, it is almost certain that you are going to need to start building a team.
This is also the ideal time, with cash coming into the business, to ensure you have not left yourself or your business exposed, so:
- do your contracts correctly document your arrangements with customers?
- do you have up-to-date employment contracts in place?
- do you comply with current data protection and bribery legislation?
- did you ever get that Shareholders’ Agreement put in place?
- do you comply with Consumer protection legislation?
You may now be looking to raise additional capital.
It is important to get this right as investing could also unlock the expertise and full growth potential of your start-up business.