There is no doubt that you can make far more money starting a business and running it successfully than you ever could working for one. That said, there are many more hurdles to jump to get things moving and a constant series of obstacles and pitfalls to negotiate on the way. As well as being full of drive and enthusiasm, an entrepreneur needs to be aware of these and how best to set up their business to succeed now and put in place everything they need to when they come to sell it or offer it to the public in the form of an IPO.
#1 You’ll Need a Top-Notch Website
It may seem obvious, but with money tight at the beginning, corners are often cut when it comes to website design. While a single-page homemade affair might be all that is needed months prior to launch, as soon as a date is decided, you should have a website ready to start receiving traffic, collecting leads, or even taking pre-orders.
Your customers will need to know what you’re all about, what you do, and where you stand on issues like sustainability and inclusion, which are important – especially if you are selling to a younger demographic.
#2 Build Your Presence on Social Media
Again, this should be a no-brainer, but if you try and do everything yourself, you could end up achieving very little in this area. Like the website, this is where you get others involved who know what to do and get better results in less time.
If you are worried about how much this is costing you, you could look to have them work on a commission basis, which could mean much greater returns for them or the promise of a share of the pie when you are ready to consider an IPO.
#3 SOX Compliance
You might not know what this is, but it is a legal requirement if you are looking to sell shares in your business. It ensures you are following certain financial rules and may require some modifications to the way you do things to make sure you comply. If you are considering an IPO for your business, you need to find a website that can outline what you need to do for SOX compliance and work out what you need to do differently. It’s not just a one-way street, however, as you will also be able to see the multiple advantages of compliance.
#4 Hiring the Right People
This is not a journey you can make alone, so you will need to employ people to work for you. This is not just web designers or those filling your social media channels or putting an SEO strategy in place, but also those who will be doing the more mundane parts of your business for you.
You need to decide if they will be hired on a contract basis or if you want to employ them so they can be an ongoing part of your business over the coming years. It can be hard to find somebody who is a good fit straight away, but if you are looking to hire remotely, you have the whole world to choose from.