Things that Start Ups Forget to Look at When Starting

Startup failure rate business loans

When it comes to getting your small business off the ground, there’s obviously a great deal to think about. On the long journey to success, the first step can be the hardest, and the subsequent strides can add their own challenges and stress factors too. Ultimately, with so much to remember, there’s so much to potentially forget too.

Reportedly, 90% of start ups fail, meaning that there is plenty of room for mistakes. It’s vital that your start up stays switched on and clued in, and thus avoiding the pitfalls and traps that many new companies stumble on into.

Recruiting Able Bodies

When starting out, it can be tempting to just fill up the empty chairs asap. The small office space might seem desolate and desert with keyboards tapping and phones ringing. Of course, recruitment is an area that can’t simply be blagged and rushed.

You won’t be able to recruit huge numbers right out of the great, so it’s important to prioritise quality over quantity. In the rush to recruit, you need to avoid recruiting twenty poorly performing employees and rather employee ten decent hard workers. It’s a better investment for the limited resources of the start-up, and will kick things off with a bigger bang for certain.

Working Multiple Roles

The one who fires up the start up might expect themselves to be a glorious CEO, overseeing a great wealth of work and opportunity. Perhaps they envision a throne and a host of minions doing their bidding. Although, as start ups commonly fail to grow, it’s then time to take matters into your own hands.

By working multiple roles in a business, you can subsequently cutback employee costs. With more hours to work but less people to pay, generating a steady flow of hard work with minimum numbers will see a growth that gives more than it takes. Put pride aside and man the phones, even if you are the one calling all the shots. After all, a customer might be thankful to talk one-on-one with the business leader!

Strong Insurance

Of course, with fewer workers, it might seem like there is less room for error. How could ten or so employees possibly make errors that jeopardise the entire company? Well, quite easily as it happens…

Prepare for the worst, as public liability insurance protects workers on-site and always. By having personal accidents covered, employees will feel inherently safer in the hands of their boss. If nothing else, this will definitely inspire a more robust employee-employer relationship, and keep the work environment prepared for danger or disaster.



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