Startup
businesses in particular are usually faced with speculation and doubt in the
early stages of business by those who wonder if their business is real. Although, you may be the only employee in
your company right now, it is still important to take all the right steps as if
you were a large organization. Not only
will these actions allow other business people to take you seriously, it will
also allow you to access funding, land big contracts and increase visibility
for your business.
The
following are three simple steps that all startup businesses must take to make
their business believable:
1.
Registration & Formalization – In any
jurisdiction there are laws relating to how businesses must operate. Whether you choose to operate as a Sole
Proprietor or Limited Liability Company, it is important to register with the
government-mandated institution in that country. Formalizing your business also means paying
the relevant taxes, fees and licenses.
This will allow your business the same access and opportunities of your
larger counterparts. In my local
jurisdiction, no unregistered business can access government contracts… and
remember, the government of any country is usually the largest employer.
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| Image borrowed from DealDey |
2.
Get an official
street address & (virtual) office space – These two actions are critical to
making your business believable. The use
of virtual office spaces has increased significantly as it gives entrepreneurs,
in particular startups, an official space to use for meetings, receiving
telephone calls as well as official business mails. Virtual office spaces also offer additional
services with dedicated telephone lines for your business as well as a
professional to answer the phone and take messages.
3.
Get professionally
done collateral material – Your business card, company brochure and catalogue,
and all the other printed/online material that represents your business must be
professionally designed. These items
must define your business precisely, with a clear and attractive message. At the startup stage, businesses have a
unique opportunity to define their business, outline the solutions that they
provide and who they provide it to … this information must inform how company
materials are designed. Importantly, the
presence of this type of material in a new business legitimizes the business in
the minds of potential partners and investors and tells them that you are
serious about business.
Another
area that may be considered in the later stage of startup is the incorporation
of a business website. Your business’s
website gives customers, potential business partners, investors and other stakeholders
24 hour access to your business.
These
steps will also make marketing your startup easier. Because there is no uncertainty about the
type of business, the product or service it provides, its location and
capabilities; you are now able to craft a marketing programme that attracts
your targeted customer group.
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