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Resources Startups Need To Take Off
Investment banks can be a great asset to raise funds through private equity or venture capital funds. There are a lot of Angel investors and family offices, all over the world, that incubate startups and help them grow and expand.
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Not all start-ups succeed. Assuming you have a great idea and you have refined it, thought it through after in-depth feasibility studies and checking for scalability, formed a plan of action. What next? It is pretty simple to move forward if you have a set of resources.
Hiring a legal expert for opinion is according to me, the first thing you need to do. You must seek expert opinion on your suitable company type and know your fiduciary duties and things like that. Your legal counsel can be your best friend and you must have a firm or an individual, depending on your budget and needs, on a retainer. If budget permits and your business needs constant legal vetting and advice, hire legal!
Every business requires funding. While you may start modestly, you will want further funds to expand. For that, networking is a must. Investment banks can be a great asset to raise funds through private equity or venture capital funds. There are a lot of Angel investors and family offices, all over the world, that incubate startups and help them grow and expand. High net-worth individuals (HNI) are often seen to be keen to help startups as well.
No matter what proponents of work from home theorists say, you need a workspace. An office space can be a place where you gather your thoughts, put them into action and a way to discipline yourself. There needs to be a place where you can meet people, where you have the basic infrastructure in place for operating your business and where your hires come in every day. You could occupy business center seats if you are on a budget but a physical space is a must!
Business requires compliances. An external auditor as well as minimum one accountant, internal or on a retainer, is a must for businesses to comply with annual returns, ensuring taxes are appropriately paid and for guidance on company law affairs.
In today’s day and age of internet and social media promotions, you would feel left out if your business didn’t have a website. It is an expenditure one must undertake to attract business. A website represents your business to an outsider, who can gauge you based on your representations. It is especially important to be present online if your business is consumer centric.
Recruitment Agency & Head Hunters
If you plan to recruit a team, you have to hire people. People build up an organization and can be the biggest fueler for growth. There are plenty of recruitment agencies available that can give you the service of hiring professionals. You could approach universities and colleges directly if your need is sizeable but generally if you want to hire experienced people, you need to go through recruitment agencies and head hunters.
Marketing & PR Agency
You need a good logo. It’s a once in your business’ lifetime to think of a suitable name for your brand and invest in a logo. You may keep contacts of marketing and sales agencies, aside from hiring an in-house team, if that’s your requirement. Same goes for a public relations (PR) agency, who can help you in communicating your business crux and developments, to the masses.
There are of course many indulgences that you may undertake but business essentials require some things. It’s just not that complicated and with dedication, a good idea can turn into a success story over time. Sustainability, patience and dedication can get you there.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
The author is Managing Director of Enso Group. He resides in Mumbai. He holds an undergraduate degree in business from Carnegie Mellon University and a postgraduate diploma in global business from Oxford University.More From The Author >>