Executive Chronicles | A Startup can be hard and something to think over a lot. To determine what is necessary for a startup takes time and research. In this article, you will find some common procedures and things you need to take care of for a startup.
Partnership, Business Plan, and Business Name
A startup is strong when you are doing it with a group of people all coming from different backgrounds and all having a different skill set. A strong partnership and understanding are the makings of a strong startup. Everyone should know the role they have to play perfectly and be ready to work for the betterment of the business. The need of the business should come before the need of any individual. Once that is taken care of you would need a business name to start with. The name should represent what your startup is trying to achieve and should be eye-catching. You will need office space for meetings and clients. In the beginning, the office can have little space and can gradually grow into a bigger office. Starting out, you can use just some basic furniture. It is necessary to have a board member meeting room, a client meeting area, some computers, and the best printing software out there, as you will need to print out documents regularly. After that, what a good startup needs is a solid business plan. A good business plan can be the sole reason for the success of any startup.
Obtaining a License, Getting a Patent, and Opening a Bank Account
You will need to open a bank account after selecting a bank. A bank account is useful for getting a license. Both bank account and license are essential to get the business started. Now one of the most common problems of a startup is creating an entry barrier. If your service is good then naturally everyone will want to copy it. So there must be a way to prevent that. One of the most common ways to prevent that is to patent the product that gives you a unique license to your startup to only make the product or provide the service. There are more ways to create an entry barrier than to only patent your product.
Creating an Entry Barrier, Sustainability, and Scalability
Other than getting a patent there are other ways to create an entry barrier. one of them is keeping your trade secret. This means to not share the unique quality of your service or your product in business. Keeping it a secret is very important and can be the cause of creating a successful entry barrier. Another entry barrier can be to make a strong connection with your distributors and give them a piece of the buy. This means to take good care of them and to provide them with opportunities to grow as well. This helps create loyalty and they don’t leave you easily. Another entry barrier can be getting exclusive rights to sell a product. This means that only you will be able to sell the product and no other company would get that product. It can be expensive to buy exclusive rights. Another entry barrier can be to buy the product in bulks and cheap. Due to the massive scale, the cost price you would be getting is the lowest. Since you bought at the lowest price you can sell at the lowest price and this creates an entry barrier for the rest. The next step after ensuring that your startup can do monopoly business in the market you need to first make sure that the system is sustainable and not lose focus on that. Many startups failed because they decided to expand before they were ready for it and they had to suffer huge losses for their mistake.
Startups are necessary to create more employment and opportunities in the job market and for the overall development of the country.
