The Dos And Donts Of Setting Up Your Own Business by

The Dos And Donts Of Setting Up Your Own Business

Have you ever been enchanted at the thought of starting your own business? It’s completely normal for everyone to become disengaged with their job at some point, so how about channeling that energy into a new career, with you firmly at the helm of your own success?

Starting a business isn’t for the faint-hearted.

It takes a generous cash injection, patience, perseverance, a lot of your time and plenty of grit and determination. So, what are the dos and don’ts of setting up your own business enterprise? Read on to find out.

DO hire through a recruitment firm

Finding the right candidate can be difficult if you’ve never headhunted before so consider professional staffing services. When you choose a recruitment agency, they’ll be able to find the best candidate for you and your business, even if you’re unsure of what to look for. Having the right team behind you could make all the difference between success and failure.

DON’T hire friends and family

While the idea of having your family and friends close to you during the initial stages of your business plan is a comforting one, hiring friends and family is something all entrepreneurs should avoid. Personal interests and business concerns don’t mix well. From family members who think they know best, to friends who don’t take their start time seriously, when searching for staff hire professionally instead.

DON’T take criticism too personally

Taking criticism isn’t always easy. Especially when someone is picking apart your ideas or something you’ve poured your heart and soul into. When taking criticism, whether it’s a bad customer review or a complaint, it’s your responsibility as a business owner to look at it constructively and learn from your errors. Ask yourself how you can stop this from happening again and what you can do to improve your services.

DO employ a legal team

If hiring a legal team for your fledgling business seems a little far fetched right now, then you may be right. You may not be in the position financially to have a whole army of attorneys backing you however that doesn’t mean you shouldn’t approach an attorney for simple advice or hire a legal mind to go through some of the basic legalities involved in running a business.

DON’T forget the hidden costs

Logos, premises, staff, stock, equipment. These are probably the things that spring to mind when we think about start-up costs, however at this stage it’s important that you don’t neglect the hidden costs of starting a business. Things like insurance for your stock or your equipment and premises, the rent of your office space, utilities, maintenance bills and risk assessments are all hidden yet necessary expenses.

DO hire an accountant

You might be tempted to tackle those business accounts yourself in order to save a little money. However, what you save in money you’ll lose in time, stress and frustration. When starting a business, hiring an accountant to take charge of all your accounts not only makes life a little easier but it will allow you to focus on more important tasks, such as the day to day running of your business.

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