These legal matters involving your start-up must be addressed right away. Your company’s funding potential and trustworthiness will depend on how well you handle the non-tech and non-marketing sides of things.
You don’t need to go to business or law school to learn about these things. However, some research might be in order. Here are several tips to follow when starting a new business that is not related to marketing or tech.
Know the Industry Well
You might do an assessment of consumer demand for your product before starting your business. You will also have conducted research on potential rivals. In addition to these basic searches, you must know about the kingmakers and insiders in your industry as well.
Why? Well, you will have to network with these people to get funds and advice for your start-up. Important contacts will make your tiny start-up into a fully-fledged company. You will also have a leg up when you know who the faces are behind the brands competing with you.
So, you should contact a business solutions company that provides research on Australian company directors and other vital information about the industry.
Get Your Paperwork in Order
There’s a lot of paperwork involved when you try to get a business off the ground in Australia. The amount required will vary depending on your industry. If you are starting a consumer tech company, the path will be mostly obstacle-free for you.
On the other hand, if your start-up sells medical equipment for example, there will be thorough evaluations and licensing requirements needed. Therefore, learn about the legal aspects, and hire a good legal team to do the work for you.
You can hire a solicitor in addition to a business legal solutions provider. The latter will have cheaper packages compared to an attorney.
Think Twice before Buying Office Space
Before you buy office space for your company, think about whether you really need a physical office for your start-up. Most start-ups can function just as well with a virtual office.
You will have to pay rent for a physical space. There will also be a lot of paperwork involved with buying or renting an office space. For example, if you want to buy a property for an office, you will have to look for property valuations reports, tax certificates, and so on. If this is too much trouble, you might be better off with a virtual office for now.
Do Not Depend on Angel Investors
You are in Australia, not Silicon Valley, so don’t count on an angel investor to swoop in and provide funding for your business. Expand your funding options to other arenas as well.
The Australian government may provide grants if your business idea and background meets certain criteria. Consult your local government or search online for any such grants you might qualify for. Bank loans are also not a bad choice. You should also look for donations from family and friends for funding. Crowdfunding, too, is a good option to raise capital.
It’s important that you do not limit your views to marketing and tech when launching a new company. Do your research on all aspects of business before you proceed.