Page 39 - The 10 Most Innovative Startups in Pune 2019

8 Things Every Startup Needs to Know

but most people have a hard enough time doing two things well, let alone
three or more.
So save yourself a lot of grief and bring a bookkeeper, an accountant, a
receptionist, an answering service, a social media manager, a manager or
whatever other specialists you need right from the start. Outsource and
hire as necessary.
6. A Good
6. If it was, people such as Nikola Tesla, who invented fluorescent Idea Is
lighting, the Tesla induction motor and the Tesla coil among other things, Not Enough
and is credited with inventing modern radio, would have died rich, rather
than destitute.
It’s not the idea, but how the idea is developed and marketed that makes
the money.
7. So
7. Now I’m not saying that each and every one of you has to be out Every Small
there cold calling and making sales presentations, constantly checking and Business
posting on social media, and personally serving customers. Owner Has
What I’m saying is you have to pay attention to marketing, even or to Be a
especially in the startup stage. Prepare a marketing plan and implement it. Marketer/
And be personally able and ready to talk about your business to whoever Salesperson
at any time. If I asked you what you did, would you be able to tell me in
two or three sentences that told me not only about your business but why
it might interest or matter to me? (Need help? Read this piece by Irene
Brooks: How To Tell Prospective Clients What You Do.)

8. First, make it legal. Be sure your business is properly registered with

3. Keep your municipality and your province. Be absolutely certain that you are
Your Day complying with all government taxes and regulations.
Job, If And make sure that you think ahead and choose the right business
You Have structure for your business activities and get all the coverage you need.
One Special liability insurance such as Errors and Omissions Insurance, Home-
Based Business Insurance, Buy-Sell Insurance to protect your partnership
— there are all kinds of eventualities that your business will need to be
protected from right from the get-go. 8. Set It
Skimping will cost you in the end. For instance, if you’re going around up Right
cleaning people’s gutters and don’t have Workers’ Compensation From the
Insurance and one of your workers gets injured, the resulting financial Start
fallout could ruin not just your business, but you personally.
Startup to Succeed, Not to Fail
Starting a business takes so much time and investment of a person’s
financial, mental and physical resources that I hate to see anyone go
through the process and fail. If this article saves you some time or
energy during the startup phase of your new business or some future
grief because you were forewarned and did what you needed to do, it’s
served its purpose.