Starting a company is a dream combined with a nightmare which is then wrapped in stress. The feelings that a startup founder has during the infancy of the company cannot be described.
This multiplies when you realize that there are some areas of running a business that you are nearly clueless about. For this reason many startup founders get their initiation into running a business by learning as they go.
These are the 5 areas of my business that I had no idea about before starting my company.
Accounting
Accounting is probably the area I understood the most as QuickBooks made this much easier. Managing the cash flow was another animal as I had to make sure there was enough money to go around for payroll as well as supplies that were needed.
The need to hire an accountant during the company’s first few months does not exist. This will help save money as well as teach you to be organized about the company’s finances. Utilize software as well as apps when expensing things to the company account.
This will come in handy when taxes are done and receipts are needed for those “business” dinners you go out to with clients.
Shipping Of Any Kind
Running an internet marketing company means I never had to handle any real shipping conundrums. After working at a company that shipped medical equipment I realized everything that went into shipping and its logistics.
The most that I had to deal with was getting large marketing materials to a conference that was being held in Las Vegas.
Sticking with one shipping company allows you to make deals with them such as promising them all of your business for a small discount.
Teambuilding
Teambuilding is an art which I believed I had mastered judging from my multiple fantasy football league championships. Building a team that works well together takes quite a bit of work as well as a little luck. For those founders lucky enough the staff will bond from the stresses that being a part of a startup bring.
Fostering a caring company cultures starts from the top so a positive attitude and respectful attitude to all staff members is important. There are activities that can be done in order to build rapport among staff which include company outings or even a small weekend trip to get to know each other outside of the work place.
Hiring
Hiring is something that takes time to become proficient at because even if somebody seems to be a great hire, they might not fit in as far as company culture goes. Simply having a feeling about somebody isn’t enough as your decision should be made off of data.
Check every single reference as you might find that some people are using family members that simply have a different last name. Probation periods are also a great way to find out if someone is a fit for the company.
If after the 90 day probation period is almost up and the hire hasn’t shown any potential, it is best to part ways at this juncture. Your startup does not need to be filled with people doing a mediocre job.
Scaling Processes
At a startup it is important to make sure that you can scale a majority of your processes. This will keep you ready in case a huge order comes in from a client.
During the times when business is slow you can test different processes to see which is the most efficient and delivers the highest quality work.
Automate as much as you can as this will reduce labor costs immensely. You might find that some employees are not necessary after a few tasks have been automated.
As you can see there are plenty of things to learn when starting your own business. Be flexible as business might take you places you may have never imagined.