The preliminary stages of any startup requires significant determination and commitment, particularly when dealing with the many hurdles involved in starting your own business. At Allied Legal we witness these challenges every day. However, with the right advice and ample preparation these issues are combatable.
Here are some of the key challenges we find startups face in their early stages:
Funding and Resources
Raising capital is a necessary step for any early-stage venture as it allows you to convert your ideas into a tangible product or service. Sourcing adequate funding can be particularly challenging as it usually involves convincing investors that your idea is (among other things), profitable. Before setting out to pitch your startup, you will need to determine how much funding you require and create a scalable business model which showcases your growth goals and funding requirements. Preparation and research are key during this period, and can affect how much funding your startup acquires.
Getting the Word Out
New startups entering the market find it difficult to scale their business due to a highly competitive business environment, crowded by major companies and online platforms. Developing a sales plan in order to grow your client base is therefore vital in breaking through the clutter. This involves understanding your consumer base and their needs and determining how to market your startup in order to meet these needs. Constructing a comprehensive hit list can be helpful during this stage.
Building a Team
Research shows that startup teams work better than solo-founders – meaning that having the right team is crucial. Building a team that is the right fit and armed with the appropriate skill-set can be a challenge for many startups. Investing in your startup team and finding complimentary co-founders can create the synergy needed for your business to grow.
The “Right” Professional Advice
Whether it is managing your finances or seeking legal advice – finding advisors who understand and compliment your business can be challenging. Receiving the wrong advice – particularly in the early stages of launching your startup – can be detrimental. At Allied Legal this is something we see frequently. The outcome of which can be far more costly than if you procured the right advice from the outset.
Being prepared for the many challenges and doing your ‘due diligence’ is important for any founder hoping to scale their startup for success.
Need advice launching your startup? Give us a call.
At Allied Legal we offer sales-as-a-service packages and legal advice for start-ups. Our startup team of sales experts and commercial lawyers are well equipped to assist you with your sales and legal challenges. If you want to know more give us a call on 03 8691 3111 or send us an email at hello@alliedlegal.com.au
You might also like our article Startup Sales – The Art and Science of Converting Sales Trials.
