Owning a business is fantastic for a number of reasons. You are your own boss. You can set your own hours and have lots of people to hand off duties too. You will have confidence and can feel self-assured you have made something that is yours. Success is fantastic. However, if you are considering starting your own company be aware there is a lot of responsibility that comes with it. If things do wrong, the blame will often fall on your head, and no one else’s. Here are just some of the things you will need to put on your priority list as owner of the business.
Take care of your people and your people will take care of your business. Hiring, onboarding and making them feel passionate about the work might not be all that would be coming from you. But you play a huge part in overseeing it all. Strengthen your team and be a part of main decisions like salary, flexible time, health and insurance and of course the work environment at your workplace. That includes everything. If you are buying company cars, ensure that they are going to be as protected as they can be on the roads. If their work includes long office hours then they need comfortable chairs and workplace equipment. You need to provide them with the best equipment, so they do can do their job as effectively as possible. Your company needs to be fair and free from discrimination and prejudice. You can count on others to help you with this, but you will need to play a part.
Competitor and Market Analysis
What are competing companies doing? If you do not understand this how can you know when to make your move. You will be solely responsible for choosing the direction of your business. This is particularly true if you are running a smaller company. Keep an eye on the bigger corporations. You need to think about their strengths and weaknesses. How can you make your business stronger? How can you beat them at their own game. Again, you will have advisors. But you need to show leadership. You must be the one to make the decision on how to move your business forward.
Are you running a business from home. If you do you will not need to worry about buying or renting offices. That idea is appealing. But do remember if you do not have an office your employees will be working from home too. That makes them more difficult to control. There is nothing stopping them from setting their own hours. This is fine but you do not want them starting work with a killer hangover from a late night.
On the other hand there are negatives to having an office as well. Check and ensure thorough inspection when choosing your office. Older buildings are more likely to have Asbestos which can cause a form of cancer. Sites like http://www.yourmesotheliomalawfirm.com/mesothelioma-lawsuit/ show what you will be leaving yourself open to. Check a building carefully before buying.
Yours and Company’s Reputation
Get a team in place that monitors company reputation and what’s being written online. Your marketing and PR team must set some benchmarks in getting the word out there about your products or services and how the media and others in the industry perceive it. Consulting the legal team now and then and keeping them up-to-date on upcoming changes is also a good idea. Ultimately the most important thing you will handle is your business’s reputation. Employees can leave and find other jobs. Also, note that being the owner or the CEO the company’s reputation also relies on your reputation. If you fail to live up to appropriate business standards, it will be a mark on your career for life.
Set priorities and check on them now and then to ensure that there are no worrisome surprises along as you build your business.