Steve Lake

Asked this question on 22/6/16 -Business Structure

What are the key questions you have when starting a business?

What key things do you think a start up needs to learn? I am putting together a workshop specifically for business start ups and was hoping to get a few who have just started or looking at starting share some of their concerns/questions with me.

Top voted answer
Kirsty Fox

Kirsty Fox Principal at Spitfire Accounting Solutions

Top 10% Assembling Mentors, Advisors and Board Members

Getting your structure right. It's really important from a tax and asset protection perspective. You also need to know your books - talk to an accountant first.

Jef Lippiatt

Jef Lippiatt Owner at Startup Chucktown

Top 10% Training and Development

As Kristy mentioned business (entity) structure and bookkeeping / accounting are super important, however, I think there are some other key aspects to consider.

  • What type of business are you "really" trying to start?
    • Meaning, are you trying to just make some money or are you launching in an area of expertise or passion? It will make a difference.
  • Have you validated that there is a market for your business product / service?
    • Make sure you are launching something that people want before spinning up a business (I've wasted time and money getting a business legal that never panned out). Validate before you become a legal business if possible.
  • Are you taking this leap alone or are you building a team?
    • This impacts everything from legal structure to necessary office size. You need to plan for resources and benefits accordingly.
  • Do you have all the necessary skills to get your business off the ground?
    • If not, you need to determine if hiring employees or using external consultants makes the most sense for your needs.
  • Do you have a mentor or advisor?
    • Get serious about getting your business in gear. An advisor or mentor can give you valuable insight and help keep you on the right course. Leverage their experience and wisdom.