Starting a new business is exciting, but there is no denying that it can be tough. Due to the competitive nature of the industry, 20% of small startup businesses fail within their first year, while 60% close their doors within the first three.
To avoid your startup meeting the same fate and get it on the way to success, you need to equip it with all the necessary tools. There are so many moving parts that are required to get your startup up on its feet. Here are the services your new business needs to succeed:
Accounting and booking
Every business utilises financial data to manage its operations effectively, whether it’s to track cash flow and inventory or for other administrative activities related to finances. From payroll and taxes to budgeting and bookkeeping, accounting services can provide startups with professionals who monitor their finances and help them make better financial decisions.
Accounting is a service that every startup needs and it’s easier to make mistakes that can cost you time and money when you’ve just started. Outsourcing accounting processes to third-party services guarantees that you’re making decisions based on comprehensive, accurate data.
Legal
When your business is getting up and running, legal support is critical. Hiring corporate lawyers can help protect your business from potential legal issues and compliance violations in relation to confidentiality agreements. They also advise you on the protection of intellectual property and business assets such as logos, unique inventions and innovative processes.
From legal advice on contracts and patents to employment law, legal support sets your business up for the best chances of success. Without corporate lawyers, you risk incurring unexpected costs and damage to your reputation further down the line.
Marketing
Growing and maintaining a secure client base is essential for a fledgling business. Developing your marketing strategy will help you engage with your target audience and make your startup more visible among the competition.
Hiring a marketing expert or Search Engine Optimisation agency can help you identify your target audience, develop a marketing plan and create a combination of tactics to effectively reach them.
IT
Cybersecurity risks are one of the biggest threats facing startup businesses right now. From phishing attempts and ransomware to formjacking and malware, these dangers can significantly harm your operations and reputation. For these reasons, any developing business requires a strong IT department and software.
Consider investing in IT-managed services tailored to your company’s specific needs. Depending on the data you generate and handle, IT services can provide the protection you need while also keeping your organisation up to date with the latest cybersecurity trends. It can also focus on providing employees with adequate IT training.
