The First Three Actions Every New Business Owner Takes

Starting out in business means a to-do list longer than your arm and a drive and frustration to get things done! I’ve seen different business owners react in different ways during the first few months of set up.

Some focus intently on the product or service. Others reach out and begin to build connections and communities. And some entrepreneurs choose to ready the logistics, systems and processes ahead of hitting the big time.

Each of these approaches has its merits. There’s no hard and fast rule for what works best – it’s so often down to what your business does, the team, resources, budget and driving forces.

But I’ve noticed the most successful, strongest start ups do three particular things early on in their entrepreneurial journey. Have you ticked them off your to do list yet?

Protect what you create

While you can’t protect an idea, you can protect something that you physically create such as the names of your products or brands, your inventions, the design or look of your products and the things you write, make or produce. And savvy business owners make sure their inventions are protected, particularly if they’re unique and highly innovative.

The Intellectual Property section of the UK Government website provides handy, no-nonsense information about protecting intellectual property..

If IP protection is not quite right for you, then it is worth at least protecting your business name by buying the right website domains and extensions. In the first year, website domains tend to be very affordable and costs can escalate over time. However, failing to register a key domain now could prove frustrating and debilitating further down the line.

Promote your ideas

There are a few key tools it’s advisable to secure right at the beginning of your entrepreneurial journey. A logo and business card create a professional first impression, and make connections easier to facilitate. Brand colours, fonts and guidelines can also help define the look and feel of marketing materials and websites.

And web presence today is a no brainer. At least a holding page, an updated LinkedIn profile, or a Facebook business page. Something that represents you online.  It’s a crucial starting point for promotion.

Protect your self and your business

Insurance cover is also advisable.  When you’re starting out, income is everything. If something goes wrong, insurance is there to ensure you can carry on, helping to cover costs and keep cash flowing in.

Insurance can present a professional impression – that you take the protection of your clients, your business and your staff seriously. It can also be key to unlocking contracts and opportunities. In some cases it might be mandatory for your industry, profession or sector.

Insurance can include Professional Indemnity, Public Liability, legal cover, personal accident cover, property damage, equipment and stock cover and more.

The Insurance Octopus are experts in insurance for small businesses. We can compare quotes and tailor a policy to your exact requirements – why not contact us today to learn more?