My Start-up is Successful- What Now?

Many people go into business full of doubt and apprehension- will this work? Is my idea good enough? It seems like companies are starting up everywhere, developing all kinds of solutions to the problems we are faced with today. However, not all of them will succeed, in fact, many will fail to stay open for more than a few years.

It’s time to examine your own business now. Wait- you still have a business? Yes, your start-up has grown and flourished, meaning it’s time for the next steps. But what are they? Many start-up leaders are so focused on developing their product or service, that they fail to recognize what they have to do to continue being in operation once they have already “started up.”

The start-up days are tough, full of long nights, poor diets, and never ending exhaustion. However, the next stage comes with its own set of challenges and opportunities. If taken with the right attitude and precautions, success is in your future, we guarantee it!

1. Hiring Your Team

While you are in the start-up phase, you have likely been able to organically build your team through your network of classmates, colleagues, friends and family. You know their strengths, weaknesses, and their special skills probably better than they do themselves. But as your success grows, so must your team, and you’ll find yourself having depleted your immediate ring of contacts and having to look further to fill those spots. Hiring the right people is an expensive and time consuming process, but if done right, can really make a positive difference to you company.

2. Licensing Your Idea

Now that you have shaped your dream into a reality, it’s time to draw up the papers! As your product or service hits the market, there will be other companies that will want to use it, sell it, buy it, and more. In order to do that in a way that protects your company and intellectual assets, you’ll need to hire a business lawyer who can assist you in reviewing your license agreement. It’s important for you and your team to get all the credit (and profits) you deserve for your hard work and perseverance.

3. Moving

Quite a few billion dollar companies have started in the founders’ garage or home, so there’s no shame in admitting that your current work space is not exactly ideal. With growth come new employees and more and more meetings with investors, cooperating businesses, and potential new hires. That means that your space in the local start-up accelerator or your home won’t cut it anymore and it’s time to move to your company’s own home. Contact a commercial real estate agent who will be able to help you with finding the perfect space to write the next few chapters of your adventure. Remember, commercial leases differ from residential ones, so be sure to read the fine print properly before signing!

Being a part of a start-up in its early days is an exciting opportunity that many people want to be a part of. Consequently, growth is a positive thing to experience and don’t shy away from accomplishing these next few steps as confidently as you did with your initial ones. Put your energy into hiring the right people, taking care of the licensing paperwork with a specialized lawyer, and moving to the right location, even if that’s across the country. You need to get your act together before you can consider yourself to be out of the start up phase and a new small to medium sized enterprise!