Starting up something no matter what, there are some grounds that you need to cover, in order to limit the loss if anything goes wrong. These are the options where one doesn’t usually pay much attention or take seriously, however the same features can destruct your whole business and its resources overnight.
Structure & Hierarchy.
This is what could disrupt the inner functionality of any business. Every person has its own post of designation and with that a level of ego. A proper hierarchy must be set so as to properly feed every person’s ego and keep them happy. For instance a manager in no case would like to report his/her team it to be the other way around. There should be a check on every person in the company and the request & complaint should be properly channeled
up the hierarchy.
Roles & Responsibility.
Every person in the company should be assigned a specific role & responsibility along with a proper authority to make a decision. Every decision made by a person should only be questioned by the person up the chain. If not, then it would create an unhealthy work environment
Copyrights when choosing a Name/Logo/Tagline.
While choosing a Name/Logo/Tagline one should research and make sure not to use the name that has already been registered or copy the logo/tagline, cause if as hoped when your business grows, it’ll attract attention on these tiny details and if these are copied then a person/organization will bring a lawsuit against you.
A business should have a properly structured set of legal contracts to ensure the safety of the company. Legal contracts include all the financial contracts as well as copyright. These legal contracts are also required when you hire a person to ensure your employer loyalty. Documents like Employment Contract; Non-Disclosure Agreement; Non-Compete Clause are among the most important contracts.
Hope for the best but expect the worst. When starting up something, one never thinks of closing it down, which is a big mistake. There are circumstances and scenarios where a business should be shut down. This is where exit strategy is required. Exit strategy is the key map / protocols that you design to follow if in any case you need to shut the business down. This strategy limits your exposure to loss.