When you start a small business you can often run the risk of moving too quickly when it comes to sales and marketing and not spend enough time on the legal side of things…
Here are the top five growth hacks all entrepreneurs and start-ups need to know right now according to Marcus Zeltzer, CEO of Cooee, and Matthew Tukaki, Host of Second Career.
Always remember to register and incorporate the business
It’s a fool’s trap for start-ups- not to register the business and get yourselves set up for tax. It’s not that hard, in fact you can go through a third party who can get everything organised for you from the paper work to the tax registration. Sometimes it’s worth paying a little extra to not worry about it.
Make sure you have shareholders’ agreements in place and they have been negotiated
If there is more than one of you involved in the business always make sure you have a shareholders’ agreement in place. It stops all manner of arguments as the business gets going. The key parts are knowing who owns what, what the buyout clauses are should the business be up for sale, the value of each initial share and, importantly, a resolution process if the shareholders get into a fight.
Protect your intellectual property
If you have potential intellectual property that needs to be trademarked, patented or copyrighted, make sure you engage a commercial lawyer or IP specialist for an initial assessment. When it comes to the valuation of the business it may just be there is more value in the IP than your annual sales.
Set up your CRN
Make sure you set up a customer database – not only from a legal perspective but also to secure and protect the data you already have!
Get your hr processes in place
Before you employ anyone, make sure that you have a standard employment contract, job descriptions and, most importantly, a process should a grievance arise.