Week 7: Operations – How to set up, run and operate your business
As we continue our mission to test and validate our business model, we need to dive into the practical side of your business. This is where many of the costs required to operate your business will rear their heads – often unexpectedly.
There is a lot to cover here but we need to start nailing down these activities more accurately to understand clearly how much it will cost to run your business. It’s going to impact the volume of sales you need to achieve to breakeven. Last week, we talked about marketing and sales, which should have given you an idea of what is achievable with your initial marketing activities. Knowing the costs from last week’s articles will help you judge if this will be enough!
Setting up a new business also involves jumping through several legal and financial hoops. So we’ll tackle these intimidating areas here too. There is an awful lot of red tape you need to be aware of and I’ll help you identify and work through it all.
The content for this week is split up into the following articles:
For most businesses insurance isn’t just a good idea, it’s a legal requirement. In this article, we’ll guide you through the different types of business insurances and hopefully, you’ll have a better understanding of which types of business insurance may be applicable to what you do.
Before you can start to employ people, you need to ensure that you have your company infrastructure established. Your team will need a place to work! Infrastructure covers a wide variety of stuff – but the unifying theme is physical things and processes that make the business work. Here, we will be exploring everything you need to know when choosing a structure for your business, from equipment to premises.
In this article, we explore the ways you can protect your business. If you want to ensure that you own your product and your business, then you want to think about patents and trademarks. You will also need to think about the protection of personal information as well as your terms and conditions. If you want to learn how to do this, then keep on reading.
In this blog post, we go over the steps you should take and factors to consider when hiring a staff member for the first time. How much does it really cost to employ someone? And what are the legal obligations of a business when employing someone for the first time?
For more resources on this topic, check out these articles.
Check out next week’s topic, branding!