The following is a guest post by Isabel William.
When you are excited about your work and you’re eager to make a difference in people’s lives, it’s easy to spend too much time focusing on the excitement and end up failing to notice some of the key aspects of starting and operating a new business.
As confusing and overwhelming as some of it may seem, you can untangle the intricacies of entrepreneurship as you sail through the early stages of business growth, and thus lower your risk of failure from the get-go. Bookkeeping, marketing, legal conundrums, here we come!
Choose your closest circle
Even before you officially create your company and start communicating with your clientele, you need to consider who has the freedom to influence your decisions, who you can rely on to give you unbiased feedback, and who are the people closest to you that will support your business growth.
Everyone from your lawyers, accountants, employees (freelance or full time), investors, all the way to your partners “in crime”, they all have a role to play in the creation of your dream. All of them will represent your brand and your company for the foreseeable future, and since they have such an essential impact, you should be very careful when surrounding yourself with the right team. Especially in the wellness world, your aim is to help others improve their health, so you need like-minded individuals who understand and support your vision.
Do your homework
No matter if you plan to be a wellness coach, a fitness trainer, a nutritionist, or a physical therapist, your business setup will heavily depend on your location, financial capabilities, communication strategy, and the “gap” in the market you’re targeting. Understanding your audience as well as your own potential will determine how fast and how well you can succeed.
The same goes for all the legal regulations, deciding on the company name in order not to infringe on trademarks, and basic shipment needs for your product range. If you are not a certified bookkeeper or a marketing expert in addition to your wellness expertise, chances are that you’ll need assistance in these and other areas of your business in order to start hassle-free.
Ensure legal compliance
Will your company be a corporation, a limited liability company, a partnership? Have you already created drafts of legal contracts you’ll use with your clients and business partners? Do you know which investors you can trust with your company? Have you considered all the legal requirements for your company to be classified as a legal entity that fulfills all the requirements for proper operation?
All of these and many other issues face entrepreneurs everywhere, and in order to create your company in the right environment, you should consider consulting commercial lawyers who will guide you through the process and help you avoid any legal troubles.
Master the art of goal-setting
Or more specifically, you need to start thinking in milestones, because running a new business will include an ocean of little tasks and assignments that should either be delegated (which is another art form to be mastered) or completed within a given deadline. Every day will consist of dozens of responsibilities, all of which are preconditions for another step of growth for your company.
Whether it’s posting a Facebook ad, scheduling your tweets, keeping up an appointment with your investor, or creating the perfect sales pitch, start early with defining and prioritizing your daily goals. In the world of wellness, neglect is the biggest sin of them all – there is no room to neglect your customers, so you’ll need a dedicated schedule to ensure timely communication and encouraging engagement with your audience. After all, meaningful relationships are the foundation of your business, so it pays to nurture them from the earliest days.
Don’t forget who is the IP owner
Creators of wellness apps are not the only ones in the health game who should be concerned about IP ownership, but many entrepreneurs forget about this essential step. You will find yourself in daily contact with your employees, contractors, freelancers, suppliers, you name it, and they will often contribute to the creative process of your business, but they should always sign an IP agreement!
That way, no matter what form of intellectual property is at stake, you will know that it is in the possession of your company, and not the individual who has created it in the first place. Your intern might play a vital role in helping you create your next best-selling e-book with healthy recipes, or that podcast for wellness tips, but they need to be legally-bound to leave the rights within the company itself.