Have you thought through the risk elements you face?
1. Product risk.
Focus on what you are selling and the ability to explain what your product is, the problem(s) it solves, and why it’s worth investing in– it’s your top priority!
2. Market risk.
Knowing your customer and why, how and where they buy.
3. Financial risk. First-time entrepreneurs are fortunate to have tools such as Kickstarter and Indiegogo that enable crowd funding to get money in the bank. In addition, friends and family, angel investors and traditional VCs- but business most start with owners own sourced capital.
4. Team risk.
There is no way that one person can control every risk. Build a great team and communicate to prepare for each challenge and develop ideas to build a product, bring it to market and maintain growth.
5. Execution risk.
Have a set out overall company business plan and strategy. Set monthly sale goals to keen focus on overall business execution.
6. Team experience risk.
Ensure experience and track record and a balanced team who has been there and done that.
7. Competitive risk.
Think seriously about the number and clout of your competitors.
8. Technology risk.
New technologies may run into unpredictable performance or manufacturing problems – or even worse a new technology comes to the market to supplant yours.
9. Sales risk.
Invest heavily in time, training, and product belief to make your sales effort professional.
10. Compliance Risk. Ensure that your VAT, PAYE, Payroll and Provisional Taxes are compliant, as well as of course your annual Financial Reports and statements.
These tips were provided by Anderson Whittle Tax, Accounting and Payroll. WWW.AWSOLUTIONS.CO.ZA