5 key steps to build a successful startup company

Success in the startup world requires more than just a great idea - it's about establishing a solid business structure and strategy, and making sure the foundations are in place. In KPMG's Venture & Startup team, we focus on helping our clients to be compliant and establish a solid foundation to maximise their strengths. Based on our many insights and conversations we’ve had with our startup clients, we believe the following five factors are crucial to their success - and something entrepreneurs should be aware of when starting their own business:

A solid company structure is the foundation of any startup. It's about choosing the right legal structure, establishing clear roles and responsibilities and ensuring there is effective internal communication. A well-functioning structure helps minimise internal misunderstandings and makes a good impression on potential investors and business partners.

A well-defined strategy, budgets and financial plans are crucial to achieving your goals. Your startup's strategy should be in line with its mission and vision. It's about identifying your competitive advantages, target audience and growth opportunities. A clear strategy not only helps steer the company in the right direction, but it also gives your employees a clear direction to work towards.

Your startup's mission is its core identity - what the company strives to achieve. A mission is more than just words or fluff; it should inspire and motivate both employees and customers. Having a clear and meaningful mission facilitates decision-making that aligns with your company's overall goals. Don’t underestimate its power.

Many startups often overlook the potential of tax deductions that they are eligible for if they are working on innovative and technological development. By knowing the relevant tax benefits and utilising them correctly, you can reduce costs and improve your financial position. We focus specifically on utilising the ll8X tax legislation to support innovation and development.

A strong network can open doors to countless opportunities for your startup. This includes not only potential customers, but also investors, mentors, collaborators and even competitors. Attending industry-related events, workshops and networking meetings can help establish relationships that can contribute to the growth of your business.

We want to meet our clients where they are. That's why we regularly attend startup events and fairs, such as TechBBQ, to have an ear to the ground and provide insights that can challenge their perspective.