Starting any business isn’t easy. It takes passion, drive. And a fair bit of resilience against the constant knock-backs that force you to delve deeper and deeper to find the resolve you need to keep on fighting.
And that’s just when starting a business in a typical industry.
Try to build a company in a relatively unregulated territory that doesn’t have the best of reputations; the challenge grows ten-fold. And that’s precisely what we, at Elitium, are trying to do.
But there is a way to make the process a whole lot easier on yourself. It involves a focus on four key aspects: while getting these things right can help you earn the credibility you need to succeed.
#1: Nailing Your Organizational Setup
First things first, if you want to have any chance of creating a successful blockchain enterprise, you need a setup that satisfies every possible regulatory concern. That said, regulation is still a grey area. But some jurisdictions offer more clarity on this front than others.
One such place is Gibraltar, which is why we chose to register Elitium Ltd. there. The government has embraced the technology. The island has established itself as one of the most blockchain-friendly jurisdictions in the world. Moreover, it was one of the first places to create an actual regulatory framework.
And its agenda (which protects consumers and safeguards the island’s reputation) is centered on an innovative vision for a digitized economy — suffice to say: their view mirrors Elitium’s vision.
But the story doesn’t end there. As a proposition evolves, so must a setup. Hence, Elitium now has a Swiss subsidiary, placing us front-and-center of the ‘epicenter of Crypto Valley’ and giving our FinTech initiative Elitium Capital the best chance of success.
Finally, an Estonian entity gives us full compliance to operate throughout Europe thanks to two crypto-licenses that the country granted.
#2: Finding An Experienced & Diverse Team
As we noted earlier, no entrepreneurial voyage is smooth sailing. Particularly when you’re venturing into uncharted waters. It pays to onboard a team with deeply diverse expertise.
The Elitium executive team blends commercial, financial, legal, and technical nous to create the perfect partnership. Our backgrounds in luxury, hospitality, and the blockchain ensure we can cover all angles.
Our technology team comprises 150+ domain experts. Between them, they’ve founded exchanges, mined cryptocurrencies, evolved original blockchain initiatives, and progressed adoption of blockchain technology worldwide.
Then, we have our commercial team. They each bring a specific skill-set to the table, spanning operations, business development, legal, and marketing. We chose a distributed setup to find the right people for each job — it’s worked very well to date.
#3: Settling On A Clear Business Model
Blockchain businesses in general — and cryptocurrencies, more specifically — come under fire for existing without any real purpose. Elitium counters the criticism by placing our currency at the center of several business models:
- Setup fees — we charge partners a fee for joining the Elitium platform
- Commissions — we generate commissions as partners sell goods and services within the Elitium ecosystem
- Listing fees — we take a listing fee for each digital share issuance on Elitium Capital
- BaaS platform access fees — partners can license Elitium technology under a Blockchain-as-a-service agreement, leveraging technologies such as bespoke smart contracts, powered by EUM
#4 Giving Back
This last one isn’t strictly necessary.
However, we believe every business should build an element of charitable giving into its operation.
Our mission at Elitium is to create value: this has to extend charity. By 2021, Elitium intends to donate 1% of profits generated in our ecosystem to a selection of global charities, each picked with the help of the wider Elitium community.
The world can only grow if people grow together. Commercial operations supporting charitable causes is one way to make that happen.
Need help setting your business up on the blockchain? Get in touch with Elitium Business — we’ll show you the way.