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Are you about to start your own business? It’s something worth congratulating you! However, as soon as you gobble down the initial excitement of doing something ambitious, you must break every process of launching a startup down to the last molecule. In doing so, everything will become much more manageable. Now, when you take a look at all the items on your things-to-do list, you may feel a bit overwhelmed. Just don’t let the pressure cower you down. Here’s a short checklist of the most fundamental tasks you need to take care of as soon as possible. A few chores included here can wait a little longer.
You have to be unabashedly honest here because your startup needs something with which to make profits. If you’re going to sell a product or provide a service, you must ask yourself whether you’ll buy it or not. Don’t forget to analyze whether your customers will pay enough to cover the expenses of running a business and make profits.
Some aspiring entrepreneurs often make the mistake of thinking that they don’t need a business plan. You shouldn’t follow the steps of these people. You must create a business plan, run financial projections, and explore the details.
More often than not, startups need more time than expected to launch. You must have a steady source of funds with which you’ll survive the first year. It can be your savings, an existing job, your spouse’s income, or anything else. If you need outside intervention, you must start an investigation as soon as you can.
No matter who you have in your family, you should spend some time with them and convince them that your plan will succeed. With all the challenges you’ll face, having your family watch your back will strengthen you emotionally.
Now you need a name for your company. Make sure it’s catchy enough to remain in the minds of your audience. Don’t forget to research whether another company is using that name already or not. Even the slightest mistake can cost you a fortune.
You’ll require a domain name that resonates with your company name. Opting for an AOL email address or a freely hosted website will make it seem like your business doesn’t exist or isn’t going to remain in action for long.
Opening a company incorporates specific legal matters. If you consider making it an “incorporated” firm, you can protect every asset you own. An attorney or an accountant can help you make the right decision in this regard.
If you search the web, you’ll learn whether your government deems it necessary for a business to have a unique identification number or not. It will aid you in incorporating your company or opening a bank account in its name.
Every country needs the business owners operating on its soil to have appropriate licenses. You may need one or more business licenses depending on where you’re going to work from.
You must get your website in action as early as possible. It’s mandatory for a company because it bestows credibility.
Again, social media profiles and pages are crucial to establish trustworthiness. So, create them on social media platforms like LinkedIn, Facebook, Twitter, Instagram, etc. Once your business starts rolling, you can use those profiles and pages for marketing purposes.
You must do something to generate revenue as soon as you can. There’s no point waiting for things to get perfect.
If it’s going to be a physical store, you must sort things out early. Starting a retail business includes paying attention to accessibility, foot traffic, and other factors. However, you can avoid bothering with lease payments and other issues if you aren’t going to operate from a brick-and-mortar store.
You’ll need plenty of business cards for networking purposes. So, get them soon.
You have to open a bank account specifically for your business. Don’t wait too long to do it.
After setting up a business bank account, you should choose an accounting solution.Mobile applications and software solutions should do the trick, at least as long as you aren’t capable enough to hire professional accountants.
Finally, you must assign specific responsibilities to your co-founders, and in writing.
Entrepreneurs remain on the go almost always. A high-quality smartphone will help you operate more smoothly. Don’t forget to buy a POS system, either.
If you know someone with a thorough understanding of running a business, you must speak with them.
Based on the type of business you’re going to open, you may need insurance. It can be a worker’s compensation, liability, health insurance, etc.
Now, there’s no need to go over the top with this requirement. It’s best if you start with just one employee. Or, you can rely on freelancers and interns to reduce expenses.
You’ll need an excellent source from where you’ll get your inventory. It’s mandatory for a specific business like manufacturing and retail. If you’re going to open a service-oriented company, you’ll require impeccable service providers.
For these two purposes, you have to rely on an attorney. Gather information as early as you can.
It may seem a bit embarrassing, but you have to reach out to your co-workers, colleagues, friends, or family members. Instead of pressurizing them, introduce what you have to offer.
Discussing business partnerships is often a waste of time. Don’t worry about it at all. Just dedicate your energy and time into making sales and gaining customers.
Indeed, you’ll need a catchy elevator pitch to ring the bells in the minds and hearts of potential investors, customers, bankers, and prospective employees.
Once your company starts running, you’ll learn more and more about the marketplace. Customer feedback will be useful in refining your products, services, sales approach, and marketing strategies.
Don’t think that you can make do without a tech company. Even if you aren’t into tech products, IT services will help you save sensitive data on computers and other gadgets.
Usually, when entrepreneurs begin their business, they have to play multiple roles. You have to work as the chief salesperson, but when you think you can spare the money, you should hire a salesperson or a sales team.
No matter how proficient you are, you’ll need a mentor to guide you, just like everyone else. Mentors with success events to boast of in your industry can provide valuable advice.
Does this checklist seem too large to you? You should know that entrepreneurs often have to handle more than everything included here. Nevertheless, it should suffice for a start. Once you start walking down the path, it will get easier.
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