Starting a business is not an easy path. We’ve seen start-ups fail and it can be scary, especially for those yet to begin. A start-up requires different things at different points and it is your duty to make sure that all the requisites are met.
If You’ve been thinking about starting your company. I’m sure You’ve heard all the basic advice on how to start, hiring talent, investors, legal jargons, and much more. But before you start Here are 5 things entrepreneurs need to take care of:
5 Things you should care about before getting your Startup – Step by step
From getting the right team, funding, understanding your target market, and more; it takes some deep work to create a successful business.However, there are some Important things that you should care about before getting your Startup. Let’s start:
1. Have a proper Business plan
Creating a basic business plan can be tedious, but it is very important, especially if you seek financial backing from investors or a bank. A business plan is important for any business as it contains information about the company, the team, industry, risks, the marketing plan and the financial plan. Internally, it’ll help the start-up in being more organized and an entrepreneur can keep a track of goals that are accomplished. Externally, it’s easier to get loans from banks, show to VCs and build strategic alliances if you have a proper business plan. Here’s how:
Having a plan to make a profit is important, but it’s far from the only thing that matters when you start a business, experts say.
The key to business success is having a clear vision of what you want to accomplish as a company.
As with a business plan, your model should be revisited and updated as the realities of your business start to unfold.
Take a look at the market the startup’s product or service is in. Is that market crowded, like the mobile app development space, for example? Is the company directly competing with other startups or established organizations? How have similar startups fared in the same market?
If the startup has no clear benefit or edge over the market’s existing competition, the company may struggle to find customers.
Entrepreneurs should go out and talk to industry experts, potential customers in their target market.
2. Must-Have well Professional Team
The quality of the work produced by your team is important to the success of your company and will help the growth of the company in the long run. Hiring the right team people who have a strong understanding of your company’s vision is very critical to success. Your team must be hungry enough to create an excellent product and support you even when you’re not available.
If your team doesn’t connect with the core values and mission of your company, it could frustrate your efforts of convincing them to do valuable work that births concrete results.
Get experts and other people who are willing to go the extra mile to learn and grow.
3. Think about funding
You can’t start a business without capital. Determine what you have, what you will need and how you will go about getting it.
A few basic business expenses include:
- Business cards
- A website
- Advertising designs
- Accounting software
- Mailing supplies and postage
- A credit card processor account
Money is a big topic for entrepreneurs, and you’ll want to know your options early on. In order to get investors to open up their checkbooks, you’ll need to convince them that your idea is worthy and also be willing to subject yourself to increased scrutiny and give up a percentage of your company. That’s why it’s a good idea to first ask yourself whether you really need a professional investor at all, says David Henkel-Wallace, a serial entrepreneur who has raised $60 million from VCs.
Know how much money you’ll need and decide where it could come from. Make sure you have the resources to support yourself until the business generates a paycheck for you.
4. Get all necessary licenses and permits:
If there is one thing I would advise for all entrepreneurs before officially opening a new business, it’s to seek legal counsel. We often make the assumption that legal counsel is for when we get ourselves into trouble, but preventative and proactive legal preparation can be the very best way to set your business on the path to long-term success.
Along with a business license, you may need to get additional licenses depending on the type of business and local laws. Many professionals, such as contractors and real estate agents, need to be licensed in the states in which they work.
Additionally, you may need licenses to manufacture and/or sell specific products such as liquor, firearms or even lottery tickets. Research all licenses applicable in your county and your state. It’s also extremely important to know the zoning laws before you open a business.
5. Don’t ignore the power of the web
Have you considered how to use the web to market your business? Almost all businesses would benefit from some kind of web presence, even if this is merely an online brochure or a background to your business and contact details. These days, you don’t need to be a technical wizard to set up your first website. Most web hosting companies provide ‘out of the box’ software to let you set up a simple site in minutes, but you may need to invest some initial funds to pay a web designer to provide your business with a professional-looking site, or a logo as a minimum. You may also benefit from joining some of the major social media sites to make the most of every marketing opportunity. Google+ and Twitter accounts are good places to start, but remember to provide potential customers with regular updates.
While Steve Jobs wasn’t born to be the king of Silicon Valley, he was born to be a mover and shaker. He was born an entrepreneur, and he was passionate about any idea he believed could change the world.
Starting and running a business can provide a lot of satisfaction, but it’s not for everyone. Startups can and will fail, but like any failure in life, there are lessons to be learned and people who will make the journey special. Even if your company fails, it can be a springboard for future success. You’ll have more diversified experience and make new contacts in the industry.
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