5-Step Business Startup Checklist
Posted: Apr 07, 2019
They say, "If you don’t build your dream, someone else will hire you to help them build theirs". Well, if you are young, talented and ambitious then why not raise your own empire rather than helping someone else nurture his ambition? However, having said that, starting from scratch and working towards your goal may not come easy. You need to work really hard to get there. Besides, you need to know the ins and outs of the market and also be clear about how, to begin with, it all. If you are one of those who is planning to get started with a business start-up then here is a 5-step business start-up a checklist to help you begin to like a pro:
So, you are skilled at your work and have a unique business idea. Bingo! It is time now for a reality check. You need to research thoroughly to find out whether your business idea is good enough to succeed. It is essential to assess your business idea through a validation process before moving ahead. You need to find out whether your proposed product/service caters to the need of the targeted section of the society? Does it solve any of their problems and make things easier for them? Is it something that the society really needs and is looking forward to since quite some time? Is some other company offering it too? How strong is your competition? Are you well prepared to face the challenges?
Read related books, research well on the internet and conduct surveys online/offline to understand the market demand before you begin working on your idea. Go ahead with it only if you feel your idea is good enough and you are prepared to implement it well.
Hire a Business Lawyer
Many startups overlook the importance of hiring a business lawyer. They do not feel the need to do so initially, as they are just starting up. This is the wrong approach. Hiring a good business lawyer should be one of the first things that any startup should do. Starting a business is not just about working on your idea and catering to your customers. You need to face the wrath of the market as you dive into it. A business lawyer must be there by your side from the initial phase to handle legal matter pertaining to your business. Besides, he will also help you understand the complexities of the market, know the game plan of the competitors, assist in the business registration process and acquaint you with a lot of essential information. If you are starting with a tech firm then go for a specialized tech lawyer to handle your matters well.
Prepare a Plan
Planning should certainly be one of the first things you must do as you intend to start a business. Prepare a workable business plan to get started. You may be required to handle different kinds of tasks, especially in the beginning. If you do not have a strategic business plan in place you shall not know where you are heading and may miss out on a lot of important things.
An effective business plan will help you move in a systematic way and enhance your chances of establishing your business firmly. Your business plan should include your plan of starting up the business as well as the way you intend to grow it. Your goals must be clearly defined in your plan and so should the methods you intend to apply to further your goals. Different kinds of business plans may work for different kinds of businesses. So, plan accordingly rather than following someone’s plan blindly.
Plan Your Finances
Another crucial step is to plan your finances. You will require some amount of investment even if you are starting small and the requirement for finances is likely to increase as your business grows. You must have a proper plan in place on how you shall cater to this requirement.
There are mainly two times of expenses that you may be required to bear as you start your business. This would involve one-time costs and ongoing expenses. One-time cost includes business registration charges, licenses, permits, inventory, insurance, branding, property lease, security, etc. Ongoing business expenses involve rent, advertising, production and supply cost, employee salary, travel expenses, business lawyer fee and more. Before you start with a business, make sure you plan your finances well else you may not be able to run it smoothly.
Build Your Team
You may be skilled in one arena but to set up a business and run it successfully you require people specializing in different departments. So, you need to build a team of skilled people specializing in their respective fields. This is one of the most crucial tasks and it must be done with precision. A good team is an essential ingredient in making your business a success. So, do not be in any kind of rush to hire people. Take your time, analyze each candidate thoroughly and then take a decision. You may even be required to deal with contractors and external agencies. Do thorough research before striking a deal with these professionals as well.
We hope this 5-step business start-up checklist helps you kick start your business with a bang. Good Luck!
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