When beginning your entrepreneurial journey, checklists are going to be your best friend. It’s easy to get caught up in the momentum and forget crucial aspects needed to get your startup up and running, and off on the right foot.
Below you can find important pointers for you to consider for your new business.
A Business Plan
For the most confident entrepreneurs, it may be tempting to just ‘wing it’ a little and see where the business process takes you. Where a little innovation and gut-instinct will always be beneficial in business, there’s no doubt that you need a firm business plan in place regardless, before you even begin. A good business plan should outline how you intend to market your product, financial information, target audience and development plans, to name a few.
If you’re looking to expand your business and operate the majority of your business through online means, then you’re going to need adequate IT support should anything fail or prevent your business from functioning as it should. This support should ideally be based locally to ensure easy contact and quick visits if needed.
A Clear Goal
You should always know what you’re aiming for with your service and product in order to tailor everything you do towards that goal. While any business’s goal will always be to earn more sales and make more money, you also need to consider personalized goals. For instance, are you looking to provide the best customer service? Are you looking to solve a specific problem? What kind of service do you want your business to provide, and how?
A Realistic Budget
It’s important to avoid being in denial about how much you can really afford to invest in your startup business, from the very beginning; a realistic budget means the amount afforded solely for your startup, and shouldn’t include any other sources of income needed for your personal outgoings or bills. You don’t want to invest too much in your business only to realize you are left with no money to pay your bills.
A Support Network
Starting your own business is a very demanding task, and you will need the support of those around you, whether this is family and friends, or reaching out to other business professionals who are also starting their own business, or else have valuable advice to offer. It’s important not to remain solitary while building your business.
An Employee Identification Number is needed if you plan to open a business bank account, and is also needed for any employees you intend to gain, whether just an individual to help, or a team of workers once your business expands. EINs are free, and you can easily apply online.
A Working Website
This goes without saying, but building a basic website isn’t enough. Your website needs to be fully functional and engaging, even in the early days, as this is when new customers will gain their first impressions of your business.