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If you have already decided which business to start, here is a checklist you might find very helpful:
1. Business Plan
Firstly, you’ll need spell out exactly what you’re planning to do in your business. This will help you think through how much money you’re going to need, who your customer is and how you’re going to get your product or service to your customers. You can either hire a professional or get a software to do develop your business plan for you.
2. Raise the Capital
If you don’t have enough working capital and start-up capital, you run a very high risk of crashing. You must understand that if this is a new venture for you, there are many surprises that are ahead of you. So have to make sure you know how much you need to start your business, and then set aside about have 25% more than you need.
3. Licensing and Insurance
You should check with your local city government to make sure you have the proper licenses and insurance in order to protect yourself as you start your business. Make sure you are structuring the company correctly. This is very key especially at the planning stage of your business.
4. Marketing
Without marketing, your business won’t bring in sales. Without sales, there won’t be enough revenue to even run your business. Have a marketing plan before you spend money setting up. This plan should involve both physical and online marketing strategies. The online marketing plays a major role in your business especially in this era. You stand a better chance to reach more customers by having a business website and building a good online presence for your business on social media channels.
5. Hiring
If you are looking for more ways to save cost, look for opportunities to hire contractors instead of staff if possible at this start up level. But if you hire people too soon if not necessarily required and all they do is sit there without engaging them, it’s a huge waste of money and time.
6. Facilities
A great way to save cost and keep your initial expenses as low as possible is to have low-cost facilities if your business requires a physical office. Better still you can sublet or work out of your home or settle for just your online presence depending on the type of business you are in. If you are starting a professional business, find an office that will allow you to rent month-to-month. Never sign a long-term lease if you are starting a new business. You might have a great plan, but you don’t know how sales are actually going to turn out.
It’s great to start out with these prior six steps but you shouldn’t stop there. You need to always confirm how your plan is working and constantly readjust them to achieve your goals. You can go all over how things have gone so far since you launched. Check for what’s working and what’s not? What has surprised you? What challenges you are still facing? What are the unforeseen challenges? How can you overcome them?
Learn about the Industry your business belong to. Also Identify and Learn from your competitors. Look out for any other necessary steps you need to take to make sure you kick off your business correctly.
Good luck!!!
