It is a brave move if you have initiated your startup business. Not all in the world are entrepreneurs, and you are a different cult while thinking of starting your own business and become an employer than just being a follower. Once you kick-start the and the honeymoon period is an offer, it is essential to break down your business process and make it more manageable particles and effectively handle each.
The new entrepreneurs may tend to get exhausted with the sheer number of items there on their list to administer. However, there is no need to worry, and you have to properly break it down and then gain some excellence in each to better manage them. Moreover, there are many technological tools too available now to take care of each and every aspect of startup business administration.
Essential startup business checklist
- Determine the business viability
Don’t be so excited, but try to be honest if you are an aspiring entrepreneur. Your business needs to generate profit, ultimately. For a product or service which you plan to offer, always ask yourself at the first point as to whether you buy it? Rely on numbers than intuitions.
- Have a proper plan
With all the great ideas in your mind, many may think that there is no need for a plan on paper, but without creating a proper business plan and the financial projections written down with its particulars, you may reach nowhere. So, even when you know how to run it, have a proper plan which you consistently pursue and revisit to get adjusted and adapted from time to time.
- Figure out running cost
Unlike many people in business expect at the first point, most of the startups businesses may take more time to come to a break even. So, always have a plan to meet your living expenses (at least for the first one year) without depending on the business revenue. If you need a financial backup to meet the running capital of your business, then start to invest in it at the first point itself and find avenues.
- A proper business name
You need a killer name, which you can stick on to the heads of your target consumers. It should be unique and not something is already taken by another company. You may spend considerable time and research to gather ideas and insights in terms of finding a proper business name.
- Have a website and domain
Once on finding a proper business name, it is essential to immediately register your domain to block the relevant URL for your business. You may also decide the email addresses for your business use. A website is also needed, but you get more time to execute it well once after booking the domain name for your business.
- Incorporate the business
Incorporating your business will protect your personal assets. Decide over the structure of your business as LLC, corporation, or sole proprietorship etc. Get the help of an accountant or an attorney to accomplish it. On incorporating, you get a unique Employer Identification Number (EIN) also.
- Handling debts effectively
There is no wonder why businesses acquire debt over time, which is very common among all sizes of business. But it becomes an issue when you fail to handle debts strategically. For many small businesses without a proper mechanism for debt management, things soon get out of control and ultimately end up in a crash down. If you find your business debts are piling and growing uncontrollably, it is advisable to avail assistance for debt management platforms like Nationaldebtreliefprograms.com to manage your debts better and get rid of any chaos.
- Plan the social media profiles
A website is not enough for the modern-day businesses, but you need to have your presence on all the leading social media channels too like Facebook, Twitter, and LinkedIn etc. Along with the website domain, it is essential to block your brand profile name on these platforms too. You may adopt some social media marketing strategies too as a part of your digital marketing plan.
- Generate a steady revenue stream
Once you kick-started a business, try to generate revenue as fast as possible. There could never be enough money for a startup, and it is not ideal to wait until everything starts to run perfectly.You may find out even minimal sources of revenue generation to supplement the business and then grow step by step.
- Renting office space
If it’s a brick-and-mortar business, then you have to consider this at the first point itself. For a retail business, it is essential to ensure easy accessibility to increase footfalls into your store. On the other hand, if you are running an online business, then you may not have to rush for an office space, which even though it is recommended in the long run.
- Set up a proper accounting system
At the initial stage of the business itself, even before you start to generate revenue, it is essential to set up a proper accounting program to stick to. There is many startup business accounting software available now. The accounts book, which is a mess, will soon doom your business.
- Find responsible co-founders and delegate
Even your first few employees are your co-founders. So it is imperative to deice as to whom to be chosen. While thinking of co-investors, it becomes more critical as any disagreements later may destroy the business.
- Work on your network
You may reach out, not only to maximum customers, but also to others too as influencers, mentors, reliable vendors to your friends, family, and colleagues everyone to share your business offerings. However, don’t’ pressure anyone to buy products or services from, instead feed them with your offers and initiatives.
- Secure IT
Technical infrastructure and information technology tools are now inevitable for any business to survive. As a business, you need to handle sensitive data and also have to communicate with clients and stakeholders through online platforms. So, always makes sure that you have a proper database and hosting system in place, and your most valuable business asset of data is fully protected.
In fact, this is not a comprehensive checklist for orienting a startup entrepreneur, but a good start point for successful businesses. Organize things well, make informed decisions, and make use of advanced technological tools to take your business to more heights.