What You Should Know Before Launching Your Startup?
If you are tired of doing 9 to 5 jobs every day and thought about starting your start-up then you must have realised it is no easy task. There are just too many things to think about. One can easily overthink and complicate the procedure that’s why you need clarity. Clarity will only come when you have a plan and things to keep in mind.
Hence we the ever-friendly people at Inspire2Rise have compiled a basic checklist of the Top fifty things that every startup needs to know before they head out to dangerous waters.
Top 50 Things to keep in Mind before launching your Startup:
First, find your why, and why am I doing this. What is my purpose? Strong why is a must, without it you might not make it through the lows.
Do brainstorming, look around you and find what everyone is doing. Think about what can I do so that people pay me.
After brainstorming, find what is the actual root cause of the problem. Use the first principle of thinking and break down problems.
Find a viable solution to the problem. Ask yourself, How can I offer better solutions?
Perform market research and check if your startup idea is viable and feasible.
You might want to think hard about your startup name. It is important to factor in making a valuable brand that might have a strong recall value.
Register your startup and follow the proper procedures in order to have all the legal aspects in the right place.
After you register your startup, buy the Domain name of your choice with your startup’s name. You can choose from several TLDs but .com is still the most popular and recognisable. Hence a .com domain with your startup name is the right way to go. In the dire case of the non-availability of such a domain name, you can opt for .net or .org or a country-level domain extension of the country where you want to primarily operate.
Decide if you want a partner in your startup. It is important as later people may get into a fight over who owns what and who has put in more effort.
Make a startup Plan, well without planning you will sail where the situation takes you and it’s not beneficial for your long-term growth.
Write an executive summary to execute the startup according to the plan.
An overview of your finances is a must before starting a startup. You must have your income sources and major expenditures planned out and if your startup is not going to be profitable from the get-go then you must have a proper plan to secure funds as and when required.
Determine the cost of running the startup along with products or services.
Identify your market and target customers to whom you can sell your products or service.
Make a budget for the startup and keep track of expenses.
Decide the legal structure of your startup.
Look for a suitable startup location if it is a physical one. If you require an office in order to maintain a work culture or ease collaboration then factor in everything according to the same.
Open the social media handles of your startup and make it stand out by engaging the audience and trying to convert them into becoming your prospective clients/users.
Plan the logistics for your startup.
Set the appropriate terms and conditions.
Start scaling your startup slowly. If you are a bootstrapped startup then start with a minimal number of employees and hire only when necessary.
Open bank accounts for your startup.
Get small startup insurance if possible.
Hire good employees. Needless to say, the quality of your work would be determined by the few initial people who represent your startup.
Make marketing strategies for your startup. In order to break through whatever market or field that you choose for expansion you need to have proper marketing strategies in place.
Generate buzz about your startup. This can be through fliers or real-world advertisements or networking at events. You have to let people know that there’s something new in the town.
Network with people. This can be done at social gatherings, family gatherings, marketplaces, coffee shops, and airports. When you are starting up, no place is sacred. Being profitable is first and foremost.
Do not be concerned about the economy. If your idea is great nobody can stop you from making money.
Value honesty over anything.
Define your success, do not compare with others. Have a realistic vision of what you can achieve and then try to set definite timelines for these goals.
Have the plan to move on if your startup doesn’t work.
Check the tax liabilities of your startup.
Have a proper management setup.
Create a strong perception of your startup and make it a unique brand.
Start bookkeeping your transactions.
Choose vendors that are suitable for your startup.
Plan working days and holidays in advance so that you and your employees are on the same page.
Learn how to keep clients.
Think long-term about the sustainability of your startup.
Change your mindset, only thought you should have is “yes, I can!”
As a person decide your personal and business boundaries. Your startup should not consume your entire being as this might lead to feelings of burnout sooner or later.
Talk to your family and friends. Before you start up, once you have started up. And also after things are going on smoothly or are approaching a downturn.
Get ready to say bye to your social life. There must be some sacrifices that should be made. You can’t have too many frivolous distractions in case you need to carve an identity for your startup.
Sacrifice will be needed to make something great.
Learn how to outsource stuff.
Plan new services or products for your startup.
Make a strategy to expand your startup in different areas. This should be kept in mind that once you conquer your core area only then would this approach be valid.
Ask yourself, “Do I need Investors?”
Finally, take a pause momentarily every once in a while and observe everything, you can’t think clearly in a rush.
Most importantly “Do what your heart says”. Did you start up to make a dent in the universe? If yes then you can’t let go of that. Human life is limited and your time is finite. If you could muster the courage to read all of these fifty points then you already know what needs to be done. Go on then.
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