So, you are all set to launch your startup? We are sure you are well prepared and ready to take the market by storm. But before you take the leap, just ensure you have checked the below mentioned off your list.
22 Point Checklist for Startup Launches and New Businesses
Here is a complete startup launch checklist.
Study the Market Well
Several budding entrepreneurs launch start-ups every now and then. However, only few of them are able to fair well in the market.
The difference between the ones that succeed and those that fail is mainly the amount of market research that goes behind. It is imperative to study the market as well as the potential customers thoroughly before starting your business.
Design your Product Tactfully
Now that you have studied the market, you will know just what should the customers want. So, design and develop an appealing product. Try to provide good quality product/service at a cost effective rate.
Choose your Business Structure
Thereafter, it is time to choose a business structure. Will you be able to handle your business solely or need a partner to build the start-up? Or are you looking forward to launch a corporation or LLC? This is a crucial decision. So, decide at the very onset and then move ahead.
Prepare a Business Plan
Planning is of utmost importance. Research the market well and take into account your strengths and weaknesses to come up with a strategic business plan.
Safeguard your Product/ Intellectual Property
If you are already up with a product then safeguard it. Consult a good business attorney and get it patented. Also, get trademarks and copyrights for your stuff.
Choose Your Brand Name
Choose a unique name for your Start-up. The name should be appealing. Besides, it should reflect the spirit and essence of your business.
Look for a Co-founder
If you are planning to begin the start-up in association with a partner then start looking for a suitable person. This is again a very critical decision. Look for someone who has the right skill. Moreover, he should be passionate about work.
Look for a Support System
Networking is very essential to build a business. Thus, it is suggested to network with a community of business personals and professionals. Look for those who can help and guide you along the way.
Select Your Funding Type
There are many options. You may use your personal savings, go for a bank loan or opt for crowd funding. Besides you may even look for investors or opt for venture capital funding. Check the pros and cons of each of these. Thereafter, drill down to the most suitable option.
Look for Suitable Investors
Investors do not just offer monetary help. The right ones can even offer business advice, help create strategies and aid in strengthening your network.
Create a Pitch
In order to build a good clientele you need to pitch the right way. You also need a good pitch as you set out to seek investors. So, invest time in creating the same.
Look for a Support Team
You cannot handle everything on your own. There are technicalities involved in various tasks such as legal matters, accounting related work, etc. It is imperative to build a support team to handle such tasks.
Time to Register Your Business
You require certain permits and licenses to start and operate a business. In order to acquire the same, you need to register your business with the government.
Conform with the Law
You require following various rules and regulations to lawfully operate the business. Comply with all these to run the business smoothly.
Build Your Core Team
It is time now to begin the hiring process. Look for young, enthusiastic and skilled professionals. Create a good work culture and pay them decently so that they stick around.
Look for an Office Space
If you cannot afford a full-fledged office then go for a vibrant co-working space.
Create Your Brand
While creating your brand, you must keep the essence and purpose of your company in mind.
Create Customer Personas
Customer personas are a great way to attract your potential customers. They help in building interest in your product. So, create them strategically.
Build a Strategy
You are just getting there. You will require a good strategy to survive in the market. So, work hard to create a tactful strategy. It may take a few trials to come up with a strong one.
Learn from the Mistakes of Others
You do not have the time to make mistakes. One blunder and your business may be gone forever. The competition is tough and you should prepare yourself well. It is only wise to learn from other’s mistakes rather than wasting time making your own.
Find Appropriate Tools to Run Business
You require the right tools to run and manage your business. The correct tools can help get rid of the initial chaos. So, find the ones suitable as per your requirement.
Don the Right Attitude
Your attitude can make all the difference. It may be all stressful as you venture the market but you need to maintain your calm. Hone your communication and leadership skills for the right head start.
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