Starting a company is an interesting and hard undertaking, but one that, when performed properly, can lead to happiness and satisfaction. We like to believe it’s the simple component to come up with a business idea; maybe you’ve been thinking about something going to work on your morning commute, or lunch, or running on the treadmill.
Nine times out of ten people do not act on a whimsical business idea that they thought of. While start-ups can be difficult to maintain (over 50% of small businesses fail in the first four years), if you have the right action plan and checklist before you even start the path of entrepreneurship, you are bound to succeed.
13 actions you have to take to start your business!
- Do research into the industry: The first thing you should do is to hop online and do some research to determine what the contest is like for your sector before you even come up with a company name. This study will offer you an idea of how your company is going to be in demand.
- Choose a name and entity for your company: Now the fun part is the selection of a company name after you have asked yourself the difficult questions. Think about your sector when selecting a company name. Maintain a short name for your company, but attempt avoiding acronyms if you can. Once you have a few company names in mind, check to see if those names are already recorded. It may seem complex to select a business entity, but as long as you do your study, it should be quite evident which route you should take to your business.
- Create a plan for the company: There are many problems that need to be resolved when it comes to drafting a company plan– many of which may require a solicitor to be present. Make sure that the amount of income or property each partner earns from the start-up is obviously written. If you choose to seek help from private angel investors, think of your business plan as a road map for both you and potential investors.
- Buy the name of your domain: Remember the name you came up within the company? Now is the time to put it into action. You want to create it as close to your company name as possible when choosing a domain name. If the name of your company is brief, attempt to add a keyword to the domain name start or end. Do not overlook that to safeguard your brand, you should always look to buy all alternative versions (.com, .net, .org, .us, etc.) of your domain name.
- Creating (and marking) a logo: Take a step back and ask yourself what your budget is for your logo design before delving into the nitty-gritty design job. While many big-name corporations spend thousands of bucks creating a logo for their brand, this kind of financing is not available to most startups. If you want to build a logo on your own, there are plenty of internet choices available – and no design experience is needed.
- Construct a website: Once you have a company name, business plan, and logo, creating a website would be the next step. Either you can develop your own website or you can employ an internet developer. Once again, what you choose should rely on what your budget is, what your expectations about the completed design are, and how much free time you have. Whatever CMS you choose, make sure your website contains your company name, logo, contact details, and service description.
- Claim profiles of the local listing: Now that you have a website, you might think that finding your company online should be simple for customers. Online directories behave as mini search engines; consumers often go to these websites to find a local business in their city or city.
- Open a bank account for the business: If your Federal Employer Identification Number (FEIN) has already been applied for and obtained, you can legally open a business bank account. A FEIN is what sets you apart from your company. Whatever bank you choose, you understand that later you will be grateful for setting up a business account. It can become chaotic to try to untangle personal finances from company finances.
- Rent or buy an office room: This is one of the most tedious assignments on the to-do list for startups. Depending on what sort of sector you are in, what your budget is, what your space and amenities demands are, and of course where you plan to do company, finding office room can be highly hard.
- Obtain licenses and licenses: That’s where it can complicate stuff. It is vital to realize that without a particular set of licenses and/or permits your company may not be able to function. Don’t forget about your business license and sales tax permit. If you sell goods or products in your state, a sales tax permit is required, while most countries will also require a business license to operate (even if you run your company away from home).
- Hire staff: Once you’ve set up your storefront, you might want to employ your first or two employees. While most startups consist of a company owner and an additional worker, bear in mind that if everything goes well, you’re going to want to get extra assistance.
- Order promotional items and business cards: It’s time to let the world know you’re at work! It’s a wonderful item to have when you’re at a networking event to order business cards with your company data and logo displayed prominently on the card. Virtually anywhere in your storefront, business cards can be put.
- Establish accounts for social media: Having an internet presence these days is essential to the achievement of any company. Social media can be an excellent way for companies to communicate more personally with their clients than simply owning a website. You want to make sure that you are ready for both defending your brand, helping the client out and providing the community with precise data.