Are you thinking of starting a small business? How many businesses are set up and then fail? A lot, and it can be tough to survive as an independent business owner.
A lot of small businesses fail within the first five years of being established. The majority of those failures are a result of company owners running out of funds.
To create a successful business startup checklist, though, you don’t have to spend a lot of money. To avoid wasting your startup capital and to protect yourself from failure, read on.
Identifying Your Business Goals
Without an established and clear set of objectives, it will be harder to motivate employees, set prices, create marketing and sales plans, or create a financial strategy. Your business goals should also be specific, measurable, and achievable.
For example, you’re launching a software product. You may want to reach a particular milestone within six months by generating a certain number of monthly active users.
You should also aim for both short- and long-term goals. Such as generating a particular level of income and profitability within the first year.
Securing Legal Rights
You could be held liable for any wrongful actions that occur in the course of regular business operations. With that in mind, you should secure proper copyright, trademark, and intellectual property protection. This is to safeguard your business growth and avoid any infringements or legal issues.
Additionally, you should secure local, state, and federal licenses and permits if necessary. Have a lawyer review any contracts and/or agreements you enter into or have reviewed.
Finally, make sure to set up a business bank account and get a business credit card. This is to keep your personal and business finances separate.
Assembling Your Team & Evaluating Resources
As a small business owner, you need a team of expert professionals that can help you get started. When selecting and assessing your employees, be sure to interview potential hires and power team members that have the comprehensive experience to the table. Assess their skills, drive, and passion to get a good measure of what assets they provide your company.
Your resources are your lifeblood, and careful evaluation must be applied. This is to consider using either a local or online platform to provide what you need. Whether it be software, hardware, or tools, deciding on the invested cost of resources should be a well-thought-out decision.
Researching & Developing Your Business Model
A business model is a framework for how a company produces and distributes a product, service, or solution and the resources it requires to do so.
You need to figure out who your target customers are. This is to discover the value of your products and services, understand where they fit in the marketplace, and plan ways to reach those customers. You also have to set up distribution channels, identify potential costs, forecast future incomes, and create a roadmap to success.
This can be a time-consuming and complex process. So you can hire a professional six sigma that may help you with this. But it’s well worth it to ensure that your business gets off the ground and runs smoothly.
Check This Business Startup Checklist
Starting a business can be daunting. But with the right knowledge and resources, it can be a successful venture! This brief and only business start-up checklist is an invaluable guide to help you prepare.
Take advantage of this business startup checklist and get started now!