A 30 Point Checklist for Your Startup
What You Need to Do Now
Do the following endeavors either before found or during the early days of your startup.
1. Determine viability
Be brutally honest. Your startup should be something that you can earn a profit or delivering. Ask yourself: would you buy it? Run the amounts: will customers pay so you can cover costs and earn a profit? Here's a list of 29 more questions to ask, credited to noted investor Paul Graham.
2. Create a business plan
It's easy to convince yourself always that you do not need a business plan, but creating a business plan with financial projections forces you to think through details. Keep your strategy a living breathing thing that you just revisit and adapt frequently.
3. Work out the money
Most startups take a lot more time than you anticipate. Understand wherever your living expenses for the first year will come from (savings, an occupation, spouse's income, etc.). In case you'll need financing for the company start inquiring as soon as possible.
4. Get family behind you
Spend some time to make sure that your spouse and other close family 'buy into' your startup. You'll have enough challenges without resistance from family.
5. Choose a business name
You would like a name that will stick in your intended audience's heads. And it should not already be taken by another business. Do Google searches and utilize a corporate name search tool to see if the name you've in mind is unique. Assess in the state and National amount.
6. File a domain name
Get a matching domain to your business name. An AOL email address or a site with complimentary hosting and also a name like mysite.wordpress.com makes it seem like either (a) you are not running a real business or (b) you don't intend to be around long.
7. Incorporate / figure out legal structure
By incorporating your startup, your personal assets can be protected. Discuss over construction (corporation, LLC, sole proprietorship) with your attorney and accountant.
8. Make an application for an EIN
An Employer Identification Number (EIN) helps you distinguish yourself from your company. You will want it should you want to incorporate your company or start a company bank account. Plus, with it you're able to prevent giving out your social security number (a launch to identity theft). EIN numbers are free; apply.
9. Investigate and apply for business licenses
You may need one, perhaps several, business permits for your startup, depending on your industry and where you are located. Most permits are in the local or state grade. Here in the U.S., the SBA has a helpful company permit and allows tool.
10. Set up a site
Get your website ready to go as soon as possible. Today, it is crucial for credibility. Even in case your product is not yet constructed, you can begin with company info.
11. Register social networking profiles
Getting set up on the important social networking stations (Facebook, LinkedIn, and Twitter, to begin) will make advertising on them later simpler. Also, it's important to reserve your brand as a profile name. Attempt Knowem.com to allow the names.
12. Begin your revenue stream
Start generating revenue when possible. At the first stages of a startup there's never enough money - resist the temptation to pause until things are "perfect." Oh, and get your attorney to create any customer contract forms necessary.
13. Rent retail or office space
You'll must sort this out early if you have got a brick-and-mortar business. If you plan to run a retail company, pay attention to foot traffic, availability, and other factors which will influence how many people who will walk in your store. EXCEPTION: If you don't have retail company or a brick and mortar, then hold off renting an office as long as possible.
14. Order business cards
As a startup creator, you'll do lots of networking, so order a lot of business cards. They're cheap enough that you can reorder them afterwards if things change. Without cards you lack credibility.
15. Start a business bank account
It becomes a gnarl to untangle later, although it's all too easy to use your own personal bank account to pay for business expenses.
16. Set up your accounting system
When you have your bank account set up, select an accounting program. Begin as you wish to go. Few matters will doom your business faster than books which are a mess.
17. Assign duties to co founders
In case you have one or more founders, it's imperative that you simply decide who'll do what up front. Place 17 writing. Co founder disagreements can ruin your company.
What You Can Do A Bit Later
They don't have to be checked off your list before you start while you do not desire to put off these jobs overly long.
18. Upgrade your smartphone and select programs
As an entrepreneur you're definitely going to be on the go - a lot. I can't stress enough how useful a great phone with good company programs can be, in running your startup. Get a credit card swipe device to accept payments, too.
19. Find free advice
SCORE, your local SBA office, and other small business resources can offer you free advice, access to business templates, and other tools.
20. Consult your insurance agent and safe coverage
Determined by the type of company you are starting, you may need insurance of one sort or another, like indebtedness, workers' comp, or health insurance, particularly if you hire full time staff.
21. Hire your first worker
Depending on the type of business you have, you might need staff from day one (retail) or you may have the ability to outsource to freelancers, interns, and third party vendors for a while (service and tech companies). Just remember, striving to do everything yourself takes you apart from growing the business.
22. Line up suppliers and service providers
Locating a good source of inventory is crucial, particularly in specific kinds of companies (retail, manufacturing). Beyond inventory, line up great reliable suppliers and service providers so you do not have to sweat the details.
23. File for brands and patents
The best thing to do is consult with an attorney early about the requirement for patents, especially. Get the advice early. Then you definitely could be able to defer filing for some time, depending on the essence of your company.
24. Work your network
Reach out to colleagues and former coworkers, along with friends and family. Don't force them to buy services or your products. Instead, tap into them for introductions and help with other things on this startup checklist.
25. Do not squander time on "partnerships"
Be careful about wasting time on "business partnership" discussions. Your business will not be appealing to potential associates unless and until you start making headway. Focus your valuable time and get customers.
26. Refine your pitch
You need a good elevator pitch for many reasons: potential investors, customers, prospective new hires, bankers. In the event you can't definitely and persuasively pitch your business, how can you anticipate key stakeholders?
27. Refine your merchandise, and advertising and sales approach
As you go along you will learn more about the marketplace. Use customer feedback to refine your merchandise and service offerings, along with your go-to-market strategy.
28. Procure your IT
Whether you're running a technology company or not, you likely have sensitive data on computers and devices you want protected. Protect it from intrusions and disasters. Back it up! IT issues can derail a fledgling company.
29. Get a salesperson or sales team in place
In many startups the business owner starts out as the chief sales person. But to grow you need a committed sales function, in order to focus on tasks other than day-to-day sales.
30. Get a mentor
It's all to easy easy to work "in" your business rather than "on" it. As Michael Gerber tells us in The E-Myth, we must be working "on" our businesses if we want them to grow and flourish. A mentor who has triumphed in your business can give you priceless advice and serve as a sounding board.
Your checklist may be longer than this, but organizing what you are able to take good care of down the road and what must be done before you launch makes it easier to prioritize your tasks.
Posted by Elmir Mujkic
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