What is the perfect checklist guide for start-up entrepreneurs about launching their business?
Forming a business that has genuine potential is like baking: if you don’t make sure from the outset that you have all of the right ingredients, the end result is inevitably going to look or feel at least a little strange.
It’s telling that, in a study mentioned by Entrepreneur contributor Brittany Bettini, about 85% of business owners said they would be willing to start over with their company. So, here are six crucial ingredients you should never leave out.
1. Brand Awareness
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No matter how ‘good’ your start-up is on paper, you can’t expect that business to thrive if only a few people know that it exists. You will need to invest in brand awareness before launching your start-up.
However, good branding is about more than just getting the word out; it’s also about fulfilling your promises so that people have an especially positive view of what to expect from your company.
2. A Social Media Presence
Again, you can’t just do the bare minimum here, like registering accounts for your company on the likes of Facebook, Twitter and Instagram. It’s also important what you do with those accounts. You can easily create Instagram memes that are relatable to your business, and use them to boost your engagement.
While ‘going viral’ with a witty tweet is much easier said than done, making your company a genuinely pleasant one to engage with on social media can act as a kind of indirect organic marketing. It can also provide you with a better insight into what your customers want. Knowing how to use social media to promote your business is a huge advantage.
3. Something Different from the Competition
Now, here are some depressing figures from TechRound: most start-up businesses are snuffed out before reaching their third birthday, while the death rate for start-ups can reach 70% in some sectors.
Now, here’s something more positive: you can reduce your company’s chances of slipping through the cracks if you offer something better — and representing better value — than what competitors have put on the table.
4. Create a Business Plan for Your Start-up Before Launching
“A lot of people start with a kitchen table idea,” business coach Marla Tabaka has explained to Inc., adding: “It’s a great idea you came up with, with your cousin at dinner. But then the business booms and your growth gets out of control. You need a plan.”
One reason why is that, otherwise, your business could leak money more easily than you had expected — and this leads nicely to the following point.
5. Decide How and Where to Access Funding Before Launching Your Start-up
How will you keep your start-up financially afloat? Maybe you fancy bootstrapping it or would prefer to source external funding, such as in the form of a small business loan or from an entrepreneur or investor.
If you reckon that approaching an investor is the way to go, you should figure out what kind of small company they would likely want to pour money into. Take a look at other bank loan alternatives where you can easily access business funding.
6. A Cost-effective Workplace
As your company shouldn’t attempt to run before it can walk, you should look for office space that has been set up, especially for businesses like yours and workers like you. Launching your start-up business before looking for an office space can be very frustrating, especially if you will be meeting new clients.
You could, for example, rent start-up space with no upfront costs. You would pay a monthly fee covering access to high-speed internet access, breakout areas and meeting rooms all available on site. Isn’t that amazing? Of course, this is the kind of facility your start-up needs at its early stage.