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Starting your own business is an exciting endeavor. It’s also a bit scary, and it can be hard to know what you should do first.
The good news is that there are some basic steps that every entrepreneur needs to take before launching their startup. Bennet Schwartz has compiled them into this helpful list for you!If you are considering launching a startup, these invaluable tips will get you well on your way to being a successful entrepreneur! Click To Tweet
HOW TO BECOME A SUCCESSFUL ENTREPRENEUR AND BUSINESS OWNER
(1) Create a Business Plan for Your Small Business
Always create a business plan before starting your business. A business plan will help you think about all of the pieces that go into starting your own company.
It can also provide a roadmap for how to grow and expand your startup!
(a) Discuss it with others
Your friends, family members, or partners are great people to bounce ideas off because they’ll provide valuable insights from their unique perspectives. Knowing what you want to write about can help you stay focused, so consider creating a mind map or an outline before diving in!
(b) Check out the competition
Take some time to study your competitors and ensure they aren’t offering something similar to your startup idea. Creating a unique selling proposition (USP) will help you stand out and can help attract more customers.
(c) Reach out to mentors
Entrepreneurs who have experience in the field you’re entering are great people to talk with about what you should do before launching your startup. While it may be difficult, try not to get too discouraged if they don’t immediately agree that your idea is worth pursuing!
Other entrepreneurs might know someone else who can help advise you on how best to proceed. New business owners need to surround themselves with trusted advisors and supporters throughout this process so that they’ll always have an experienced person by their side as they navigate the world of entrepreneurship.
You never know when a helpful connection could come in handy down the road!
(d) Get honest feedback
It’s never a bad idea to ask your friends or family members for honest feedback on what you should do before launching your startup.
If they aren’t up for this, consider taking advantage of free and low-cost services like Design Pickle, where entrepreneurs can receive unlimited graphic design help from professional designers online!
(e) Create an elevator pitch
Entrepreneurs need to summarize their businesses in ten words or less because that’s how frequently investors typically spend listening to pitches about new companies at networking events such as Startup Grind.
Having a solid one-sentence summary will make it easier for potential partners, customers, and employees to understand what makes your company special.
(2) Find Investors for Your Business Start-Up
Many entrepreneurs who are starting a startup don’t have enough money to fund their business themselves. When this happens, they’ll need to find investors to get the capital that they need!
There’s an old saying about throwing darts and hitting venture capitalists (VCs) in the early days of your startup when you’re looking for funding. It can be challenging when you first start since not many people know who you are or what your company does yet either.
(3) Secure Office Space
You’ll need to find office space if you don’t have a home base for your business.
You can work from anywhere, but having an actual physical location is important. It’s also good practice so that you know where everything is when the time comes to start filing official paperwork with state and federal regulators!
(4) Hire Employees or Contractors
It’s important to remember that you can’t do it all on your own. Having employees or contractors working for the startup means that they’ll be responsible for different tasks, which should help lighten the load so that you don’t have to take everything home with you at night!
Hiring other people instead of doing every task yourself also allows entrepreneurs more time and energy to focus on their strengths while delegating necessary responsibilities.
This checklist is a great way to get organized and feel confident about your new business. It reminds you of all the things that need to be done before launch or even while launching.
Remember- it’s okay if some items on this list are not applicable for you! What matters most is getting started with what makes sense for your company and then adding each item as needed. If there’s anything we can help you with along the way, don’t hesitate to reach out!
Do you know how to become a successful businessman?
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.