The Entrepreneur's Checklist for Starting a New Business

Are you making the consideration to work for yourself by starting your own business?

You’re not alone! In fact, there are nearly 600 million entrepreneurs around the world. 

And they all had to start somewhere.

While it might feel overwhelming to be faced with the task of getting your idea off the ground and turned into a profit-generating business, the process is easier than you might think. 

In this article, we’re talking about the top steps you need to take to start your new business. 

A step-by-step guide to starting a new business

Facing the undertaking of starting an entirely new business from scratch definitely seems daunting. But, when you break the process down into bite-sized chunks and easily digestible steps, the entire thing becomes much more approachable.

While your precise list for starting a new business might vary slightly, most entrepreneurs follow a general step-by-step checklist.

✓ Research the market and validate your idea 

It's a very good idea to take your time during the research phase of building your new business. Make sure you allocate enough time to thoroughly look in to your market, your competitors and also note down the types of marketing strategies they are using. In doing so, you could save yourself weeks or even months of trial and error. Validate your ideas with your target audience customers, research what solutions currently exist, make thorough notes.  It may be tempting to skip to the launch, but knowledge is power when it comes to launching your new business. 

✓ Create Your Business Plan

To bring any good idea into reality, you need a plan. Your business plan should start by answering some very basic questions: What is your purpose for starting the business? What will you name it? Who will it serve? What problem do you solve? Gathering the foundation for your business and building from there will help you achieve consistency and maintain a reliable brand image. 

✓ Consider Your Finances

Depending on the type of business you are looking to launch, you may have to think about how much money you will require to get going. Some businesses can be set up and launched for very little upfront costs. For instance, coaching, consulting and online agencies require a minimal investment in the beginning stages. You can also start earning money quite quickly, when you have the right strategy in place. However other businesses are not so cheap to start.

In some countries and in certain industries, there are government fees to be paid, names to be registered, and more. It’s important to determine the type of set up you will require to begin your business. If you do require funding, exploring the amount of funding you’ll need and how you’ll come up with it before getting too deep into the process.

Some of the most popular ways new business owners choose to finance their company are through self-financing, investor funding, and crowdfunding. 

✓ Take Care of the Legal Setup

Not the most exciting part of launching a business, but an essential consideration nonetheless. Without losing your momentum, it is important to take a little time to research the steps you need to take to consider the legal aspects of starting a business. 

While this will completely differ depending on your location, you will probably have to register the business with your government, apply for certain licenses, and incorporate certain protection measures. 

✓ Set Up Your Website

In today’s digital world, creating a space specifically designed for your company is crucial. Make sure to take the time to set up your business website. A great, professional website has key features like fast loading times, mobile-friendly design, and a blog. Don’t be afraid to put some time into your website, as it will pay you back dramatically in the long run. In many cases, you can in fact begin generating revenue before going live with a website. This is absolutely fine to do. However, having a website helps establish your business and brand as an authority. 

✓ Sign Up for Social Media

Social media is another extremely critical step in the modern business checklist. These platforms will help you reach your customers in an unprecedented way, allowing you to listen to their needs, tap into their conversations, and predict the way they will behave. Research the different channels available out there before deciding on the accounts to create, and make sure to keep a close eye on your competition to see the strategies they’re implementing. Don't be overwhelmed, you can start with one channel and expand to other over time. 

✓ Collaborate and Hire Employees

If you haven’t already realised it yet, it’s impossible to tackle every single step in the business creation and maintenance checklist on your own. This is a massive undertaking, and one much better done using teamwork. When delegating some of your tasks, consider alternative options to hiring employees, like working with contractors, to help save money and protect your assets. 

✓ Protect Yourself

From someone stealing your business idea to a customer suing your company, it’s important to have measures in place to protect your business, legally. Make sure to do your research on topics, like insurance, trademarking, and business tax to keep your organisation on the straight and narrow and running successfully for years to come. 

Now you have covered off the basics, you can start putting your ideas in to action. For more guidance on winning business and growing your brand check out 7 advertising strategies for a successful coaching business and the free DM sales training.

If you need more help with setting up your new business, reach out to me HERE.

References

Simovic, D. (2020, Nov 20). 39 Entrepreneur Statistics You Need to Know in 2020. Smallbizgenius. https://www.smallbizgenius.net/by-the-numbers/entrepreneur-statistics/#gref