So you have decided on establishing your own business. Well, good for you! But before you start going, there are a few things you must inquire into in the entrepreneurial venture. Starting up your own business is an exciting as well as an exhausting task.Many entrepreneurs make mistake while starting their business. So you must check your checklist before entering into business to avoid all those mistakes. This checklist might not be a mentor but it will guide you toward the road to business startup for sure –
1. Apt Name
The name of your business plays the most crucial role in enticing the customers towards your business. It reflects your company. Try to choose a name which will be catchy, appealing and entirely unique. Trust me, you do not want to waste your money and time on a domain name which somebody else already owns. Also, make sure that you pick up a domain name which is search friendly for the users. Sometimes the name you pick spells differently than it sounds, which leaves a negative impact on the company as people might have difficulty finding you on the internet. In a nutshell, the first thing on your checklist should be choosing a perfect and enticing name for your company.
2. Know your Competition
The 2nd point of the checklist is to know your competition. Now that you have made up your mind about the business category in which you desire to indulge, you must know out the degree of competition that awaits you. You should keep an eye on the big fish who is dominating the market place. By analysing the competition, you will learn how to handle it. A thorough research will help you learn from the mistakes of other entrepreneurs. Find out how much people are paying currently for the product you are going to manufacture, and try to predict at least how much more they can pay you and why.
Most importantly, anatomize the big player who dominates the business, attempt to find the chink in his armour and aim to provide a superior service. Intrinsically, initiating a business without evaluating the competition is an amateur’s hour.
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3. Legal Structure
The most vital thing to keep on your list during your debut as an entrepreneur is to fulfil each legal formality patiently. This might get a little exhausting and time consuming or should I say money consuming? But in the end, it always guarantees a hassle free business debut. It should be one of your priorities to understand what rules and regulations to follow, what taxes to pay and what licenses to be endowed with. Try doing some basic research on your own account, and visit a lawyer or a legal advisor to guide you through the process of legalisation.
4. Construct a Business Plan
This is one of the most significant parts of the business checklist. Do not perceive business plan casually, it is not just a presentation to tempt your investors, instead, it is a blueprint of what you imagine your enterprise would be like. A business plan is a mirror reflecting the reputation of your company as to how you envision it to be like. You must make sure that your business plan makes sense to the people whom you are presenting it to, otherwise, your investors will lose confidence in your abilities. You must understand, that your business plan is not just a means to secure funding during your start up, instead, it is a plan that put forth alternative future scenarios. In addition, a well-laid business plan provides a wide range of objectives and goals which you anticipate to fulfil hereafter.
The billion-dollar question – how will you fund your business? Where do you expect to get paid from? etc. etc. finances and accounts are the most byzantine aspects of a business. The triumph of your business will only confide in the manner you manoeuvre your finances. You must have myriad alternatives to select from. You should do research about the diversity of finance options, if no investor shows relevance in your business idea, you could choose the option of investing on your own.
6. Customer’s regard
Your target market plays a vital role in the analysing list. If you do not know your customers and are not familiar with their preferences, your market strategy will likely collapse. You need to designate a target patron before formulating a market scheme. Your objective market is the explicit group of people to whom your enterprise has to provide and care for. Your basic aim should be the complacency of your customers. You must aim to leave a positive impression on your customers if you wish to reach prosperity.
7. Hire an accountant
Many entrepreneurs don’t keep accountant to save money but you should always have an accountant. It’s also the important part of the business checklist. An accountant is the most substantial feature of a company. A good accountant fondles the financial issues of the company efficiently. Also, he/she proves to be a trusted source for legal and business advice. So, another thing on your check list must be to find a trusted and experienced accountant who would be able to keep the company aloof from legal issues and counsel you where and how to redeem money. Make sure you hire an accountant whom you can bestow, otherwise, it will only prove to be a hassle in the future.
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8. Create an impression
You will not be able to be able to achieve much if the customers do not know your name, or have a negative perception about your company. So the next thing I will advise is, prepare a strategy to propose your company in the public. Appeal to the people, prepare a presentation for the targeted market and try to entice them. Or you could just hire an advertising agent, who will do all this stuff for you. Basically, the point is, if the public does not know that your product ensures your company is likely to doom.
9. Own a business bank account
A business bank account should be customary on your checklist, as you require one to deposit all your professional revenue. Seek out the most trustworthy and flexible bank of your choice because the business initiation is hectic enough. You do not need a bank to bother you with its constant phone calls and naggings.