Starting a business of your own is not a cakewalk, and there are several processes you will need to take care of. In this article, we will take a look at everything you should have at hand, from documentation to having a solid business plan at hand, as you prepare to launch your first business or startup.
While everyone would want it to be as easy as setting up a shop and expecting customers to flock in from the get-go, the reality of businesses is quite different. And if you are a solopreneur, prepare to be unnerved. But hey! We never said it would be easy.
While the process may seem a little challenging, there is no reason for you to fret. A thorough guide of what needs to be done will help you navigate it all. Let’s take a look at how you can figure out your niche in your domain.
Create a business plan:
The very first thing you need to have is a blueprint of your business plan, where you note down everything from your business model to the services that will be offered and your marketing strategy. This not only helps in having a clear vision of what needs to be done, but it can also prepare you for any expected challenges you may face along the way.
According to the Harvard Business Review,
“Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs. More than that, we were also able to see what makes people write business plans in the first place.
Two findings stood out. First, high-growth oriented startup entrepreneurs are 7% more likely to plan, while those with innovative, disruptive ideas are also marginally more inclined (4%) to plan than their peers. The inference is that planning is of more benefit when the challenges are greatest.”
Selecting a business name:
Another important thing to consider is the name of your business. It should be something that is relevant to your services (and maybe catchy?).
According to Dan White, author of ‘The Smart Branding Book,’ it’s important to make sure that the business name is:
- Easy to say and spell
- No negative connotations
David Poulos, president of Granite Partners, LLC, told Business News Daily, “The name chosen should reflect the attributes that you want to transmit to the customer.” He added, “The best names are so indicative of a customer’s needs that it seems obvious.”
Selecting an ownership structure:
Selecting an ownership structure for your business holds considerable weight, influencing your liabilities and tax obligations. Among the prevalent structures like sole proprietorship, partnership, limited liability company, and corporation, your choice significantly impacts these aspects. Thus, in the initial stages of launching your venture, identifying the most suitable ownership structure becomes a crucial decision.
Following the selection of your business’s ownership structure, the subsequent step is its registration. This pivotal action ensures compliance with fundamental legal parameters, solidifying your operation within the necessary regulatory framework.
Getting licenses and permits:
Beyond determining a legal structure and registering your business, adherence to legal prerequisites is imperative to ensure lawful operations. This involves obtaining specific business licenses and permits pertinent to your industry. The requisites vary, contingent on the nature of your business; for instance, a construction firm would necessitate acquiring relevant construction permits to comply with regulatory standards.
You can either bootstrap your startup or get external funding from investors. If you are in India, here are some lesser-known Indian angel groups and networks for startups.
Have a brand identity:
Once you are done with the above steps, it’s time to move on to building your brand identity. You can either hire a professional for that or even get an in house team to work on giving your customers a unique experience. Make sure you also focus on visual aspects like the logo, color scheme, typography, imagery, and other graphic elements.
In this article, we explored only some of the aspects to consider before launching a business. Starting a business requires a slew of responsibilities that can soon get monotonous. But remember, if it gets too darn difficult, you can always delegate!