Start up Business Checklist
In this generation in which innovation has raised up a notch, there are many people who are venturing into the world of business and making a profit out of their talents and skills. And most of that kind of businesses we see nowadays are those that are operated with the help of technology and that it does not necessarily have to have a big market–it only needs a focus market. We are in the generation where those kinds of business statement, termed start-up business have emerged and with the continuing advancement of technology, it looks like start-up businesses will have to go on for a very long time.
What Is a Start-up Business?
A start-up business simply is a small business that had just recently started its operations. Most start-up business would offer products and services where the business owners think and believe that there is a high or an increasing demand.
A start-up business could be conducted in an office space, home office, or a physical store. But the advantage of our time is that technology keeps on advancing that is why it is now possible to conduct any business, including start-up businesses, via online or with the use of the internet. For some start-up businesses, they would have both or every way to conduct their start-up business.
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What Should Be on Your Start-up Business Checklist?
There is a great possibility that you will feel burdened and overwhelmed with all of the matters that a start-up business possesses. In order to have an effective start-up business, you need an equally effective start-up business quality checklist. In your start-up business checklist, you must always include the following elements so that you will be guided and that you will be able to keep track of the things that you need to do first:
1. Your Business Name
What’s a business without a business name? If you already have a business idea, you should make your own business name. Your business name is your personal name. Your personal name identifies who you are and that’s the same thing with your business name–it identifies your business and what products and services it offers. Having a business plan that is common like that of fashion and beauty lines because there is a big possibility that the name you have chosen have already been taken by other business owners. Make sure that the name you have chosen is unique but uniqueness does not necessarily mean that it should be spelled in a weird way just to be unique. There are a lot of comprehensible words in the dictionary and thesaurus that could relate to your business and you can always come up with an easy-to-remember terms. It’s all about creativity.
2. Your Business Name Registration
In order to seal the ownership of your chosen business name, you have to register your business name so that no one else can own it but you alone. Make sure to include in your checklist on your schedule of registration so that you would not forget about registering your business name and avoid any complications in the future. Having your business name registered will also make your business legitimate.
3. Your Business Plan
Now that you have a business idea and a business name to top all that, you should now craft your own business plan. Your business plan is where you have placed all your business ideas into one, comprehensible structure. Sometimes, business plans can affect your future. Remember the popular Benjamin Franklin adage that goes “failing to plan is planning to fail”. Your simple business plan is like a train track that keeps you on track to your destination which is the success of your start-up business. Make sure that your business plan guides you most especially on the financial aspects.
4. Your Financial Resources
Most start-up businesses fail due to lack of steady financial resources and another backup financial resource. Sometimes, you just cannot depend on the profits or earnings you gain from your start-up business. You should think of another way where you can have another financial resource. You could, perhaps, invest or have some investors, or you can always go for having a business partner that you can split with the financial matters of your start-up business.
5. Your Employer Identification Number
An EIN, or your Employer Identification Number, separate you as an individual from your business. This is useful when you would want to set up a bank account where you can place all your start-up business earnings without mixing up with your personal money. You can always apply for your Employer Identification Number online for free.
6. Your Website and Social Media Profiles
Make sure that you include your plans for the building your website and the creating of your social media profiles like Facebook, Twitter, and Instagram. The reason for this is that a lot of people spend more time on the internet and with the help of the help of your social media presence, it will be easy for you to market and publicize your business. Make sure you always your registered business name so that when people will be looking for your business, your social media profiles will come out first in the search engines.
Having a presence on the internet does not only mean you can advertise without printing costs, you can also build the credibility of your business. It is through your social media profiles where people who have used or availed of your products and services can easily give out their reviews. Some people might think that it is disadvantageous because people will easily know your weak points. Knowing your weak points via the eyes and experience of your customers is actually a good thing because you will be able to know where you should be working on for improvement. If your products and services are excellent, you will also be able to receive positive feedback from clients that will help in boosting your credibility as well as your confidence in continuing to do a job well done.
7. Your Income Flow
You do not have to solely focus on immediately earning revenues but you should be making this as one of your start-up business’ priorities because this is where you will be mainly getting financial resources from for your start-up business. However, do not “over prepare” as this can stall the flow of your income. Have you noticed that there are some companies who would do a “soft opening” even if the construction of their office space is not yet done or polished to perfection? It is because they want to already start generating income for their business. And since yours is a start-up company, you have to make sure that you know where you are going, finances-wise, so that it would not be a cause problem in the future of your business.
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You have to make sure that you stick with your personally crafted start-up business checklist because you alone know what are the effective methods for your start-up business. Additionally, you should make sure that the setting up of your start-up business is done right and that you are on the right track. Who knows? Maybe your own crafted start-up business checklist is a great factor towards the success of your start-up business.
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