8 Valuable Startup Lessons to Learn
Starting a business is one of the biggest adventures any human being can do in his/her life. There are three occasions in life when you have to be serious and only serious with your life: when getting married, when buying your first house and when starting a business. Starting a business could debatably be the riskiest one out of the three because there is a big chance that the other two would depend on your business. It then only makes sense that you give it all you have and put in your sincerest efforts when starting a business.
It is important that your first business endeavor is well thought out, and not just an experiment of what you can do. Of course, it is a test of your management, socializing and leadership skills when you start a business. There is some basic stuff that needs to be kept in mind when starting a business and several other processes that must be completed to bring this new entity to life. Here is a list of some of the most essential things that need to be done in order to start a successful business:
1. A Unique Idea
You need to first come up with a unique idea. Even if you are starting with an old idea, think about how you can make it unique. If you can’t make it unique then think of how you can make it better in such a way that people would only choose you. What is so different about Amazon? There is nothing different but they are doing online retailing the way it has never been done before, and that’s what makes them unique. Do make sure to test your unique idea to know how practical and marketable it would be.
2. Forming A Team
You need to have a team with potential in order to start your business. If you want to start a company, you can’t take all the matters in your own hands. Make a team of people who can be given different sets of responsibilities. Make sure these people are on the same page as you. They should be passionate about not the business but your vision. A strong team is not just important to take care of business matters well. It is even more important when it comes to arranging the funds for your startup.
3. Funding and Investment
You can’t start a big company without ample funds and investment. As mentioned earlier, you need a strong team to arrange these funds and investment options. You can now request funds online through websites that specifically work on arranging funds for startups through angel investors. However, the biggest guaranty for these investors to invest their money is your team. If they see potential in your idea and the spark in your team, they will invest. A team without potential will not be able to get any investors attracted or convinced to make any investments in your business.
4. Think of A Name
Thinking of a business name is more important than you might think. You really need to brainstorm on what name will suit your business the best. The important thing here is that it should contain the words that are either very slick to pronounce or so unique that everyone wants to know what they mean. Secondly, how you name your business will also decide the name of your website. Think of all the terms that define your business and create names with them. Words like audio, sound, song, music, chords etc. are best to define a music related business for example.
5. Register Your Business
You need to know the whole process of company formation and registration for it to go smoothly. You will have to submit certain documents to the authorities of your country and get your name, company regulations, consent of your directors, business office location etc. approved by submitting these documents. Your name needs to be unique and not in conflict with any other company’s name. Once you have registered your name, no other company can register using your name. If picking a name is proving to be quite a task, you could choose from the ready-made names available at registrar’s office.
6. Get A Website Ready
You will have to pick a domain name which, of course, has to be in the name of your business for the branding purposes. Setting up a website is not an easy process too. You have to make sure your website goes hand in hand with your brand and exudes professionalism. You will also have to choose a hosting company for your website to be up and running on the internet without interruptions and downtimes. A shared hosting plan is perfect in the beginning and later you can move to a virtual private server.
7. Appear On Social Media
You have to use social media to your advantage because this is free marketing at its best. Social networking platforms are the places where the world lives these days and people are always talking about new brands and business on these platforms. You will need to create your business pages and profiles on Facebook, Google+, Twitter, etc. to get in touch with your target audience. Make a YouTube channel and post videos there. Don’t post boring and purely business related material on any of these platforms. Think of a way to be appealing to the audience. Don’t sell on social media!
8. File Your Taxes
This process should start as soon as you get your business registered and get a separate identification number for it. It is highly recommended that you hire an accountant who can be with you through the process. This account will help you with tax filing and planning. It is best that you pick someone who has some experience working with startups. You must sort out your taxes as soon as possible to avoid any potential penalties in future. Your accountant and attorney can also work with you to get you great discounts on your taxes.