Making that first big step toward starting your own business takes a lot of guts. More than that, you also need a clear vision and an unwavering dedication to your goals regardless of any problem that may arise. It’s a common belief that establishing your own startup comes with a set of challenges; that said, it’s also undeniable that the fruits of your labor will infinitely be more rewarding once the “harvest” comes.
As with any venture, there are a few things you need to consider when building a resilient and future-proof business from the ground up. From marketable ideas to a winning attitude, a startup that will stand the test of time needs to build a good foundation. To guide you on this journey, here’s a checklist of all the things you need in order to turn your vision for success into reality:
A Beefed-Up Business Skillset
As a self-starter, you’re undoubtedly adept at producing the goods and services you plan to offer—whether it’s baked goods, graphic design services, landscaping work, or any other form of expertise. That said, other than your industry-focused skills, you also need to have entrepreneurial skills to manage the more business-y side of things. These skills include:
Sales and Marketing
A comprehensive understanding of marketing and sales, particularly in terms of branding and promotional strategies, is a valuable asset for any business owner. Essentially, you need to keep abreast of industry trends and analyze how your competitors navigate the landscape online and offline. Strategies like search engine optimization (SEO), for example, are becoming increasingly popular for how effective they are in expanding online reach. You can try to learn the ropes of such strategies yourself, or you could partner with experts such as an established SEO agency to guide you along the way. All in all, knowing these things would greatly help you understand your market and position yourself for growth.
Financial Management
Apart from sales and marketing knowledge, you also need to understand the financial aspects of your startup to make informed decisions involving your money. You need to know how to budget your capital, keep track of expenditures, and calculate your return on investment (ROI). You don’t necessarily need a degree in finance to know these things. What matters more is that you can use your resources properly and evaluate your startup’s use of capital.
All in all, running a startup is not just about selling what you can offer and going with it. You also need to know how to offer attractive value propositions. Most importantly, you must have a clear idea of what would take your business to new heights.
A Leadership Mindset
In relation to the skills mentioned above, you also need to refine your capacity to lead. Remember, you’re the CEO: you’re the one your team will be relying on to run a tight ship. To do this effectively, you need to know how to manage and motivate your people, not to mention lead by example. Successful startups are guided by leaders who recognize the value of a team—leaders who know that overcoming challenges is only possible through collective effort.
A Small Professional Network
As a startup, you can’t expect to have an extensive network from the get-go, and that’s perfectly fine. What’s important is that you have a network that can spread the word about your business long after you’ve gotten it off the ground. Your network can include professional figures such as former colleagues, professors, and supervisors, but they can also include personal contacts such as family and friends. Apart from helping promote your startup and serving as potential resources, the people in your network can also be your support system when you need that push to keep going.
That said, you may also want to get a mentor who will also be a part of your network. Ideally, your mentor should have already established themselves in the industry. This way, they can guide you through the same journey and possibly give you valuable advice that may help you navigate the various stages of the business lifecycle.
A Business Plan
Of course, you can’t establish a startup without a solid plan. You don’t even need to have a book-length business plan from the outset—a simple pitch would do if you’re still roughly planning your operations. Usually, these pitches will come in handy once you start reaching out to investors for funding. Some of the key parts of a business plan include:
- a brief overview of your startup, including your business description, value proposition, background information, and core objectives.
- your planned business structure.
- your plans for funding, sales, and pricing.
- a market analysis that covers details on the competition, target market, and current trends.
- your plans for logistics (e.g., production and distribution).
You can check out sources online for more ideas on what to include in your business plan, but the above are some of the most crucial factors you need to cover. As your company expands, you can use your initial plan as a roadmap for how you can grow your business and make the changes needed to keep up with an evolving market.
A Few Things to Remember
Apart from the core aspects mentioned above, there are many other minor things you need to consider before starting a business. These may include the types of technology you will be using, your insurance plans, and your staffing solutions. You should also know where you will be getting legal assistance on matters such as registration and intellectual property.
These may all sound overwhelming, but running a startup these days requires a willingness to keep challenging yourself. Successful entrepreneurs stand out because of their inner drive, so you need to believe in yourself and your vision in order to make a mark in the industry. It’s true that not all businesses succeed. However, this shouldn’t deter you from working hard and coming up with informed strategies to make sure that your startup thrives.
