Starting your own business is no easy feat, considering 1 in 12 of those close down every year. The only way to safeguard your startup against failure is to start strong.

But figuring out the nitty-gritty can be difficult amidst the chaos and excitement.

So, to make the adventure less tumultuous here is a cheat sheet to turn your ideas into success. In this article, we will be breaking down the entrepreneurship journey with a business startup checklist.

Before You Start: Day 1-30

Before quitting your full-time job or taking any such drastic decision, give yourself at least 30 days to chalk out the details.

Make sure that your business idea is a viable one. According to research, only half of the businesses make it beyond five years, and most of them fail because they get off to a rocky start. The best way to validate your business is to do your research, which will help you find out how likely it is for

1.  Develop the Whole Story

A successful business can’t be a product of whims. It requires more than just an idea. To see if yours will pass the test of time, start with solid research into its future.

• Identify what problem your product or service is trying to solve.
• Think about how you can provide a solution.
• Find out who is your ideal buyer.
• See which companies are already in this space.

Source

These should be the core of your business idea. Unless you have clarity on these points, keep digging deeper. To speed up this hunt for answers, you can

• Talk to your colleagues and friends to get their opinion
• Study the market competitors to learn what to do and not
• Get your hands on the studies and statistics to back your findings

2.  Name Your Business Startup

There are many things to do before buying an office and hiring a team. Naming your business is a small but significant to-do to seed your business idea.

• Think of a unique business name. Avoid knock-offs or the ones that can easily be mixed up with other brands.
• Choose a name that represents or at least hints at what you do.
• Go for an easy-to-remember name that your audience can stick to.
• Ensure that the name is web-friendly. It will help you establish a better online presence.

Naming your business can’t be taken lightly. Give it time, as changing your brand later can mean starting anew, costing you customers and money.

3.  Get It in Ink

A company isn’t real until it’s on paper. So, get the legal things sorted and choose a business structure to make it official.

• Register your company and mark its proprietorship, whether its sole, partnership, LLC, or corporation.
• Get the necessary permits to start your business. For example- if your startup deals with food items, get approvals from the food department of your state.
• Hire an attorney to help you with securing your intellectual property.

It’s where you should decide who will lead the company on paper and where it will be registered.

4.  Secure a Domain Online

No business is complete without an online presence. So, along with getting your business registered on paper, start with it online too.

• Choose a domain name and register it.
• Decide on an email hosting service.
• You can even register a few domain names if you plan to change them in the coming time.
• You can even design a brand logo to boost identification among customers.

5.  Plan Your Finances

You don’t have to invest all your hard-earned money into the business to start it. Of course, you can do it, but it’s risky, and much better alternatives are available.

• Seek out investors who understand your business and can help you grow it. Budding entrepreneurs usually go to their friends and family for this, but you can even reach out to experienced people who can add value to your business growth.
• Explore the government schemes and grants for a startup business.
• Take up business loans from banks.

But what should you ask for as an investment?

• Research the market to know the average cost of the product you plan to sell.
• See what’s the cost and manufacture price of it.
• Think of the amount you will need to start making profits.
• After these basic calculations, pitch an amount for a loan, keeping the interest rate in mind.

The Next Phase: Day 31-60

Now that the bones of your business are developed, it’s time to add some meat to it.

6.  Structure Team & Organization

Plan the company hierarchy and the core team members you need to manage operations.

• Consider bringing on board a seasoned CEO who can accelerate growth with the right business decisions.
• Decide who will lead which aspect of the company.
• Discuss the stakes or equity you are willing to give away to other founding members.
• Develop a business plan to take things ahead.

Source

7.  Setup Departments and Responsibilities

Only the right team can execute your plan and take your business off the ground. So, spend some time figuring out which departments you need to fill and what responsibilities to assign them.

• Start with the primary departments of tech, sales, support, and marketing.
• Layout the key objectives of each department and what you expect them to do to achieve those.
• Finalize the parameters on which you will measure their performance.
• Set up clear channels for communication for inter-department collaboration.

If you have budget constraints, keep only the essential roles to start with and then re-invest the profits from the business to build up the teams. If one department doesn't have a lot of work to keep them busy for the full day, think if you can handle additional responsibilities from other departments that might be overburdened with the workload.

8.  Plan Efficient Bookkeeping

Not all startup owners can be good at finances. So, to avoid the headache, install proper bookkeeping management in your organization before you make any transaction.

You can hire a full-time employee for this. The more the person is involved from the get-go, the lesser the chances of any confusion. They can keep track of the following responsibilities.

• Record each payment and purchase order.
• Ensure that the invoices are sent on time.
• Follow up on pending payments to guarantee timely cash flow.
• File tax within the due date.
• Maintaine the paperwork of all transactions.

Planning your accounts will avoid any surprise charges from the tax department later on.

9.  Lookout for Office Space

Hunting real estate sounds tiring and scary. It is.

That’s why you need to get this off your to-do list to make it lighter.

• First, decide in which location and for how many people you want a working space. These days, you can find a lot of co-working spaces with multiple locations in the city. Get a deal from them to shrink or expand your space depending on the number of people you would hire.
• Take the help of a real estate agent who can shortlist the desired properties for you. Make sure to discuss all your requirements well in advance. If you think you will have to conduct meetings with your clients in the office, make sure you have enough meeting rooms with the right tools -– projector, VoIP phones, comfortable chairs, etc.
• Spaces away from the main city might be cheaper, but think about the convenience for your potential clients and employees too who will have to come to the office. An office in an expensive area or an out-of-the-city area will prove as a hurdle when hiring quality talent. With remote work being the norm, people don't want to spend time commuting.
• Ensure that all the necessary amenities like power backup, drinking water, air conditioning, and washrooms are available.
• Also, check the type of furniture that comes along with the space.

10. Create a Bank Account

It’s the fun part–to enjoy the income from your business, you need a company bank account. It’s better to keep your personal and professional expenses separate for ease of management.

• Get in touch with a reliable bank and apply for a business account.
• Use this account for paying out your employees and vendors.
• Share the account details with your client so they can pay for this only.

After You Start: Day 61-90

It is the final leg of the journey, where you need to fill in some gaps and begin a sustainable process.

1.  Hire a Solid Team

The most important part of your business is the team you are working with. So, invest ample time and effort into it.

• Plan how many employees you need in each department.
• Also, list down the core skills they must possess to qualify for the role.
• Once you have the desired employee count and the job description with you, it will be much easier to assess the candidates.
• Get active on job portals like LinkedIn to hunt for suitable candidates.
• You can even reach out to a third-party consultation agency to shortlist candidates for you.
• Many small businesses consider hiring freelancers for specialized work at a cost-effective rate.

Source

The startup business culture demands a dynamic team on their toes who are self-starters. So, look for these qualities in your candidates.

But also be practical enough to understand that you can’t get a perfect employee. So, if you see an enthusiastic candidate who is ready to learn, go get him.

2.  Insure Your Business & Team

No business is free of risks. But to limit the chances of a disaster taking place, secure it with insurance.

• Get cyber insurance that will protect you against digital threats like data theft and server breaches.
• You can use professional indemnity insurance to safeguard yourself from any legal action from the client.
• Public liability insurance is your best bet if someone from the general public sues you for any damage.
• Include a health insurance policy for your employees.

3.  Build Your Arsenal With Tools

You can’t run the company and team without the right tools. Invest in the good ones that keep you sorted for a long time.

• Consult your team about their processes and identify the required tools to streamline things.
• For example- your sales team will need a tool for automating lead generation and management. At the same time, your support team may require ticketing software for handling client queries.
• Take demos or trials for the products before making a purchase. It will help you finalize the perfect match for your needs.
• Seek products that are up-to-date with the latest market demands and are upgraded regularly.
• You can also confirm if they can meet your some kind of custom requirements.

Don’t rush into annual subscriptions or hoard multiple products for the same process. It will burn your cash quickly and confuse your team.

Instead, check for a tool that can multitask and handle maximum operations.

4.  Build Your Brand

Now that everything is sorted, it’s time to get online and share what you have built with the audience.

• Create a website with appealing landing pages.
• Send out a product launch email to your contacts.
• Use influencer marketing and social media to promote your brand.
• Host webinars and conference events to gain attention.
• Focus on search engine optimization and build content on suitable topics.
• Invest a small amount in online ads on Google, Facebook, or Instagram, depending on where the target audience is.

An efficient tool is critical with this process as it can offload a massive burden from your shoulder. You can try SendX for your email marketing, which comes with powerhouse features like dedicated IP for better deliverability, advanced automation for crushing repetitive tasks, and segmentation options for neat organization.

It even lets you design your emails and landing pages with a simple drag-and-drop interface that makes the whole process a breeze.

Test, Measure, & Improve

‘Rome wasn’t built in a day.’

Like all good things, your business will also grow and scale at its own pace. Don’t rush things or get disheartened comparing yourself with others.

Running a business is a constant process of learning and unlearning. It demands your mind as much as your body. So ensure that before anything, you are mentally prepared to handle the challenges, achievements, and everything in between.

Keep data at the core of your decisions, so experiment and measure the results with an accurate analysis. And then see what’s working and what needs a slight improvement.

Remember, running a startup business isn’t easy, but it’s not impossible either. So, get on with it today!