, Inspiration, Startup Stories

15 Points On A Checklist For Your Startup.

So you have decided to start a business. Cheers!

Once you get over the initial excitement, it’s time to get down and do a reality check.

It is not an easy world out there. So, unless you plan meticulously and keep a track of the past. Present and the future, you are going to find it hard.

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Let us help you out by creating a simple step by step checklist to kickstart your Startup.

1. Be Honest with yourself: Your startup needs to be profitable. Ask yourself if you would buy your own firm? Determine if users will pay enough so that you can maintain your finances.

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2. Planning Ahead: It’s easy to keep telling yourself that a business plan is not required, but formulating a business plan with financial projections allows you to be more confident.

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3. Financial Planning: Most startups take a lot more time to get the starting pad. Plan for the initial year’s finances. Work out how will the basic expenses be taken care of. Always keep a buffer amount for the rainy day. Take risks, but calculated ones.

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4. Family Support: Talk to your family about it. Their emotional support will be of utmost important to you. Remember to never compromise on the safety of your family.

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5. Choosing The Right Name: Getting your business name right will be half the battle won. Branding is important. Choose a name accordingly.

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6. Consult a legal attorney: Consulting a legal expert will assist you in choosing the kind of company you want to register. Also, it will help establish the legal structure of your company.

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7. Licensing: Do your research. Investigate the market and your possible future products. Apply for the licenses accordingly.

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8. Go Live: Build a website for yourself, get a jumpstart on social media profiles and let people know that you exist.

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9. Rent Office Space: According to the type of business you want to operate, rent an office space. An address for the business is important. You can always choose coworking to save many hassles.

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10. Banking: Open a bank account in your company’s name. Read through the tax document and keep updating yourself on the same. Keep your personal account and the business account separate.

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11. Accounting: Maintaining your books is of utmost importance. Choose an accountant or an accounting firm accordingly. Be transparent and virtuous.

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12. Insurance: Depending on the type of business you’re starting, you may need insurance of one kind or another, like liability, workers’ comp, or health insurance, especially if you hire full-time staff.

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13. Networking: Reach out to people. Schoolmates, previous co-workers, close friends and family friends etc. Do not be shy in promoting your firm.

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14. Keep Refining: As you grow as an entrepreneur, you will learn more about the marketplace.  Use customer feedback to refine your product and service offerings.

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15. Mentoring: A mentor who has succeeded in your industry can provide you with priceless advice and serve as a sounding board. A mentor can provide you deeper insights as well as listen to your side of the story.

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