From creating a killer business plan, to securing your startup funds, there are many of steps involved before you even launch your startup business. Although starting a business is really exciting, it can also be quite daunting. That’s why we’ve put together this handy 10-step checklist, so you can make sure you’re 100% prepared before your startup’s official launch!
- You’ve got nailed your business idea and you know exactly what societal problem your business hopes to solve.
- You’ve done your market research and made sure there’s demand for your products/services.
- Your new business has an attention-grabbing name.
- You’ve got a killer business plan outlining your strategy and expected financial performance for the years ahead.
- Your business model is scalable to allow your startup company to grow as time goes on (and your idea really takes off).
- You’ve built efficient revenue streams.
- You’ve got the right kind of people working hard behind the scenes.
- You’ve succeeded in securing investment into your company.
- You’ve set up your startup website.
- You have professionally designed Business Cards to hand out at your future networking events.
You’ve Nailed Your Business Idea
You’ve had that ‘Eureka’ moment and realised you have a great, innovative new way of overcoming one of society’s most mundane struggles; maybe you’ve discovered a new traffic system, or a way to drink hot drinks without burning your tongue (do we really have time to wait for it to cool?).
You’ve Done Your Market Research
You know exactly who wants to buy your product and whether or not it’ll sell enough to make you a profit (if not, I’m afraid it’s back to step 1!). To complete your market research, you can try sending out surveys, check out Google Trends, perform a keyword evaluation and look to see what kind of content is ranking on your chosen search engine.
Your New Business has an Attention-Grabbing Name
What’s in a name? Quite a lot actually! You want a name that describes exactly what you do but is short and memorable at the same time. Make sure there are no reaaally similar business names already out there or you might end up overshadowed/mistaken!
You’ve Got a Killer Business Plan
Your startup company’s business plan is near enough fool proof; your strategy and aims are ambitious, yet realistic, and are succinctly outlined. If you’re not sure how to set a business plan up, gov.uk have some awesome free templates you can download right now!
You Have a Scalable Business Model
What does ‘scalable’ actually mean? If your startup is ready to scale, that means it could potentially multiply revenue without a whole lot of additional cost. This means that your company has a lot of capacity to grow – who can argue with that?
You’ve Built Efficient Revenue Streams
Revenue is the money brought into the company through various business activities – like product sales. You can create more revenue streams through things like subscription fees and advertising, but to begin with, your main source of income will probably be made through what you sell.
You’ve Got the Right People
In order for your startup business to be successful, it’s important to make sure you’ve got a dedicated and passionate workforce behind it. At first, it’s not going to be your average 9-5 office job – it takes a lot of hard work and time for your startup to launch and grow successfully, so you need to employ the kind of colleagues who are ready for this challenge.
You’ve Secured Investment
Your pitch deck went down a hit with the angel investors/VCs and now you’ve got all the funds you need to launch your startup. If you’ve not quite managed to secure enough funds to meet your startup’s costs, check out our top advice for creating an impressive investor pitch.
You’ve Set Up Your Startup Website
In the current digital age, your business needs an online presence. By building a website for your startup, you can sell your products and services anywhere and at any time.
You Have Professionally Designed Business Cards for Networking Events
Business Cards are your essential networking tool – they’re the easiest and most effective way of both making a great first impression and sharing your contact details. Why not give this old-school networking tool a makeover by incorporating Spot UV into your design?