Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

Things To Include In Your Start-up Company Checklist

Starting a new business can be a fun and exciting undertaking. Companies always start out with ideas that need to be explored and developed, until they crystallize into a business. The potential of creating a company that becomes successful and even exceeds your expectations, is enough to rouse the entrepreneurial spirit.

In order to build a successful business, one needs to make sure that all the necessary bases are covered. Here is a list of things that may not seem obvious at first, but can make the difference between failing and long term success for your business.

Hire a Great Graphics Designer.

New companies should always focus on creating great graphics. Presenting your company using great graphic design can immediately give someone interacting with your company an idea of the level of seriousness that you have about your company.

When you have a logo that looks professional, and your business, online, and marketing materials are of the highest quality, people take you more seriously and are more inclined to give you their full attention.

When looking for a freelance graphic designer, select someone who has a portfolio that you can peruse. When viewing the portfolio when you see a design that catches your eye, ask about the desires of the client and compare that to what this graphic designer created. Are you impressed?

You should also ask about delivery timelines for anything you order and finally make sure to ask for references that you can contact about the quality of the graphic designer’s services. In the end you must be sure that this person can provide what you need consistently, and on time.

Shop Hard for Everything.

When you start your business you should make a budget for every big and small thing you need to operate your company. Everyone understands that the big purchases like renting an office or purchasing computers demand that you identify several before you select the one you want.

But most new entrepreneurs do not shop the small and medium sized purchases and as a result often spend way too much money on them. Things like office furniture, stationary supplies, and even mobile phone can vary in price wildly, so taking the time to check on several sources will put more money in your pocket for other things.

Another key area for hard shopping is when you hire companies to provide important services to you. Key service providers include lawyers, accountants, and online marketing companies. Many people do not think that these services can be negotiated, but doing so can save you hundreds and even thousands of dollars off the final bill. When you speak to these companies tell them that you are a start-up and are tight on funds. Because of this you need a company committed to giving your great services for a great price. Many companies are happy to lower their prices for a new company in exchange for the promise of a higher payment once you start making profits.

Find a mentor.

Nearly every successful entrepreneur was guided by someone who was a successful entrepreneur. Whether it was Bill Gates, Steve Jobs or Jeff Bezos, the most capable business leaders have sought out experience and wisdom to help them guide their enterprises.

Mentors are very valuable because they give you an understanding of the business challenges you will undertake on your road to success. They anticipate likely problems and can offer potential solutions, while also offering support and encouragement.

Locating a mentor can be a challenging job. You want someone who has the track record, but also someone who has the time to provide your mentoring needs. So you should assume that locating a mentor will be process that may take considerable time. But it will be time well spent because you will gain a needed experienced mind to help you steer and grow your business.

Plan for Contingencies.

Every new entrepreneur likes to think that their ideas are great and their plans will work to perfection. Because of this they often only gather the specific money and resources that their plan calls for, without a thought of contingencies. The reality is that almost nothing planned ever goes to plan. The likelihood is that things will take longer to get accomplished, things that seem obvious will become not-so-obvious, and additional funding will be needed to complete many of the things laid out in the plan. This is why it’s very important to have a contingency plan and budget.

Go through your ideas and plans for your business with someone you trust who has a history of successfully operating a company. Ask that person to help you find any areas of your business plan that may go awry. Work through what options you can put in place that can get you back on course. Then make sure that you have the funding for these contingency plans. You may never need to execute these plans but in the event you do being able to move on them might save your company.

Add these key items to the list you have for building a successful company. They will certainly prepare you better for the road ahead.

Share

Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

Tagged as: ,