Young Upstarts

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

A Checklist For Entrepreneurs Looking To Build Their Business

As an entrepreneur, it is likely that you want to know as much as possible before you begin your new adventure into starting a business.

So, in no particular order, here is a helpful checklist for many areas of your business that you should be concentrating on in order to promote healthy and successful growth.

Business Branding.

When you’re a newly-created business that is still trying to find its footing, solid branding may feel uncertain at first. Perhaps you don’t yet know what your business is, or maybe you’re not sure how best to brand it until you’ve done further research and competitor analysis.

Nevertheless, it’s crucial to have your branding decided upon as soon as possible, as you will have no hope in successfully promoting your business if even your business does not know what it is yet.

Branding needs to provide a solid and clear image for your target market, and it needs to successfully tell consumers what you’re offering, and in what way. It’s, therefore, essential to think carefully about your branding as soon as you can.

There is no reason why you can’t rebrand down the line. Many businesses go through a rebrand at some stage in their lives. However, you shouldn’t be setting your goal for a rebrand from the very beginning, as this only shows that you’re unclear in the initial stages. Set branding you can rely on at the start of your business, which hopefully will continue strongly enough to never require a rebrand.

Your Finances.

You’re going to need a source of money to support your growing business in the development stages before you begin making any profit. This means a solid grasp on your business expenses and how your budget matches your plans. While it’s true that you need to spend money in order to make money, you shouldn’t spend a significant amount in the very early days of your business.

Any corners which can be cut in order to save money should be done, such as working from home remotely instead of renting out business premises until you have enough income to expand.

Be sure to plan out all your relevant bills, charges, and outgoings, and what you can comfortably afford to invest in order to build your business. You can always invest in extras such as branded products when you’re making enough money to comfortably do so. Don’t try to do too much at once.

A Business Plan.

You won’t get very far without a concise business plan. This will not only help your business to stay on target, but it’ll help you to maintain a clearer head in regard to your business plan and goals.

Detailed business plans are also essential if you’re looking to gain partners or investors, as they will want to see a clear outline of your expectations for the future, as well as what it is that your business does, and how.

Digital Asset Management.

Entrepreneurs creating and developing businesses in this day and age will undoubtedly need to use and embrace technology and digital means. This means that you’re going to be creating a wealth of digital assets, including your new company logo and any online files, documents, or media examples that relate to your personal business.

Digital Asset Management allows you to control, protect, and manage all of that. It’s important as a newborn business to protect the new ideas and files you are putting out there into the online world, to ensure that it is not reused without permission.

You can read this article for more information on Digital Asset Management.

Remote Working or Business Premises.

As you set up your business for growth, it’s going to be clear from the beginning whether a smaller, remote-working team is best for your business, or whether you’re going to need a large team with a designated business premises. This decision will be based largely on the type of business you have. Anything which is a physical product or service may need an office base or a warehouse facility.

A business which is providing a service that does not require face to face interactions can easily be done remotely or from home-working. That being said, you always have the option to rent out office space when needed if you need to meet with clients, or if you’d prefer your small team to be based somewhere specific.

Always consider what is best for your business in order for it to run smoothly, what your budget allows for, and what will look most professional and favorable to your customers.

Team Members.

Whether working remotely from home or based in a premises, you also need to decide about hiring employees. Depending on the business, some entrepreneurs may be able to work alone, or with the help of family and friends in the first instance, without the need to hire any employees. Some entrepreneurs may wish to develop a very small team of three or four employees, or perhaps your business plans mean hiring a large team.

It’s important to include in your business planning what you intend for employees and team members going forward.

Social Media.

Unveiling a new business in this era means social media is an absolute must. Your digital reputation is going to be essential in attracting new customers and marketing your business. This means that creating new business profiles on all relevant platforms for your new business is something you should do as soon as possible, once you have your registered name and branding arranged.

You can set up business profiles to also help with market research and competitor analysis so that you can observe the social media profiles and interactions of others to best understand how to promote your business.

Business Website.

If you’ve succeeded in targeting and attracting your customer base, then your business website is going to be their first port of call to make a judgment on your new business. This means that your new business website needs to be fully formed and up to scratch. It needs to be professionally designed with engaging content, while best-promoting what you do and encouraging your memorable branding.

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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.

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