Hello there! Have you ever wondered about the steps that follow a CEO to launch a startup or an early-stage company?
In today’s article, we will discuss and get into the crux of this topic.
1. Find an idea
The first step that an entrepreneur should start with is to think about a business that fulfills the needs of a group of customers. However, the idea doesn’t always need to be new, but original. You can, for instance, run the same business as your neighbor but your service’s originality might make the difference. Moreover, you can change the product’s appearance, add a new feature, or find a new use for a product that clients have already purchased and love.
2. Make a business plan
Already you found the idea, move to the next step! The business plan is an important part of starting a company. It describes all the steps in detail including the products, services, whom you are selling to, how you will finance the startup costs, your objectives, goals, and your mission and vision. A business plan shows you the growth, where the company is going, and what you need to sustain the development.
When you are making your first business plan ensure the mission and vision are different. The vision is the result of an entrepreneur’s dream of something that doesn’t exist yet and the ability to paint a compelling picture of that dream for everyone to see it while the mission is a written expression of how the company will reflect an entrepreneur’s values, beliefs and vision more than just making money.
3. Secure appropriate funding
To get yourself off the ground, you must have adequate capital. No fixed or enchanted number applies to all businesses. It depends on the industry; some companies may require more or less funding according to the situation. You should bear in mind that this step is so important because many early-stage companies run out of money before even turning a profit. Always overestimate the amount of startup capital you need because it lets you know if you can run this business, or you’ll end up in a losing position.
4. Move on legally
You should procure an assortment of permits to operate before you can lawfully work your business. For instance, you need to register your business with the federal, state and local government. Moreover, to give yourself the best chance at success, you have to get a federal tax ID number, create a separate bank account, familiarize yourself with industry regulations and fill in for a trademark.
We hope you find these tips and tricks helpful and stay tuned for next week’s post. If you would like to join *ship and pitch your idea, click on shipfestival.org\attend. You can also read more on how to create a compelling pitch for your investments here: how-to-pitch-at-ship.