Steps to Take Before Starting a Startup

Steps to Take Before Starting a Startup
November 18, 2019
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Many people today want to start their own venture. Some do it for the promise of having a lucrative career, while others prefer this option due to the flexibility and freedom of being a business owner. However, starting a business is a lot more complicated than meets the eye. 

You simply can’t wake up one day and say, “I’m going to start a business today.” The main reason is that there are necessary steps to take before you can actually start a business of any kind. Preparations and planning are among those steps, alongside tons of paperwork your government requires you to file. 

Of course, you can choose to avoid such steps if you wish, but that would be a serious mistake that could lead to business failure sooner than you think. With that in mind, here are a few steps to take before you actually consider starting a startup business.

Market Research

Your business endeavor depends on the market research you conduct before you launch your business on the market. Research is a crucial step, mainly because it will provide you with the necessary information required to understand the market itself, as well as its dynamics. 

Simply put, with the right kind of information, you’ll be able to make more strategic decisions and avoid common pitfalls that await every inexperienced entrepreneur. 

As an example, market research helps you test your business idea and determine if there’s, indeed, any market demand for your products or services. That said, 42% of all startups fail because there was no market need for their products and services. Here are some other factors research can help you do:

  • Identify your target audience
  • Understand your audience’s preferences, needs, demands and expectations
  • Help you conduct a competitive analysis
  • Help you create a marketing campaign
  • Help you understand how to stand out by becoming unique

Register a Business Name and Structure

This step is absolutely necessary if you want your startup to operate legally after the launch. As mentioned before, you can skip it or do it later, but then you’re at risk of getting a hefty fine from your friendly neighborhood government. Bureaucracy always catches up to you, so you might as well deal with it now. 

The first order of business is to choose a business structure. The structure will determine the amount of paperwork that needs filing, as well as determine the necessary licenses, permits, insurance, and tax obligations. It will also determine the amount of liability for the owner. Therefore, it’s recommended to start out as an LLC (Limited Liability Company) to protect both yourself and your startup adequately. 

Next, you have to pick a name for your business and register it. There are several reasons why this is important and here are a few of them:

  • Get registered under DBA (Doing Business As)
  • Trademark your business name
  • Use a business name for marketing and branding purposes

Consider an Office Space

Every business needs an office space, sooner or later. Undoubtedly you’ve already received some advice on how you should work from home as much as possible and save money on office space and equipment. 

What no one tells you about is that it’s next to impossible to do everything on your own regarding starting and running a startup business. In other words, you’ll need a team of employees to help you out, and you’ll need an office space so that everyone can work together. 

Although your employees can work remotely and you technically don’t need an office, it’s important to build a relationship with your team that will foster trust, commitment, and collaboration. 

You simply cannot achieve that environment if everyone is working from their homes. Renting an office might be a strain on your budget, but you can make it work with a bit of planning ahead. That’s why this step should be considered before you start a business. 

Get the Equipment Ready

If you decide to hire employees and rent an office space, you’ll also need the necessary equipment to get your startup operational. Equipment is a broad term which should be tackled before you start a business. 

What you need depends on the nature of your business, of course. For instance, a tech startup requires computers and other IT equipment. A transportation or delivery business requires vehicles. In other words, you must obtain what you need before you start your business. Otherwise, you’re just missing out on potential opportunities right from the start. 

Equipment can strain your budget, which is why you must find ways to save money any way that you can. As an example, if you are starting a transportation business, try to save on car insurance as much as you can by opting for an ideal policy. You can also rent out equipment instead of buying it or look if someone is donating their old equipment. 

Take Care of Funding

Funding is the most important factor for startup businesses. Most new entrepreneurs only consider a budget required for starting a business, yet they rarely consider funding required to support your business until it becomes sustainable, i.e. starts to generate revenue and profits. 

That said, 29% of startups fail because they ran out of funds. Therefore, consider alternative funding sources if you cannot support it yourself. Here are a few examples:

Securing funding should be your top priority even before you start your business. That way, you can avoid financial hardships that follow every startup business today.

Deciding to start a business can be a dream come true for a lot of entrepreneurs. However, becoming a business owner is a serious matter that requires dedication, effort, and a lot of planning ahead. That’s why it’s of the utmost importance to take the necessary steps before you decide to start a business so that everything can be well-prepared for the launch and operations. 

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The early stages of a new business can be a bit taxing and strenuous. During these times, it may be challenging to set up your intangible or intellectual property assets as well.

15 Direct Mail Marketing Ideas for Beginners

Despite the popular marketing online and on social media, direct mail marketing still remains one of the most powerful strategies you can use to grow your business. If you’re willing to learn the most innovative corporate gifts for clients or the best products to give as freebies or as an employee anniversary gift, you’ll discover them here.

Online Courses for Entrepreneurs. Do They Help?

Entrepreneurs often wonder whether online courses help. The short answer to this question is yes. They help to get the training needed to successfully manage eCommerce businesses. eCommerce courses are focused on launching your startup by focusing on digital marketing strategies and other entrepreneurial skills.

Taxes That Need to Be Deducted From Employees’ Paychecks

Taxes That Need to Be Deducted From Employees’ Paychecks

An integral part of running a business involves the complex dance of payroll taxes. As an employer, it's a legal responsibility to deduct certain taxes from an employee's paycheck. Understandably, it may seem like navigating through a maze, but the core components of...

The Impact of Steel on The American Economy

The Impact of Steel on The American Economy

Steel is a crucial construction material with a significant impact on the American economy. The World Steel Association predicts increasing demand for steel in the 21st century, driven by the construction sector and its eco-friendly nature. The manufacturing sector, employing millions of workers, relies heavily on steel production. As the steel industry moves towards digitalization, there is a growing need for low-carbon steel. The global reach of the steel industry has transformed international trade and commerce, creating economic interdependence among nations. To secure its future role, the steel industry must address workforce transformations, adopt cleaner production methods, and invest in material science and research.

Legal Essentials for Online Entrepreneurs: Insights from Business Lawyers

Legal Essentials for Online Entrepreneurs: Insights from Business Lawyers

The blog “Legal Essentials for Online Entrepreneurs: Insights from Business Lawyers” offers crucial advice for online entrepreneurs. Business lawyers provide insights on vital legal aspects, such as forming a business entity, protecting intellectual property, drafting contracts, and complying with online regulations. Understanding these legal essentials is essential for safeguarding the business and avoiding potential legal pitfalls that could arise in the digital marketplace.

#InvestingInYOU: Consider Coaching

#InvestingInYOU: Consider Coaching

#Investing in YOU: Consider Coaching Mindy Jo, M.B.A. & M.Ed. Certified life coach & founder of worryaboutYOUtoday.com Life coaching. What is it? What is it NOT? Life coaching can have many meanings based on the type of coaching that is being offered, such as:...

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Recent Posts

How to Avoid Delays When Delivering to Customers

How to Avoid Delays When Delivering to Customers

In today's competitive business landscape, delivering products to customers on time is not just a courtesy; it's a necessity. Delays in delivery can lead to dissatisfaction and harm a company’s reputation, especially for female entrepreneurs who are striving to build...

Work Remotely Without Working from Home

Work Remotely Without Working from Home

Working from home offers a unique blend of comfort and convenience, creating a workspace that is both personal and professional. Your home becomes a versatile canvas where productivity meets comfort, and your creativity flourishes in familiar surroundings. From the cozy corner of your living room to a dedicated home office, the possibilities are endless. With the freedom to choose your workspace, you can design an environment that suits your workflow, whether it’s the tranquility of a quiet room or the vibrant energy of a sunlit nook. Working from home provides the flexibility to customize your surroundings, making it the ideal place to turn your aspirations into accomplishments.

Why You Need to Avoid Overworking Yourself

Why You Need to Avoid Overworking Yourself

The demanding landscape of entrepreneurship often celebrates burning the midnight oil as a pathway to success. While hard work is undeniably critical, overworking oneself can lead to adverse effects that are often overlooked in the hustle to meet deadlines and...

How to Expand the Services Your Hair Salon Offers

How to Expand the Services Your Hair Salon Offers

Running a successful hair salon involves staying attuned to the evolving needs and preferences of your clients. One effective strategy to keep your business thriving is by expanding the range of services you offer. By diversifying your offerings, you not only attract...