1. Start up Business structure
Will your business be a sole-proprietorship, partnership, or an incorporated enterprise? Most fledgling businesses will begin as a sole-proprietorship, which is the simplest legal setup but it means you are solely responsible for the company.
As your business grows, you should consider incorporating to protect your assets and enjoy tax benefits.
2. Having a start up business plan
This step causes the greatest amount of anxiety for new entrepreneurs. It may seem intimidating drafting the plan, but you can relax. The plan should just state what your business is offering and what makes it different. You should also map out sales targets and how the proceeds from those sales will be allocated.
This business plan is not set in stone, you can adjust it where necessary but at least you have something you can refer to. Your business does not have to reinvent the wheel, it just needs to address a need that is not currently being met in the market.
3. Cashflow and start up financing
Another incredibly common mistake is to include generic information about their previous jobs. Recruiters want to know what you did at your previous job(s), so telling them what you were supposed to do is not exactly helpful.
Talk about specific projects you’ve worked and try your best to highlight their impact.
3. How will you generate sales and capture market share as a start up?
There was an adage that if you build a better mousetrap, the world will come to your front door. You need to reach your target audience and let them know about what you have to offer.
A budget for sales and marketing needs to be defined. While defining the budget, you also must create a forecast of how much revenue you will generate from the budget. If you are working with a brand new product/service, it can be difficult to come up with a precise forecast but you can look for comparables in the market.
4. Developing your core start up team
No one person can do everything, you will need to surround yourself with a competent team of professionals. You need someone who can help you grow a pipeline of prospective customers, without a sales plan there is no growth, and if there is no growth your business dies.
The pandemic has changed the way businesses operate and you can hire people from all over the world. By accessing a global of talent, you are able to compete with larger, more established organizations.
5. Importance of taking action
The majority of entrepreneurs fail before they even try! There is no exact science to starting a business, you learn as you go. Most people give in to fear and don’t take those first important steps.
By taking the entrepreneurial plunge, you are entering an exciting world. It will be a rollercoaster ride of emotions, but if you show up to work every day, chances are high you will succeed.