Every accomplishment starts with the decision to try. -Neil Patel, digital marketing entrepreneur
In today's competitive world, you're prepared to do what it takes to get ahead.
You want to invest in your professional career as an entrepreneur. For that reason, you're interested in how to build a startup.
Well, the good news is that you've come to the right place by reading this article.
Detailed below are ten key steps to remember as you start to develop that startup you are dreaming of. Like many others before, you deserve to turn your profitable idea into a successful business venture.
You're not alone in wanting to run your own business, by the way.
Consider the following statistic regarding companies throughout the United States. It indicates that over 70% of these businesses will fail after ten years.
You will see, it's going to take a lot of hard work to avoid being part of that percentage!
Keep reading to make the most of this new entrepreneurial journey you're undertaking and turn that dream into a reality.
1. Start by Developing a Business Plan
The first thing you're going to need to think about is the structure of the business itself. You'll need to layout a lot of these operational details in a proper business plan. Plus, a well-developed business plan makes the startup idea attractive to potential lenders.
Take the time to think about how you want to set up the business. For instance, would you prefer to be the sole proprietor of the company? In these cases, the initial startup and operational fees can be more affordable.
Still, a sole proprietorship would make you the sole party liable in the event of legal charges made against the business. That can be costly if your startup is ever at fault for an injury or financial loss.
Instead, many startups are formed as Limited Liability Corporations (LLC). As an LLC, your corporation would be the party at risk, saving your personal financial responsibility for court fees and potential reparations.
All of these decisions and more need to be hammered out well in advance. Including them in your business plan will help make the establishment of your startup idea more concrete.
2. Get Familiar with Local Policies and Regulations for Running a Business
Another thing to remember when running a business is that there are a lot of legal components to navigate.
For that reason, it might be in your best interest to develop a relationship with a corporate lawyer from the beginning of your startup. That way, you have a legal expert on hand as you start to grow as a company.
At first, it's also wise to do plenty of research regarding the business regulations in your local area. Don't forget to include those at the state and federal level, too.
Having a thorough knowledge of how to stay within the government's boundaries can make all of the difference in the future.
You don't want to implement practices that could get you into a lot of future trouble.
3. How to Build a Startup on a Budget
In your business plan, you'll need to have laid out all of the company resources required to get started with your startup idea.
You'll want to take a look at your personal financial situation and see how much you can actually afford to spend on a new business venture.
It's understandable to feel overwhelmed when it comes to financing your startup idea. This is true, in particular, if your business model needs a lot of expensive tools and equipment upfront.
Still, it's worthwhile to ensure your business has all of the resources it needs to thrive - even in the beginning. That's why seeking reliable business loans or investors could be the ideal solution for you.
Seeking out this capital can help you start making a real difference - and a real profit - with your startup in no time.
4. You Might Need to Register the Name of Your Business with the Government
Not every state requires new businesses to get registered. If you want to have the intellectual property rights of your business's brand, though, you'll register the name as soon as possible.
Do some research to see what it will take to make your startup idea official.
As an example for all Americans: The United States Small Business Administration is a great place to start. Check out their website to start the process of registering your business.
5. Take the Time to Create the Optimal Pitch Presentation
As mentioned above, it's likely that you're going to be seeking funding from business money lenders or investors at the beginning of your startup's operations.
That means you need to be prepared to sell that startup idea to those potential investors. It could be beneficial for you to seek marketing experts to help fine-tune your presentation when you have that meeting with investors scheduled.That way, you can ensure you're giving your startup idea the best chance to gain funding.
For more detailed guidance, check out these twenty-five pitch decks that secured a ton of funding for startups.
6. You're Going to Need a Clear Branding Strategy
Speaking of your business's brand, don't underestimate its importance.
A business's brand is, in essence, the personality it presents to consumers. That means it's essential that your brand represents the values of your business well.
For instance, does it make sense for your business to use traditional and nostalgic branding techniques? Instead, would you prefer to present a more lighthearted and witty tone of voice in your marketing messages?
Your brand will affect everything from the startup's logo to the color scheme and type font used in communication materials. You'll even want to keep that brand consistent in your startup's presentation templates moving forward.
Be proud of that brand, and be prepared to show it off.
7. Be Prepared to Invest in Digital Marketing Strategies
Thanks to the modern Digital Era, technology and the Internet reign supreme. Businesses of all industries have learned to take advantage of this ever-expanding digital connectivity.
As a new startup, you'll want to capitalize on that vast and growing online marketplace.
That means you'll need to be willing to invest in some reliable digital marketing strategies. These digital marketing techniques, of course, will all point back to your business's website.
Make sure your website is quick to load and easy to navigate so online users can find what they need easily.
Then, start to expand your brand awareness through social media marketing. You should also start implementing search engine optimization (SEO) strategies so that Google ranks your site high in any list of results. A reputable online presence is a great way to attract and maintain loyal consumers. That consumer loyalty, in the long run, is going to be an invaluable asset.
8. Network, Network, Network!
As a new business owner, it's important to make professional connections. You never know when those relationships might come in handy.
Your local community has a Chamber of Commerce that values professional networking. Attend local meetups and events to connect with industry leaders in your area.
You might find that their insight and guidance help make your startup thrive throughout the future.
9. You'll Want a Talented Team on Your Side, But Keep It Minimal
Many startups need a reliable team of employees to get it going.
Take the time to find and hire the top talent in your local area for the positions you need to be filled.
Remember, the bigger the team you have, the more people you have invested in the startup.
Still, don't get too excited about hiring employees. After all, experts suggest that 70% of startups fail because they got too big too quickly. Keep it minimal at first for that reason.
10. Get Organized and Document Everything
The last thing to remember for your new startup is to stay organized from the very beginning. This can be of particular importance when it comes to any financial transactions on behalf of the company.
That way, if the Internal Revenue Service (IRS) has any questions about your financial history, you'll have documents on hand.
Staying organized can help you continue to make operational improvements throughout the future.
Continue to Invest in Your Idea for a New Startup
At this point in the article, you have a great understanding of how to build a startup.
There's no need to cut corners when it comes to securing a financial future for yourself and your family.