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How To Launch a Startup
Launching a startup is a big leap into the unknown and it takes courage. Balancing all the legal, business and managerial aspects of running a business can be quite stressful.
Before the business is up and running, it might be a good idea to create a checklist of all the things that need to be done to ensure that everything is going smoothly. This way, you’ll have a plan and something to fall back to even if things get somewhat derailed (as they undoubtedly will).
Determining your legal structure is the first thing every business needs to do. It will define the way your business is taxed and who can be liable in any potential lawsuit. It can also be a pretty important decision in case you go bankrupt at some point.
It’s best to hire a tax attorney straight away because almost all decisions you’re going to make about starting or running a company will affect your taxes. Make sure it’s a person you trust and consult with them on a regular basis.
Check out your competition
Thorough research of your competitors is the best thing you can do. This means covering all the aspects of their work. Find out all you can about the products and services they offer, how customers and clients are reacting to them (and even more importantly what are their complaints). If it’s possible – go further than this.
Learn about the corporate culture of businesses in your field and talk to the former (and even current) employees.
This needs to be done in a subtle and discreet way, but the information from the insiders can be very useful. Also, it can be a chance to bring in new, talented people who are dissatisfied with their current employer.
Retail businesses usually overlook the back end preparation and things get hectic when they actually open the store. It’s important to take good care of your inventory, have plenty of storage space, decide on a reliable shelving option and keep perfect track of every item you have.
Use detail labels and if necessary group items by their type, price or expiration date (depending on your business and the kind of merchandise you sell). Use all the vertical space as you can and don’t be afraid to rally on the latest tracking technology that automates most of these tasks.
Social media is important for any business promotion. It provides you with a quick and easy way to communicate with clients and customers. However, a social media campaign is not something that should be approached lightly and without proper care.
First of all, create all the accounts beforehand, so you don’t have to worry about brand names and copyright issues. Also, don’t post without a plan. Create a strategy and a schedule of posts and stick to it. It’s a good idea to review the impact of particular posts on a regular basis and change your strategy accordingly.
Licenses, permits and professional associations membership
It may seem simple and straightforward, but it’s rarely so. A business operating in one area may need more than one license, depending on local regulations. Also, any kind of remodeling work in both offices and stores requires a separate permit.
Further, some industries have professional associations that organize conferences, provide training, and share information and experiences. Membership in these usually requires its own set of paperwork.
Every business has its own set of tricks and it may take a while to learn them all. Try to make all the preparation before the business actually launches and be ready to give it your all maximum once the actual work starts.
Thank you Diana for this great article!!
Diana is a full time mom of two beautiful girls and her interests are in social media news and latest startup ideas.
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