Getting your new start-up off the ground takes a lot of time and effort, and some tasks can easily be forgotten. Forgetting or delaying tasks is normal and acceptable, and most of the time, things we forget can be dealt with later. The problem is knowing what the vital things that you must do and what you can deal with later are. There could be significant consequences if you do not deal with some tasks as soon as possible.
The question is, how do you figure out what tasks you should tackle first? As previously mentioned, you already have a lot going on when setting up a start-up business. Well, hopefully, this article will provide you with an insight into the key things that should be your focus. There may be other more pressing issues that need your attention, but you should make these your priority when you have the time if you wish to avoid additional challenges down the line. So here are five things you must do when getting your start-up ready.
1. Design a logo and trademark it
Designing a logo for your business is extremely important. Logos are the easiest way to create a recognizable symbol for your business, but you would be surprised how many start-ups take their time creating a logo. If you ever wish to sell merch or branded content, it’s something that is essential. Delaying this process can cause future problems as the U.S. Military recently found out with their Space Force Trademark. You can hire a graphic designer to make one for you, or put your own design skills to work.
2. Secure your funding
All businesses have different start-up costs depending on the industry, so you’ll want to research into this before you begin. You’ll also want to choose where you are getting your funding from so that you can estimate how much profit you need to make to pay back loans. Personal savings and money from family and friends are the most common types of funding, but you can secure loans from banks and investors. Around 82% of businesses fail because of money problems, so the sooner you get this organized, the better.
3. Secure a customer base
No matter how much funding you have for your startup, to continue the flow of money, you are going to need a strong customer base. Building a customer base is of paramount importance if you wish to succeed in the future. Of course, creating such a base is not in any way easy and provides its challenges. Luckily there are plenty of inspiring and creative references online that will help you create your customer base.
4. Learn how to market effectively
After you have begun to establish a base of customers, if you wish to grow further, you will need to market your business effectively. To be ready to grow, you should learn how to achieve this as soon as you can. Having an effective marketing strategy already planned before you launch your business will allow you to continue to grow and avoid any potential pitfalls. Try and think about what advertising methods will work for your product/service. For instance, advertising online might not work if you have an older target audience. If you need inspiration, you can find marketing strategies online.
5. Find your weaknesses and hire to fill them in
Finally, it would be best if you made sure you are aware of your weakness, whether it be marketing, budgeting, PR, etc. Once you’ve discovered them, you can then hire staff that compliments your weaknesses. You cannot, and should not do everything yourself, so make sure you are bringing on people who can take the pressure of your weaker skills.
Every business is different, and some of these things will be more important than others, depending on precisely what your business needs. That being said, you will be saving yourself future problems by doing these tasks as soon as you can. If you require inspiration as you prepare to launch your new venture, then check out one of our featured start-up articles.