8 April, 2019
If you're opening your first business, it can be challenging to know whether you have everything you need. Check out this startup checklist for help.
Did you know that an astonishing 50% of small business start-ups fail in the first 4 years? If you are thinking of starting a business, you need to have a good startup checklist in place, or else you could become part of that horrendous statistic.
Starting with an epic idea is great, having a passion for your idea is even better, but if you are not filling the startup needs such as a thorough startup checklist, then you have greater chances for failure than success.
When we picture successful entrepreneurs, the visual usually comes with scenes of driving in Lamborghinis and drinking margaritas seaside.
However, there is more to the story than that. Every successful entrepreneur had a plan in place before they got started.
So, how do we set up the perfect startup company checklist, so we can avoid failure and bathe in success?
Keep on reading to learn how to create an epic startup checklist, and thank us later!
Know Your Why and Your Motivation
The more you know and understand WHY you are starting this business, the more of a chance you have to be successful with it.
Does your business help others, is it for a cause that is close to your heart, or helps with something you have fallen victim to in the past?
Those reasons are heart-focused reasons to start a business, they will keep your motivation strong through the hard times and help you push through.
If those are not your reasons, and you are starting this business just to be rich, you need to dig a bit deeper and find a "why" that sticks with you. Think of what that money will do for you and the amazing opportunities it will bring and focus on that.
Focusing on why you are starting the business will also help you to get creative around relative ideas that will help to get your startup to skyrocket off the ground.
Create a Business Plan
Now that you are very clear on why you are starting this business, the next step you need to follow is setting up a business plan. This allows you to add some depth and structure to your ideas and lay them out in a strategic way.
Creating a well-designed business plan also allows outside investors to take a good look at what you are creating, and possibly help to sponsor your business.
There are many books that help you to create an epic business plan, so you can get started sooner.
Know Your Strengths and Weaknesses
Starting a business takes numerous skillsets to get it up and running, some skill that you will excel at, and some that you may not possess. Knowing where you stand as far as strengths and weaknesses could mean the difference between success and failure.
Lean on your strengths and outsource your weaknesses. If your business idea involves some tech skills, and you have no idea even how to create an excel page, outsource the tech portion to someone else, and focus on the areas you are good at.
Some software could be confusing to use at first, so do not be afraid to hire someone to teach you how to optimally run your new software at first. This will help you in the future when you have a virtual office with your employees.
Identify Where You Offer a Solution
The best and most successful business plans offer a solution to a major problem. This may be a problem that helps people or helps the planet.
For example, Tesla came up with a fully electric car to help solve some of the world's problems of air pollution caused by the oil and gas industry. Many people will fork out the money to purchase a Tesla because they are also super passionate about saving the planet.
Another company, Quest nutrition saw a need for a delicious tasting bar that did not contain the harmful effects of sugar, to lower the obesity and diabetes epidemic in the USA. So the CEO, Tom Bilyeu came up with a recipe that is now being enjoyed by millions of consumers.
These examples clearly display where there was a need for a solution, and they came up with the answers at the right time.
Research Your Ideas Obsessively
Now that you know your "why", understand your strengths and weaknesses, and have a clear understanding of how you help to solve problems, you now need to do more research.
Research The Market and Competitors
First, research to see if there are any relative companies out there who are already creating a business around this idea. Find out where they excel and where they are weak, then follow where they are strong, and learn from their mistakes and become better than them.
Research Your Target Audience
Next, you need to find your exact audience that will become your buying customers. do enough research to know and understand their pain points so that you can relate to them as you market your brand.
You need to really feel for them, and almost become them so that you know what will convince them that your product is the answers to their prayers.
Test and Measure Performance
Now is the time to come up with a beta prototype for your business idea, and test it on real people to see how it works out. The beta version does not need to be perfect, however, it does need to be relative to your business idea.
Set up a landing page to reel in customers and get their emails so that you can contact them once the full version comes out.
You will also want to create a full survey to find out where your beta version needs some improvements. After all, suggestions from your actual customers are the ultimate constructive criticism you could receive.
Learn More About Setting up an Epic Startup Checklist
Now you have the basics on setting up a startup checklist, you will know why you are starting your business, what is motivating you, who you are targeting, who you are up against, and what problems you are solving.
These answers create epic startups and help drive you towards success. If you have any more questions, feel free to contact us at any time.