Enthusiasm is great when embarking on a project but make sure you have a strategy too
– Barack Obama, 2016
To translate your passion into a successful business will require more than enthusiasm. Business Plan, SWOT, Break-even, and Cashflow Analysis are great. This Business Startup checklist could save you from failing.
Business Startup Checklist #1 – Discern how you will make a profit
The most important goal of all business is profit. Every business should be profit oriented. Business expenses should be properly figured out. You should also consider the unit of your product/service you must sell to offset those expenses before profits.
Business Startup Checklist #2 – Start with your money:
Some business founders plan to offset their start-up cost through loans hoping to pay through their profits. This could backfire as some businesses take months (if not years) to generate profit. Most loan companies think short-term and would require their money sooner. The best startup funding advice for intending startups remains personal funds first.
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Business Startup Checklist #3 – Start small
We all plan to be successful in business, with business outlets in several locations. Multiple employees and revenue in billions are the aspirations of all business owners, but you have to learn to crawl before walking. Try to reduce your expense in the early days as much as possible. Starting small will afford you the ability to navigate the tough economic situation that is inevitable in the early days of all businesses. When you start small, you will be able to learn from your mistakes without incurring huge debt.
Business Startup Checklist #4 – Document all transactions
It is nice to kick off businesses with a handshake as friends, but the situation can change as friends may turn out to become foes. A well-written contract at inception stating out every aspect of your business will save you headaches down the line. It might save your business too!
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Business Startup Checklist #5 – Protect your edge
Keep your trade secret to yourself. It could be a comparative edge as a result of a better product, an efficient distribution process, convenient location or good market. Let the secret remain with you. All parties that may have access to the information should sign a Non-Disclosure Agreement.
Business Startup Checklist #6 – Hire the right employee
Educational qualification is good but it is more important to hire people with passion and the right personality to fit into your business. An outstanding employee should also be treated well so that they will continue to thrive and will not be easily poachable by a competitor. Create an avenue for career growth to keep them happy.
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Business Startup Checklist #7 – Pay your taxes and bills on time
Paying what you owe is essential to your success. Harsh penalties may arise as a result of delayed tax payment. Your shop may be sealed and this will affect your reputation. Some of your loyal clients may be dissuaded from patronizing you if they discover you enjoy piling up debt. Settling all expenses as you incur them also prevent you from having cash flow problem
Business Startup Checklist #8 – Enlist professional help
An entrepreneur is a man with many hats. But you cannot wear all the hats at the same time. It is important to seek professional help sometimes to save cost because they understand the professional details.
If you have your own business success checklist, share in the comments below.