3 Things to Do Before Launching a Startup
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Congratulations on entering the startup world! Running a new business is one of the most exciting, stressful, and exhausting times of your life. For some, the rush of starting a new business is addicting, leading people to continually create new businesses and grow their brands. However, even the most prepared startup founders can find themselves floundering if they leave a few loose ends untied, so take the following three steps before you enter the startup community.
Set Monthly, Quarterly, and Annual Goals
Even if you think you're completely ready to enter the business world and have an iron-clad business plan, you could be setting yourself up for failure if you don't set goals for yourself.
Many companies continually run forward without any idea about whether they'll be successful until it's too late. Before you open your doors for business, set monthly, quarterly, and annual goals for revenue, customers, and efficiency so that you can measure yourself against your performance. As you hit these goals, reward yourself and your team. These rewards will prevent burnout and keep everyone motivated. Having goals will also give you benchmarks to strive for and reach when you wonder if you're doing enough.
Make Sure You Have a Clean Reputation
Inevitably, people are going to research you before they decide to work with your company. Whether customers are checking your background before hiring you to work for them or investors are trying to learn about you before writing a check, you want to make sure that what they find is a clean record.
Your online reputation can follow you around for years, so research your online presence to know what people see when they find you. If you have a questionable background or a problematic history that might pose problems and prevent your business from gaining traction, consider having your background expunged. Everyone makes mistakes at some point, but those shortcomings don't necessarily mean that you'd make the same decisions today. A clean record can help you get a fresh start with your startup.
Create Your Business Revenue Stream
As you map out your business plan, look for ways to start generating revenue as soon as possible. Many startups generate funding with the promise of making money in the future, but these promises rarely turn into real profits. Further, businesses tend to be more expensive than many owners think, and these unexpected costs can drive a company into the ground.
If you have plans to operate for six months to a year before generating revenue or turning a profit, then you could find yourself out of business sooner than you planned. Try to craft your business model so that your revenue starts almost immediately and you have funds for when something goes wrong.
Few businesses survive outside of their first year or two of operations. Make sure you have a plan for success to reduce your risk of becoming a startup that could have been and, instead, become one of the best brands in your industry. By following the tips above, you will be ahead of many other startups across the country.
This article was written by Adam Monson for on .
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