A Startup Checklist Every Entrepreneur Should Follow – Reddy Kancharla
Starting a business is hard. There are so many things to take care of in so little time, which is why it’s important to plan ahead in order to launch on the right foot. Few startups manage to do that, but when they do – they succeed immensely, according to experts like Reddy Kancharla and others.
Here is a startup checklist all entrepreneurs should follow before establishing their business operations:
1) Make sure you have a unique selling point (USP)
The USP is the single most important factor in deciding your success as an entrepreneur. If you don’t have one, it’s time to take another look at your business plan. No idea is perfect, but there are ways to make yours stand out, like targeting a specific industry or customer demographic.
2) Marketing is a must
The age of effective yet scaled marketing campaigns is long gone. If you want people to buy your product or pay attention to your startup, you have to win them over through collaborative efforts on social media and other platforms. This also includes paid ads on Google and Facebook – so save up for it.
3) Instead of going solo…
No man (or woman) is an island when running a business, contrary to popular belief. Going at it alone seems like the best idea when starting, mainly because there’s no one else in control sharing their opinions and ideas. Hiring employees will help you focus more on the core aspects of your business while delegating tasks to meet your overall business goals.
4) …create a team
Starting out with just one person is okay, but having at least two is ideal in most cases. It’s always good to have an extra set of hands or another point of view on the table when trying to solve difficult problems or deal with legal issues – especially for new entrepreneurs who are likely eager to please everyone, which can lead them down the wrong path more often than not.
5) Determine if you want investors…
Perhaps the biggest decision every startup entrepreneur must make before starting is whether or not they need outside investors for their business idea. It might seem like the best idea to get things off the ground, but it also means giving up the majority of your company to someone else who might not have your best interests at heart.
6) …and how much equity you’re willing to give away
Investors won’t work for free, so it’s important that you establish a fair rate in which they will be compensated before reaching out. Saving up for this part is helpful when it comes time to negotiate with investors – otherwise, you’ll end up giving away too much of your company before everything is said and done.
7) Are you ready to work extra hard?
If you want to succeed in business, there isn’t an easy way around the long hours and grueling days that come with it; especially when starting on your own without any help. It’s important to remember how much you’ve invested in your business and the countless hours of work it took to get everything off the ground – that alone will give you all the motivation needed to succeed.