Serial entrepreneurs have no shortage of ideas and often, they are running off with their great idea before actually getting properly prepared to run with it! Here are 5 tips for any start-up or new business owner to consider BEFORE galloping off into the successful sunset! Ready - Set - Go!
5 Business Start-Up Tips:
1. Research your business name THOROUGHLY. This means your business name at the registry office, your trade name, DBA (short for "doing business as") or your proposed operating name. Then check the trademark databases in your country to make sure the name is not already in use or possibly something too similar. But don't stop there; you will need to make sure the corresponding domain name is available as well as Twitter handle and Facebook! Yes! Your name matters, research it well and cover ALL your bases.
2. Talk to an Accountant. They can help you prepare your filing system for receipts, month end preparation as well as give you advice on tax breaks/cuts you may not have realized you could use. You will want to understand the difference between being a Sole Proprietor or being Incorporated etc. Let them help your startup launch on a clear, planned and strong base.
3. Invest in your brand from day one. Having a business name is one thing, having an identity is another. Plan on hiring a graphic designer and other professional to help you formulate your brand image, from logo concept, corporate colours to social media icons and online personality. You have only a few seconds to make a first impression, regardless if it is online, in an office or a brick and mortar store; make it count!
4. Hire professionals where and when you need them. All startups need to invest in their social media. Companies are being made and broken online every day; knowing your brand and being able to successfully take it to market and bundle it up for social media is crucial. Do not make the mistake of assuming you can do it all yourself if you are brand new to the world of social media; the learning curve will leave you in the dust of your competitors with no guarantees of ever catching up. Launch strongly, clearly and with a strategy in place.
5. Research your market and competition VERY thoroughly. Many people assume that their idea or concept is better than anything in the marketplace and blindly run to production or execution mode only to find that a competitor has already launched a bigger, better version at a much friendlier price! Knowing your competing products or businesses inside and out will always put you at a vantage point. Don't skimp on knowledge!
Leah Chevallier, serial entrepreneur in the Juvenile Industry sharing insight, success and 18 years of award winning retail experience! Took $2000 Micro-credit loan and turned it into $30 million!