Four Things to Do Before Launching Your Startup

by Startacus Admin

Planning to launch a startup? Here are just a few of the key things you'll need to consider before you do just that...

If you're getting ready to launch a startup, you know that it can be both a demanding and exciting process. There are hundreds of details to attend to, calls to make, emails to answer and send, backers to meet with, and legal issues to address. Whether your company will be online, brick-and-mortar, or both, you're probably raring to go and can't wait to open the doors. Of course, it's just human nature to feel that way. However, there are at least four things every prospective entrepreneur should do before the big day arrives. Hopefully, you have already attended to one or more of the following items, each of which belongs on every future business owner's to-do list.

Don't Burn Employment Bridges

Don't leave prior employers in the dust. There's no guarantee that your venture will be a screaming success, so keep those phone numbers and other contacts in your file. And, if it's possible to retain your day job while you begin your startup's operations, do so. Having a steady, reliable stream of income can make a lot of first-time entrepreneur bumps much less painful. Even if you have to leave a traditional job, do your best to keep options open. Stay on good terms with past employers, keep in contact with former co-workers, and generally don't burn bridges. Remember, startups are iffy propositions in the best of times. That's why it's smart planning to not cut everyone off as you move forward with the new business.

Get Personal Finances in Order

If your personal finances are not in good order, you really should think twice about startup plans. For instance, if you currently owe on multiple student loans, it makes good sense to consolidate them into a single, potentially lower combined payment. You can find out about all the options by doing some online research. And if you're unsure about how the process works or what it entails, we can help you figure out the choices that best suit your situation. Consolidated student loans are a perfect example of getting a financial house in order, and should be at the top of your to-do list if you intend to open your own company.

Create a Detailed Business Plan

Ask anyone who succeeded when they opened the doors to their own company and you'll learn a quick lesson in that planning is everything. For example, if you ever hope to obtain bank financing for your venture, it's imperative to have a detailed business plan that includes at least two years of projected revenues and expenses. But that's not the only reason to write a business plan. The document serves as your day-to-day operating blueprint. Without it, you'll be left in a sea of competition, complications, uneven income streams, and management dilemmas.

Have a Plan B

What if this new idea doesn't work out? Perhaps after a year or more, you decide to accept a harsh reality and throw in the towel. Having a backup plan is essential for your financial and mental health. Set aside a large enough emergency fund so that you can land safely back in the corporate world if necessary.

 

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Published on: 31st December 2020