Written by Alex Valderrama, Founder and Principal of Cranium Agency
Starting a new company has many challenges, and the feeling of being overwhelmed is most likely the reason most people give up on their dream.
It is much easier to fail than it is to succeed.
Failure comes in many forms, and there are many initial steps an entrepreneur can follow to reduce the risk of failure. So, if you don’t want advice or if you want to fail at your new business, you can stop reading now. But if you want to succeed, continue reading on, and you might just be able to launch your new business with a greater chance for success.
If you are thinking about starting a new business, begin by following these simple steps below. These are designed to help you get started and begin the process of launching your business. Also remember, many specialists are needed that go beyond the core operational requirements.
First, write down a basic plan for executing your new business. These might include tentative timelines, a basic description, unique attributes about the firm, etc. By doing so, this will instantly help you organize your business plan and model. It is important to note that as you articulate your new business on paper, the business model will evolve as you uncover more and more information.
Second, take your written plan and begin to segment and organize a small team of professionals that will help you build your business. These experts are fundamental to your success. Although, you will most likely need the involvement of these experts in your business, finding people that you “like” to work with is paramount to your success also. Below we list a few basic experts most start-ups will likely need.
An Accountant will help you to organize your finances, and also help you define your financial goals and projects based on the information you provide to them. They will help you gather all of the necessary forms and paperwork that are necessary for county, city, and state licensing and tax requirements. This information is crucial because there may be hefty fines or penalties for not submitting the right forms promptly.
An Intellectual Property Lawyer will help you to solidify your company or product name. With today’s competitive environment, the need to protect your intellectual investment is one of the most important decisions you will potentially make.
A Branding Firm is essential to building your new company. Your unique brand is what differentiates you from your competitors and creates preference. Hiring a good branding firm will help you solve many messaging and communication issues and also provide a resource for collaboration. They are a crucial part of your team which can help launch your business, build brand equity, define your brand message, and create unique visual communications.
A Commercial Real Estate Expert is also an excellent choice of professionals to have on your side. They can assist in finding the right location based on your business and marketing needs with consideration to your start-up budget and potential growth.
A good Telecommunication Company should also be considered. Choosing between a land line or VoIP can affect your total costs and various functions. Also, choosing the right Internet provider can help you with access to the most important aspects of your business such as email.
In addition to the experts listed above, every new start-up should pay particular consideration to other partners that might make up your unique business. Depending on your industry and business model, you will probably need other partners with various services and expertise. These partners should be interviewed and refined down to a very short list.
Finally, creating a successful business is very challenging and can be very fun – and doesn’t have to be such a big mystery. Organization and planning are the keys to success, in addition to choosing the right team of experts. They can provide insight into significant decisions, helping you avoid devastating mistakes in your new business.