7 Startup Essentials You Must Have

7 Startup Essentials You Must Have

Being an entrepreneur can be a tough challenge, so how can you guarantee the success of your startup? Make sure you know these startup essentials.

Just 20% of new businesses survive their first year of operation.

That statistic is telling of the fact that becoming an entrepreneur is an uphill battle. Defining your brand, putting together the right team, finding resources to keep operations going long enough to attract a client base… All of that can be stressful for even the most committed of business owners.

Still, the upside to owning your own business is enormous. Consequently, despite the hardships, everyday people are launching new startup companies.

In my experience, creating a successful startup comes down to a variety of factors. There are some startup essentials, however, that business owners should be aware of to help maximize their odds of success.

Here Are the Top 7 Startup Essentials All New Businesses Should Consider Having

1) A Year-One Road Map

The first few months in your new company may push and pull on your initial vision. You may feel the need to change directions frequently as the pressure gets turned up, alter services, and redefine what you’re about.

It’s important that when times get tough and temptation sets it to make short-sighted decisions that you have a plan or “road map” to rely on that keeps you centered.

Roadmaps should include vital defining information about your company that you can always fall back on.

• Who are your customers?
• What your core products/services?
• What roles need to be performed daily to keep your business running?
• What are your responsibilities?
• What are your team member’s responsibilities?
• How much will it cost to run your business in your first year?
• What are your sources of funding to cover first-year expenses?

The above are some suggestions of questions you should have clear answers to when creating a startup. Having those answers in place are startup essentials that will help you navigate through choppy waters.

2) The Right Team

Starting a business is difficult but managing all operations by yourself is near impossible. People have certainly done it, but following in their footsteps could stunt your growth.

While wearing multiple hats is par for the course with startups, sometimes certain tasks require a level of care and expertise that should be left to an expert. Since you can’t reasonably be an expert at everything, finding people to fill specialized roles can help your business flourish faster.

When starting a business, look at the roles required to sustain day to day operations you outlined on your roadmap. Analyze which of those roles you can reasonably perform and consider bringing people on to fill in the gaps.

In addition to building an excellent staff, consider putting together a board of advisors. This board can be made up of unpaid people with business experience who can help direct you as you enter into a marketplace.

3) An Excellent Web Presence

All serious businesses need to have a web presence. It today’s day in age, it’s non-negotiable.

People are progressively migrating their shopping to the internet for their convenience. If your goods and services are not available for purchase online, you’re losing money.

Beyond having a digital storefront for your business, the internet is also a place where people will look to understand your company’s reputation.

Is your business listed on Google reviews? Is it searchable on Yelp?

If so, what are people saying?

Almost 90% of people that look at reviews online weigh a company’s reviews into their decision of whether or not to do business with them. Therein lies the importance of managing your online reputation.

If you’re just starting out building an online presence, look to create a website first. After, set up social media accounts relevant to your customer base. Your website should always be where you want to drive social media leads towards. Make sure your website is functional, mobile friendly, and is optimized for customer conversion.

An excellent web presence is a startup essential because it makes customers feel comfortable doing business with you. It also expands your company’s reach.

4) Organizational Ties

For every industry, there are professional organizations. These organizations can help with finding top talent, client leads, and present excellent networking opportunities.

Professional organizations tend to host seminars and events that can provide insight into your marketplace. The education on startup essentials for your industry offered at these events can help you focus your business strategy and drive more revenue.

5) A Company Structure

Deciding on the type of company you’ll be is important for tax and legal reasons.

Is your company a sole proprietorship? Are you a limited liability company? A corporation?

Each company structure comes with pros and cons. You can get a full breakdown of the different structural implications you can expect on the IRS Website.

6) A Trademark for Your Brand

Your brand is your business and almost 80% of marketing experts agree that good branding is critical to growth.

As the business world moves towards a global focused economy, piracy is more rampant than ever. Registering a trademark on your branding elements provides protections if another entity tries to infringe on your brand’s success.

Trademarking things like slogans and logos can be accomplished easily. It’s also a relatively low-cost endeavor. You can complete your trademark application through the United States Patent and Trademark website.

7) A Willingness to Take Breaks and Stay Curious

It’s common when starting a company that you get tunnel vision. Getting caught up in your day to day isn’t always the healthiest thing for growth.

If you burn yourself out early, you won’t be able to stay in business for the long haul. Also, if you’re focused on a single set of tasks, you’ll close yourself off to opportunities and ideas.

Working hard in business is important but taking a step back, reflecting on lessons, listening to what’s going on in the world, and celebrating your wins is equally vital.

Remember, business is a marathon, not a race. Innovation and inspiration are consistently floating around us. Taking the opportunity to stay aware and stay grounded will be key to your success and happiness.

The Bottom Line

Succeeding with your startup can be tough. Staying mindful of a few key startup essentials can increase your chances of being successful dramatically.

If you’re looking for individualized help to get your startup to where you want it to go, the innovative tools I have for you at AaronVick.com can be instrumental to your success.

I’ve helped business owners like you scale their visions in an innovation-focused fashion. Through my advisory and consulting services, you can expect to achieve the business results you’re looking for in a fraction of the time. Contact me today to receive your business consultation.

For more general information on startups and scaling a business, check out more on my blog.