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Launching a startup is a tricky business. There are few detailed roadmaps for how to do it successfully, and most of the time, it comes down to a good idea, a lot of hard work, and a bit of luck. Not all startups are created equal.
But it’s not all just walking blindly in the dark without a guide. There are some things you can do and not do when launching a startup in 2017. Here is a list of five things to consider:
1. do it
As the part-time philosopher and famous shoemaker once said – do it. Begin. Whatever doubts you have, stop. Don’t worry about doing it perfectly from the beginning or making mistakes – you’re going to – so push them aside, and don’t let them get in your way.
Nothing comes from nothing. Register the domain. Write some code. Get your logo designed. Your willpower is an incredible asset – like a force of nature.
So could you do it? Now. Just start. Why not?
2. Singular brand focus
Branding is crucial for any new business. You are your brand, and if it’s unclear what you are and who you are, it will be dark for everyone else too. Valentin Stalf, the co-founder of the online-only bank N26, discusses their strategy here.
Essentially, they decided to build a mobile-first app, an app built with great design as the guiding principle. Rather than making something purely functional and later asking the user to learn how to use their app because it has some potentially good features they might want to use, they built an app that people want to use – that people understand how to use right away. There was nothing accidental about it, their focus when developing the app was solely on making it a good experience for the end user, and so far, it’s succeeding for them.
What is your focus? What will you do that nobody else has thought of yet? What will you do that’s better than what’s currently available?
3. Don’t be afraid to ask questions
Reid Hoffman, the co-founder of LinkedIn, coined the phrase (and later wrote a book about it) “live life in permanent beta.” This is an important message as it conveys one of the struggles encountered in every startup. It’s easy to become confident when things are going well, and it’s easy to find yourself looking internally rather than externally for answers to questions that arise.
You’re not going to know everything. Sometimes you’ll need the advice of experts. Just remember that it’s not a sign of weakness to ask questions; it’s a sign of strength – of knowing your limits, just as it’s equally important to remember that there is no finish line. Your product will never be done. Keep working and keep asking questions.
Live your life in permanent beta.
4. Find funding from the right investors
It’s essential to surround yourself with people who share your vision. This applies to employees and investors alike. Your investors must understand what you’re trying to achieve with the business and that they know and trust your decisions even if the path forward isn’t always straightforward.
There are a few great online options to help you find the right people. Kabbage is one of the best options out there right now. It takes moments to apply and review your business performance. There are many options from companies like Square, with Square Capital or Fundbox. There have never been so many options available, and getting this partnership right is critical if you want to grow your business the way you want.
5. Don’t lose your great company name
Registering your business name online is a snap with many online business registration sites. You should undoubtedly register your business name as soon as you know what it is, and it’s never been easier to do so.
Beyond losing your name to someone else, in most states, it’s the law. The exception is if you’re a sole proprietor or freelancer using your name to conduct your business. John Doe, the freelance carpenter, doesn’t need to register if the business is solely in his name. Otherwise, it’s the law, as the public needs to know who is running the company.
With any online service, it’s easy to do. So don’t wait! Register your business today, and you have one less thing to worry about on your path to conquering the world of business.
As it is right around the corner, now is the time to get started with your company today! With a new administration, it’s a great chance to kick off your unique idea!
