6 things you need to know before starting your own company

“Follow your passion. Live your dreams. Don’t be a corporate slave”. These might be the things you have heard from your friend while sharing a great business idea with him. We dream to be successful and build up a business that will turn out to be huge in the global domain.

Dreaming about being a successful entrepreneur is definitely appreciated but you need to take further steps. Ahead of surprising your boss with a resignation letter you need to list down the possible consequences of your decision. Looking past the impulsiveness and if you are still ready to go ahead here are a few things you need to do before starting your own company.

Business Strategy

Just like raw talent is wasted without proper nourishment, a great business idea suffers without proper planning. You need to think carefully about the service or product you are going to offer. The next step is a bit of market research, understanding the need and demand of what you have to offer. After you have listed down your completion and worked out your supply chain, it’s time to bring it all together for potential investors. Make proper presentations including financial and marketing plans, your market strategy, the return of investment and company portfolio. It is a strategy that you need!

Legal structure for your company

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You need to have the legalities sorted before you can start your company. Look into fund management, taxes, regulations and permits before you decide what kind of an entity your business should be. Depending on the aforementioned factors you could become an LLC, a corporation or a partnership. It is a primary thing that you must decide before proceeding forward with other steps.

Resources are always scarce, so channel them wisely

No one wants to pump money where it isn’t needed. Ask your friends if you can borrow their skills when required instead of hiring full time experts. You can even have online education arranged for your employees in an essential skill building in marketing, SEO and more. In the long run, these resources will save quite a chunk out of your investment.

Impressive Resume

Investors are looking for someone who is capable and reliable. An outstanding resume helps you build confidence with them. Of course, you must have a resume to which the investors cannot say “no” when you approach them. So, this is one of the first things that you definitely need to do!

Office not garage

Working from home or a café leads to unhealthy lifestyles and imbalance. An office space is an undisputed necessary in the long run. If you are not a freelancer, then you will need a proper space for your business. No matter what business you do, without a proper office space, you will never be able to instil a proper work culture in your business. Hence, fix a proper space for your office where all your employees can work before you start your business.

Keep the back door open

The harsh truth is that most startups don’t see success. So, don’t close any back doors by leaving your job with a sour taste. Complete the notice period and don’t bad mouth anyone in and outside your office. Keep the relations strong so that you can continue having an option.

Entrepreneurship is much harder than it sounds. It may take years to establish and thus, you need to keep your belief.

So, you will have to plan your every step carefully. Follow the tips above and make sure that your venture tastes success!