It’s that time again! Time to start fresh with a clean slate and make resolutions for the New Year. Have you been considering starting your own venture and finally breaking free from the daily grind? Looking to go out on your own and test the waters of entrepreneurship? There’s never been a better time to start your own business, and what better way to start the New Year than by moving forward with that idea that’s been brewing in your mind?
Launching a startup doesn’t need to be a complicated endeavor. You simply have to get started! Sometimes those first few steps into the unknown can be the hardest part. That’s why we’ve put together these 5 steps to get you moving in the right direction with your startup.
1. Refine Your Idea
Your business is only going to be as good as your idea. You need to spend some time refining it and asking some clarifying questions to determine exactly which way you intend to go with your idea. Is this something that appeals to a broad range of people? Does it fill an already existing need or will you have to convince potential customers of its usefulness? Is it more of a niche product or service? Whatever your idea, make sure it’s something people will actually pay for.
2. Create a Business Plan
Once you’ve decided exactly what your business will revolve around, it’s important to flesh out your business plan. Without a complete and thorough business model you’ll have a very difficult time acquiring the type of capital that you’ll need to get started. Investors want to see that you’ve done your homework and that your business has a very high likelihood of them making a significant return on their investment.
3. Register Your Business and Domain Name
Registering your company name and acquiring a domain name are very important steps in the process. If you don’t officially register your business, investors will not take it seriously and may be hesitant to invest. It’s also important to acquire a domain name early on because it would be extremely frustrating if you went through all the steps of registering your business and acquiring financing only to find out that someone is already using your perfect domain name.
4. Determine Financing
Determining financing is essential to any successful startup. You’ll need to ask yourself, what type of capital will you need in order to fully fund your venture? Different types of businesses will require different amounts of capital. Is it a product that will need to be prototyped and manufactured? If so, you may need quite a bit more capital than, say, an information or service-based product.
5. Decide on Your Work Space
Finally, once you’ve gotten the nitty-gritty business and legal details out of the way, it’s important to decide what type of workspace you’ll need to succeed. Will you start at home and make use of virtual office services? Will you need actual office space that you’ll lease or would rented executive office suites be a better option?
Whatever you’ve attempted, keep in mind that 2015 is a new year and a fresh start! Put together all the lessons you’ve learned in the past and make 2015 the year that you launch your first successful business venture and start living the life that you’ve always dreamed of!