10 Simple and Useful Tips to Start Your Start-up
Previously, I wrote on how not to start your start up, but how do you actually start one?
I get this question all the time, people want to know how to start a startup company. The answer to that question in its most basic level is extremely simple.
You start, but doing just that–starting it. This would be a very short blog post if I didn’t elaborate on the subject a bit more in depth, so here it goes.
I’ll try to lay it out in 10 simple steps:
1. Become Obsessed
At first my start-up was nothing, but a fleeting thought. It would come and go as I got distracted with my daily life and my monotonous day job tasks.
Slowly, the idea started to take root, concepts started to take shape and everything comes together and soon my start-up was all that I could think about.
At one point there was a shift from: It would be nice to do this, to I must do this, a sense of responsibility to bring something new to the world and our lives.
Simply put, to create and innovate became the new priorities in my life, I was distracted to everything else except my start-up. To this day, I still wake up at 4:30AM and I can’t go back to sleep as my mind continues to obsess about my start-up.
2. The Devil is in the Details
There are lots of steps in order to start a new business. Don’t worry about all the little details, there will be plenty of time to do that later on.
3. It’s All About the Brand
Choose your start-up name wisely. I know we’re all eager to start building this awesome new thing, however it pays to research and choose the proper name for your company.
Two most important things are to check for trademarks and domains availability. Don’t forget to do a local/state search to make sure that the name is available. If you’re chosen name is available then register the domain name and file for a trademark, this will ensure that nobody else can copy your name.
4. Make your Required Donation to the Man
So you think that you’re idea will make millions right? Well the your local/state and federal government hopes so as well so don’t forget to obtain all required licenses, business tax receipts (if required) and your very own tax id number (EIN).
Choose how you want to structure your business, Corporation, LLC, etc…
Hint: There are pros and cons to each one of them, choose wisely and get legal help if needed.
5. Build, Break and Rebuild
Once the start-up has been cemented in your head you will break down walls and layout a new plan, trust me this will happen sooner or later. Your job will be to ensure that this happens in the right time and that the new plan is better than the first.
6. Surround Yourself with Like-minded People
Not all your friends and family will understand what you are trying to build. After all some people lack the technical knowledge and even those that are technical doesn’t know the founder’s vision.
Entrepreneurs are natural leaders and playing safe is a sure way to become obsolete or even worse not even starting it in the first place.
7. Decisions, Decisions, Decisions
If you read this far is because you really want to start your own start-up. Well, then get used to making decisions. I know it sounds easy and to some even enjoyable, but trust me you will have to make lots and I mean lots of decisions and the bad the news is that they all will cost you time and more importantly money.
When I first started, I expected to make decisions, what took and still takes me by surprise is how many decisions I have to make during our day to day operations.
Regarding the decisions you make my main advise is don’t take too long to make then, the money you will potentially save is much less than you think, especially once you factor in your time.
8. Plan for the Unexpected
When starting a company, there is only one thing that is certain which is that things will inevitability change. When they do the quicker you adapt the better. Don’t waste time, it is one of you most valuable resources, just it well.
9. Ask for Help
Don’t try to do everything yourself, as for help when needed. At first you will have to do everything yourself, however get someone to help sooner rather than later. Even small decisions that you don’t have to make saves you valuable brainpower to devote to the bigger decisions.
You need to believe not only in yourself, but in the company that you’re building, more specifically in your company’s mission. As they say, believing is half of the battle. Other will try to stop you, that’s status quo pushing back, fighting to keep things the way they are, you must move forward. Innovation is inevitable, the only question is who will be the ones which will make it happen?
As always we love to hear your feedback and ideas. Hope this was helpful and as I learn more I’ll post here.