So you've decided to take the first step toward realizing your dream. You're ecstatic about your new idea, believe no one else has thought of it, and are ready to rule your business universe. You're pumped and willing to take on the "entrepreneur" role, and you know you were raised for this moment.
Reality then hits you like a tonne of bricks. Trademarks, patents, registrations, establishing an office, and filing tax returns all take the wind out of your sails.
You look around and notice that everyone running a business appears to know what they're doing. "Where do I even begin?" you wonder.
As the founder of a startup, I understand how you feel. Wading through the stepping stones of creating your vision a reality may appear daunting at first, but having a clear idea of what steps to take first to get your business off to a good start can make a big difference and spare you a lot of time and money in the long run.
So, where do you begin? To make your dreams a reality as a new entrepreneur, you must make every moment count. To that end, here are the top startup essentials from Christopher Salis that every entrepreneur should be aware of before launching their business.
Compelling Website
Setting up an effective website and having a digital presence is almost an unspoken rite of passage for anyone running a business today, as studies show that customers are increasingly learning to research online before purchasing offline.
A website allows you to be visible to the right people, encouraging personal user engagement with your company.
Your website should also have your company's terms of service, disclaimers, and privacy policy, mainly if you accept payments through an online payment gateway.
Understanding What Roles Your Team Members Play
When you, as a founder or founding team, get together, you'll first have to understand the various skill sets within your group and decide who will be doing what in your new company. You should clearly define the framework of responsibilities, roles equity, and withdrawal terms with co-founders as a company.
The goal is to have an open and honest conversation with your team members about their role in the success story you hope to create. It is critical to avoid any future miscalculations.
Draft a Founders Agreement
As soon as the company is registered, draft a founders' agreement based on previous discussions about the roles and responsibilities each team member has agreed to take on. A founders' agreement specifies the various roles and responsibilities of a company's founding members, the equity invested in them, ownership of intellectual property created by them, and their roles and responsibilities. It is a broad agreement that covers many aspects of the venture that the founders are about to embark on, including the implications of their departure or death.
Bottom Line
If you want your startup to stay afloat, you must ensure you are taking care of the startup essentials explained above by Christopher Salis.