If you’ve just founded a company, you probably feel like you’ve got too much to do with little time to do it in! Don’t worry, just take a deep breath – this feeling of being overwhelmed will only last a short while. One of the greatest antidotes to that feeling of suffocation from so much to do is to create a to-do list of your immediate responsibilities; the following are the most common tasks you need to think about, but of course, add to it with any responsibilities that are unique to your company.
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Test Your Idea ASAP
Before you start paying for all the necessary business set-up expenses, you truly need to test your idea as much as possible and confirm that your idea is viable. The most common reason for start-ups failing is that there is no need for their product. Get out there and pilot your product as cheaply as possible and make sure that there is a demand for it before you go any further.
Make a Business Plan
If you’re particularly good at winging it, you might feel you don’t need a business plan. This is a mistake – it will force you to think through every aspect of your business, including many that you might have missed. It’s often the first step for investment for a reason – remember that your plan can change dramatically at any point and nothing is set in stone.
Decide Upon Funding
How will you fund your business? If you’re looking for funding from actual investors, make sure you’re completely ready and start the process as soon as possible – allow about a year for this outside funding efforts. It’s a good idea for you to get started with a pilot as you’re looking for investment so you can prove that your idea is worth taking a huge risk on.
Sort Out Your Company Structuring
When you have good evidence that there is a demand for your product or service, look into how you should incorporate. Don’t rush this, ask for professional advice if you’re new to company structuring as it will save you time, money and a headache in the long run.
Sort Out Company Culture and HR
How will you run your company? You’ll likely need employees in the short term, even if they’re part-time, so you need to think about how you can employ them and what sort of employment environment you’ll want your company to have. All-in-one software from a professional HR Company can save you needing to create an HR department and will help to keep everything organized.
Get the Necessary Governmental Approval
You should look into the business licenses that you might need to operate your start-up so you can get the necessary governmental approval to operate legally. You should also apply for an Employer Identification Number (EIN), which will help you to separate yourself from your business. You need an EIN if you want to incorporate your business or even open a business bank account.
