Starting a business always sounds like a really fun idea in the beginning. However, once you get down to work, you quickly realize that there are countless tedious tasks that need your attention before you can even launch. There’s market research, website development, cybersecurity concerns, legal technicalities, financial issues, and the list goes on. While you might want to rush — or even skip — some of these essential steps, the boring parts of starting a business hold incredible value and promise long-term payoffs.
Are you new to business ownership? Here are some ‘boring’ but essential tasks to tackle as you prepare your business for launch.
Conduct Market Research
Once you have a business idea, doing market research should be your very next step. Many entrepreneurs fail because they believe in their business idea but don’t actually take the time to find out whether it’s viable or not. Good market research will not only help you determine if there is a need for your product or service among your target audience but also how you can best sell to them and beat out your competition.
As QuestionPro explains, there are four different ways to tackle market research. You could do the research on your own by studying your competitors online and reading reviews and feedback left by their customers. You could run surveys and focus groups to find out what consumers would think about your business. You could purchase detailed market data from a research firm. Or, you could hire a research firm to run a sophisticated market analysis and dig deep into the shopping behaviors and purchase decisions of your target customers.
Build a Website
Next comes the task of building your online presence. While setting up social media accounts and engaging with potential customers can be fun, building a website can be a huge headache. Many entrepreneurs choose to use website builders to make the process quick and easy. If you’re on a tight budget, this may be preferable to hiring a professional web developer.
Populating your website with content can also be painstaking, especially if writing isn’t your strong suit. This is where it pays to hire a professional! If you want someone to look over your content for clarity, flow, and grammatical accuracy, look for editing and proofreading services through various online job platforms.
Invest in Cybersecurity
While establishing an online presence for your business is a necessity, this will also put you at risk of cybersecurity attacks. Spend some time shielding your business from cybersecurity threats as soon as possible! Use strong, unique passwords for every online account you set up. Educate your employees on cybersecurity best practices. Use VPNs, firewalls, and anti-malware software on your devices. Know how to stop phishing emails and other common online scams that can put your business network at risk. You can never be too careful!
Register Your Business
Learning about the legal requirements involved in starting a business is undeniably boring. However, overlooking your legal responsibilities can really hurt your business down the road, so it’s important to get everything set up properly from the start. Register with your state, establish your business as a separate legal entity, get an EIN number, and obtain the licenses and permits you need in order to operate legally. There are countless online guides and resources that can help you navigate these complex legal issues, and you can always hire a lawyer if you’re looking for expert advice.
Get Insurance
Insuring your business is another important preventive step that will protect your business from financial issues in the long run. As a business owner, you are responsible for the well-being of your customers and employees. Any potential mishap could prompt someone to take legal action against you. Thankfully, business insurance will protect your assets if a customer or employee decides to file a lawsuit, so make sure you review your policy options before launching your business.
Develop a Financial Management Plan
Managing finances isn’t very fun, but creating a reliable and scalable accounting system will give your business the freedom to grow without running into major administrative roadblocks. Start by opening a separate business bank account to differentiate between your personal and business finances. Next, find a reliable accounting tool that will streamline your financial management process. There are many options available online, some of which are free, so you should be able to find something that meets your needs. You may even want to hire a professional bookkeeper to help you out!
Secure Funding
Many startups need to acquire funding at some point. The good news is that entrepreneurs have many different avenues for securing startup funding. You can start by “bootstrapping,” or financing as much as you can with the money you already have. If you need to bring in some outside sources of funding, ask your friends and family for help, launch a crowdfunding campaign, and apply for grants. If you’re launching a local business, check with your Small Business Association (SBA) for available loans and funding programs. You may even be able to connect with an angel investor through your local SBA.
Launching a business can feel like a very long process. There is just so much administrative stuff to get out of the way before you can start selling to consumers. While it can be tempting to rush through the boring bits so you can get to the fun part, try to take your time with the fundamentals. By establishing a strong foundation for your new business, you will have all the tools you need to thrive!
Want to hold a custom financial wellness workshop for your employees? Empower your employees to take ownership of their financial health with workshops from SavviHer!
We’d like to thank Lucy Reed for her partnership and dedication to helping educate women on their financial options and empower them to own their financial futures. Lucy created Gig Mine to help others dig up sharing economy opportunities in a user’s area, all in a single location, so users don’t have to jump between multiple sites. It’s the new and improved way to get a gig job!
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