We may receive commissions for affiliate links included in this article. This is a sponsored post. Future Sharks makes no warranties about the statements, facts and/or claims made on this article. These are the opinions of the author. Read our advertising and contributor disclosure here.
Whether you want to be an affiliate or any other will depend on how knowledgeable you are about the type of business. Most of the times, such business ideas with catchy phrases seems to be very attractive for the novice but one who has done quite some research on the internet will know the bigger picture and the flip side of the coin.
If you are such a knowledgeable and reasonable entrepreneur then here are a few things that you should know. This knowledge will help you to prevent from falling into the common potholes that most startups find more often than not. Remember, it is all up to you ultimately as to whether you want to be happy catching the small fishes within your comfort zone or want to catch the big fish that are widely available at the larger pools with little time, planning and effort.
Usually, startups have a wrong concept at the first place and make all wrong decisions down the road and end up in a state where they have choose between two options: Give up the idea altogether or start all over again anew.
On the contrary, you should ideally have the following frame of mind:
- You must be determined to take the most fruitful first step
- Follow your dream and business goal passionately
- You must be thrilled at the thought that you are trying out a new idea
- Expect the best and have a positive frame of mind
- Believe that your idea is unique and even if it is not work towards making is so
- You must be ready mentally to be the master of your business universe
- You must be fired up at the thought that you are an “entrepreneur”and
- Believe that you are born for business and for this moment.
It is then you will be able to face the reality no matter what it has in store for you and nothing will hit you below the belt like a ton of bricks.
You must relate to this feeling with your actions, all positive ones and also increase your knowledge with constant learning and continual research. You must be well versed with the terms and requirements to set up your business some of which includes:
- Trademarks
- Registrations
- Patents
- Office setup
- Computing and filing tax returns and more.
Though not all will be required for your specific type of business but such knowledge will surely help you a lot to take the wind considerably out of your sails.
In addition to that it is also essential for you as a startup to know something more such as:
- About the market as well as know exactly where to start and draw a line.
- You must know what you are doing and whether or not it is at par the requirement of the market as well as the demands of your customers.
It is only then you will be able to deliver what your consumers wants which is the primary key to startup success. Remember, it is not easy to make your dream a tangible product as you will have to wade through all the stepping stones that will help you to fulfill your vision and mission.
In addition to that, you will be able to expedite your success if you know and have the following:
- A clear understanding regarding the steps that you should take first
- How to give your business a kick start and
- How to make a real difference from your competitors.
All this will save a lot of time and effort as well as a lot of money in the long run.
Steps to follow
You will come across several businesses and websites that are not successful. A few online stores will have a large number of organic traffic while others may not have any, a few informative sites will have a large number of followers but few may not have any takes for even the best debt consolidation reviews posted even after the best of their efforts. It is the same for entrepreneurs as well especially the startups. Why is this difference?
As a new entrepreneur and to be a successful one at it, you must know how to make each and every moment count and productive so that you can reach to your business goals easily. In order to do exactly that, here is a list of startup essentials that you should follow as an entrepreneur to kick start your business.
- Design up a good website: This is essential as it will ensure better online presence. Research shows that customers are more interested in online research to learn more about a product before buying it offline.A good website will make you visible to the right people and with the right content in it this will encourage them to buy your products with a higher level of personal customer engagement established with your company. Include the terms of service, privacy policy, disclaimers, and other elements in it to build customer confidence in your brand.
- Role of team members: You must also understand the role of the team members and their different skill sets. This will enable you to decide who will do what and set out a clear and more effective framework for their roles, equity, responsibilities, and terms of departure. This will result in an honest and open discussion so that they can build their part of success story. It will help you to avoid any future miscalculations and maximize your strengths.
- Register your company: If you want to build a scalable business and get more funding options it is important to register your business as a private limited company. This will help you to offer employee stock options, attract new and top talent and add credibility and trust.
Make sure that you draft a good founder’s agreement with all roles and responsibilities mentioned clearly in it for each. This will allow a better relationship in the longterm. Also have an agreement with the investors and shareholders to make the rights and obligations clear, trademark your name, and apply for service tax registration.
➡ Looking to get featured on Future Sharks?
