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Top 5 Foundations of a Startup Business

Starting a new business of your own is never easy, especially if you’re used to being an employee. When you’re employed, you don’t have to bear that much responsibility and usually someone else makes the decisions and you just execute orders. Changing from doing that to making decisions of your own can be tough – every choice is paramount to the ultimate success or failure of your venture. You know that you can’t pin it on someone else – it wasn’t your boss or your manager that was in charge, it was you. However, you don’t need to worry about all of that. You begin every new undertaking in your life inexperienced and uninformed and build up from there. This is not much different. The important part is to achieve the right mindset and not to rush into anything. Here are 5 foundations of a start-up business you need to be aware of.

I. Integrate your passion into your business:
 As we’ve already said, starting a business is not going to be a walk in the park. There will be a ton of things you will need to do before you actually get it going and start making a profit. It will take a lot of time and energy. That’s why integrating your passion – what you love doing, into the business would be an enormous benefit for you, if it’s possible. If your personal preferences and tastes cannot be monetized in any way, shape or form, then at least make sure that you’re an expert in the field in which you want to build your business in. Don’t start a business venture just because someone told you that something you know nothing about will bring you lots of money.

II. Create a business plan:
Starting a business without having a business plan is a financial suicide. You need to have at least a basic answer to some of these questions:
  • What is your business activity going to be.
  • How are you going to conduct it (hiring people, renting a place for a base of operation, etc.).
  • Where you are you going to find funding (do you work right now, do you have capital, are you getting a bank loan, do you have an investor).
  • How are you going to attract customers (SEO, SMM, and more).
  • How are you going to advertise yourself and more.
Until you have at least fundamental grasp of these concepts, we advise you not to go forward. Answer these question and don’t rush anything. You will have enough time, especially since you will also have to gather tons of information.

III. Information, information, information:
Information is crucial for a startup business. You need to learn everything you need to know about registrations, taxes, requirements and take care of the bureaucratic aspect of starting a business. Once you know what kind of business you want to start, you need to discover the wonders of bureaucracy. It’s best to be meticulous in this because you can easily get into a mess and then it’s going to be very hard to escape from it. The best way to go about this is to do your own research first, and then hire experts based on what you’ve learned. On the bright side, this will give you some more time to think about your business plan in case you haven’t answered all questions yet.

IV. Setting up Business Banking:
Once you’re done with the first foundations, it’s time to turn your attention to a foundation number – business banking. You will need to open a specialized bank account for your business. This will enable you to keep track of your business growth, your investments and more. It will make your life much, much easier. It would be worth considering setting up online banking for you business. This helps increase efficiency of payments, increases visibility of payments and will reduce time being spent on banking.

According to research from MISYS Banking Systems, banks are generating 25% of their sales volume via digital channels such as online banking, so it’s clear that banks are going to be keen to encourage more businesses to switch across to online business banking.

V. Professionalism is Key:
Once all of the above is out of the way then it’s safe to say you have a legal, working business. Now the real work (and the hard part) begins. It’s crucial that you’re highly professional from the beginning. Don’t think that you’re allowed screw-ups just because you’re new. You don’t get many chances to create a good impression, so use what you have and don’t waste any opportunities.

There is plenty (and we do mean plenty) more you have to do in order to get your business up and running, but these 5 foundations are key to every successful business venture. The rest is lots of hard work, sacrifices, finding the right people for the right job, and of course a bit of luck.
Image source: Expertbeacon

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