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5 Things to Add to Your Startup Checklist in 2020

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5 Things to Add to Your Startup Checklist in 2020
Cropped image of businessman drawing management chart at desk in office

Congratulations! You’ve decided to start a new business to kick-off 2020.

Although it all starts with an idea, you need more than just creativity to get your startup off the ground.

Entrepreneurs are responsible for everything from branding and marketing to staffing and monitoring inventory. That’s why you need a startup checklist to guarantee all aspects of your new business are covered and accounted for.

Ready to learn what it takes to succeed as a startup in 2020?

Let’s get into it!

Ask Yourself Why?

Before you get your startup off the ground, ask yourself why you’re starting this particular business. Why will customers care and what do you have to offer them?

With over 30 million small businesses currently in the United States, you need to stand out with a compelling message. Personalize your brand identity. Most purchases are driven by emotion, not logic.

Your brand should have a clear message that embodies your core values. Often, your business values and personal core values are similar, if not the same. 

Create a business model that details the viability of your business idea. This model should include the purpose, goals, and plans for achieving these goals. How will your business fulfill its purpose?

When times get tough and you feel discouraged, your core values will help remind you of why you decided to create a startup in the first place. An online agenda and strong time management skills can also help keep you on track for success.

Surround Yourself with Likeminded Professionals

There’s strength in numbers. One major mistake new business owners make is trying to do everything themselves.

It’s common to consider your startup your baby. You want to be in complete control of all aspects of the business, at all times.

Not only is this impractical but it’s also exhausting!

Don’t be afraid to ask for help. Look to mentors and other professionals in your field for guidance and advice. 

Once your startup is established, hire likeminded individuals that you trust to help share the daily responsibilities. 

Budget

Money makes the world go ’round. When crafting your startup checklist for 2020 be sure to include in-depth information about your current budget and future financial plans.

Make a list of startup expenses including everything from rent and insurance to payroll and inventory. Account for your marketing budget and other incidentals. 

How much do you need to make to turn a profit? Where do you plan on getting financial backing from? How much are overhead costs?

Calculating all of these figures beforehand is crucial to avoid a financial nightmare later on.

Take Your Startup Checklist and Reach for the Stars

Entrepreneurs need motivation, drive, and a vision for the future that not everyone has. If you’re embarking on business ownership in 2020, a startup checklist will help keep your plans on track.

From budgeting and having clearly defined goals to learning from the best in the business, these resources will set you on the path to success.

Need more help and advice on entering the business world? Check out our culture, growth, and resources page for plenty of helpful articles. 

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