As an entrepreneur, you have an incredible amount at stake as you begin building your business.
Often times, you may be running off of pure enthusiasm and passion for the industry you’re entering with your new venture. Before going at it with all your energy, it’s essential to take a step back and make sure you’ve got all your bases covered for a successful foundation.
When starting a new business, there is a lot to consider. That said, there are some things that are more important than others. It never hurts to have a checklist to serve as your guideline for a successful eCommerce startup. If you’re an entrepreneur who is in the beginning stages of building a business, here are 7 key rudiments you need to know before you get started.
As an entrepreneur, you have a brilliant vision of your startup eCommerce business. Depending on the type of business and your resources, you might be working solo, or eventually involving others in the process. When you’re going it alone, or require only minimum investment from outside parties, it can be tempting to get lost in the day to day responsibilities. You only have to focus on the vision you have in your mind.
This is a critical mistake that many entrepreneurs make in the early stages. Fortunately, a well-developed business plan is all you need to remedy the situation.
A business plan serves as an official roadmap for your business that outlines your goals and how you intend to reach them. Some entrepreneurs shy away from creating a business plan because they think it has to be this long, drawn-out document. This might be the case for larger companies, but as an entrepreneur, your business plan can be relatively short and straightforward.
So, why is a business plan one of the 7 essential startup rudiments for your business? Because a business plan helps you get down onto paper, all the essentials of starting your business. Entrepreneurs with a business plan in place are more likely to secure funding in the form of loans and grants.
What should your business plan include? Here are a few of the basics:
- An executive summary
- An overview of your business, including information about what you’re offering
- A detailed list of goals and milestones
- A marketing strategy
- Information about key team members, partners, etc.
- Financial information
Build a Website
It doesn’t matter what type of business you’re starting; a well-designed website is essential. The majority of consumers head to the internet when they have a question, have a need for a service, or want to make a purchase. In today’s market, they will have various options in front of them. Without a website, you won’t even be a blip on their radar.
There are a few well-known, build-it-yourself web design platforms. Yondo has many pre-built templates available to help you instantly launch your business. You can create a lovely looking, a base-level functional website using them. It’s worth the small investment to reach out to a web design agency if you need additional customization. (Yondo also offers a turnkey package to create a custom-designed website if needed). There are many options available to create a professional website that gets the attention of both your audience and search engines for SEO purposes.
Take Care of Legalities
Even if you’re running a relatively small operation, there are legalities that need to be taken care of for the security of your business. It’s important to ensure you’ve tended to all of them. You’ll want to make sure you’ve completed each small task. A few of these tasks may include requesting an EIN, registration of your business with the local municipality if required, determining your legal business status, and learning about tax requirements. It is recommended that you contact an attorney or accountant to help you navigate some of the more complex legal areas of setting up your business.
Dive Into Marketing
Speaking of SEO, how can you plan to build the type of online presence that makes it easy to connect with your audience, and nurture your relationships with them? It’s easy to learn a few of the digital marketing tips by reading online or taking a quick course. However, the question remains whether you will have the time to handle it on your own?
Marketing can take up more time and resources than you can imagine. However, as a new business, it’s essential that you establish yourself online. You should begin working on building a brand and a solid reputation as soon as possible. In most cases, this is going to best accomplished with outside help.
Reach out to a digital marketing agency to discuss some ideas for marketing your business. You can get a feel for the scope of a successful marketing strategy. Even if you decide to tackle marketing on your own, it’s important to start with an outlined plan. You will also need to research integrations that can make the job easier.
Draft Your Documents
It’s critical to have proper documentation for every aspect of your business, These documents will include verbal agreements that may have taken place between you and friends, family, or associates that you have a financial or business-related agreement.
Documents such as a founder’s agreement that outlines the roles and responsibilities of every involved party and shareholder’s agreements are essential for ensuring everyone is on the same page, avoiding conflict, and protecting yourself from a legal standpoint.
Gather Your People
As an entrepreneur, you may start out thinking you can handle every aspect of running your business on your own. Trust that no matter how hands-on and self-motivated you are, there will come a time when you need advice or assistance from outside sources. It’s a smart business move to make these contacts before you need them.
If you’re starting your business and anticipating the need to hire a team, whether it’s one person or twenty, you want to get a head start on this process. The responsibilities of running a business full time begin to consume your days. Consider who you want on your team. What qualities and talents they bring to the table. And, how you’re going to attract them to your startup? Social media can be an excellent platform for networking and attracting talent to your startup. It’s a good idea to work towards establishing a social media presence sooner rather than later.
Have Backup Plan
Nobody likes to think about the possibility of something disastrous happening. However, disasters with the potential to take down a business happen all the time.
It’s crucial that you not enter into business without a plan in place to protect it against threats of both technology and nature. A single data breach is difficult to recover from when starting an eCommerce business. A large portion of small businesses that get hacked end up closing up shop. It’s worth the investment in developing a data backup and recovery plan. Be sure to research your options for data security.
Get In Touch with the Business Solutions You Need Today
As an entrepreneur, you have a lot on your plate. We want to help you discover the solutions that can streamline the job of running your business. When you’re considering how you’re going to market your business and communicate with your audience, stakeholders, or team members, we’re here to offer solutions like all in one video capabilities that elevate your brand experience. Reach out to Yondo today and discover how we can help you build an incredible business.