Launching your brainchild is sexy, exciting and even further; an opportunity that you may have found the niche your audience is looking for. It may take time, but as you progress it will become clear if you’re on the right track. So at this point, I’ll assume you have a brilliant idea and that your business can/will take off. Stop, first, and be sure to check off these 5 very-unsexy tasks:
Writing the Mission Statement
You’re all excited; you have your plans all laid out, right? You say it’s all in your head? There’s a reason why you need a template for success. Writing a plan brings your concepts into reality and you can monitor actionable ongoing efforts. Refer to it regularly. No need to make it frilly, but make it succinct and tell your story.
Who are you in business with?
Having a friend or relative as a partner can be ideal. You know each other well and perhaps play well off each other. Discuss and draw up a preliminary partnership agreement. Contracts are the un-sexiest part of business, but dive in, and clarify what parts of the company you are each responsible for. How much of the business do you each own? Consider too, if either of you are married, what would happen in the case a death or divorce, would you then become a co-owner with your partner’s spouse? Writing it down will help clear up misconceptions and prevent future questions.
Looking for investors?
Perfect your pitch deck! Even at the seed stage you need to present your story (see mission statement above) and tie together the logic behind your plan. Be compelling and factual. It’s all about numbers and whether your product will be accepted. When you get those meetings? Ask questions of prospective angels. If they see a flaw use this meeting as an opportunity to fill a hole
Where will you do your work? You can’t work 24/7
If you’re not funded (and even if you are) starting small means pinching pennies. If this is a business you can initially run from home, do that. If so, try to set aside a confined space for your operations; a place that you can walk away from. Spreading your work all over your lifespace blurs the line between life (which you need) and your work. Only by being able to walk away, can you regroup your thoughts and bring clarity to nagging issues.
Licensing, what’s that?
Many cities and states require that you register for a business license; even if you are operating from home. There may not be taxes or payments due, but they are your first steps to a legitimate business. If you’re selling a product, you may also be required to collect sales tax. To cut down on the stress, click here to a site that is a one-stop for every state.
If you’d like some help, you can contact me. But once you’ve got these boring details under your belt, you can go ahead and rev up the unicorns, ’cause it’s time to get sexy!