Starting a business is no easy task. You have to consider a number of variables that often catch new entrepreneurs by surprise. Not only are you planning for your own long-term commitment, but eventually you’ll want to take on a staff (if you haven’t already) and figure out how to fund various other business needs.
Unfortunately, it is extremely easy to get caught up in things that just aren’t that important. You may find yourself worrying about your logo or how to handle your website before you’ve even considered the more important pieces of the startup puzzle – like what your startup is actually going to do.
Here is a look at five things new startups really shouldn’t worry themselves about.
Long-Term Business Plan
This is one area that catches new startups more than any other. You’re trying to capitalize and plan around something without the most important variables in place to do so. Launch the product or service first and see how it resonates with your early customers. If it takes off, that’s great. If it doesn’t, your business plan will need to change anyway and that time spent planning could have been spent developing a better first product.
There are plenty of reasons you might consider your logo to be a vital part of your overall brand. Corporations spend millions of dollars researching colors and looks for their logo. You neither have the time nor the money to invest in such an endeavor.
Instead, put together something quick and easy. Having your name in a certain font or putting two basic shapes together behind your brand will work in the meantime. You can always change this later. Worry about what you have before you spend too much time thinking about how the logo looks.
Unless you’re building the next Twitter, don’t worry too much about where your blog is hosted. Every penny spent before money comes in is a gamble, and you should take every step necessary to minimize loss.
Even free hosting on WordPress is fine. You just want to get something out there you can direct people to for more information. Many startups use social network pages as their home page, and for good reason – It’s easily shared and subscribed to.
Accounting and Finance
Don’t invest too much of your limited resources in accounting until you have a lot of money to account for. Simple online services work great and give you something you can hand to a CPA (Certified Public Accountant).
When the time comes that your company needs advanced accounting, you’ll probably want to hire an accountant to do this. But don’t spent a lot of money trying to do it yourself. Your time is better spent developing a product that customers will want to buy.
Slogans and Gimmicks
We live in an world where being real is the best way to attract the attention of people that are most willing to support you as you start out. Don’t waste time trying to portray a gimmick unless that gimmick is your product. You’re far better off just sticking to your brand and developing what your company is as you move along.
Starting a company just to start one is a bad first step for any entrepreneur. You should always start one because you have an idea or a set of skills that you think is going to solve a real, unique problem. What can you do to change the way people think about bottle caps? Even if you think you have a witty slogan or gimmick, having an idea for a real product or service that people will want to buy will go much farther.
Remember: Investors buy ideas, not decorative slogans.
Keep these tips in mind and you’ll be better prepared to invest your time in a way that maximizes your startup’s profitability. Starting a company can be difficult, but it really doesn’t have to be. Focus on your product and/or service first, and everything else will fall into place.
image via Peter Kaminski