What to Do Before Launching Your Startup

What to Do Before Launching Your Startup
The Siliconreview
24 June, 2022

Are you getting ready to open the doors of a business? If so, it's imperative to lay the groundwork carefully. That means attending to all the large and minor aspects of the chore, like making a two-year plan, streamlining personal finances to free up extra cash for the company, doing in-depth research on potential competitors, leveraging the power of social media to announce the opening, and joining the local chamber of commerce. Here are details about how to make the most of the few weeks before your startup gets underway.

Minimize Monthly Personal Expenses

Getting personal expenses in order solves two problems at once. First, you get the benefit of lowering routine cash outflow. Second, and more important, as an entrepreneur, you gain access to more capital. Freeing up money for a new company can happen in a number of ways. You can nitpick each expense item and attempt to slice a bit here and a bit there. Or, if you are paying on student loans, a refinancing agreement can consolidate everything into a new loan with more favorable rates. That way, you get immediate access to more funds. For business owners who refinance student loan obligations, the technique is a powerful way to get a company off the ground.

Create a Two-Year Plan

Being a responsible owner means utilizing tools and tips for starting a business and creating a detailed two-year plan. Include competition research results, pro-forma financial statements, estimates of income and sales, expected revenue amounts, marketing plans, and tasks you plan to outsource. Expect to spend several hours completing the document. It will serve you well as both a daily operational blueprint and a way to know whether you're on target with sales, income, and profit margins.

Do Extensive Competition Research

One component of a two-year business plan is a report on competition. Take time to dig in and evaluate all facets of known competitors. Study their websites closely and try to see what kind of marketing strategies they employ, how their shopping carts operate, and how many products or services they offer. Don't confine your research to one session. Spend at least an hour per week studying your competitors' moves.

Use Social Media to Hype the Opening

It costs nothing to wield the power of social media for hyping a grand opening of a new company. Be sure to make a complete, detailed post about the event and send the link to as many people on your personal and professional contact lists as possible. There's no need to spam, but it does help to use at least two social media accounts, like Facebook and Twitter, as your primary announcement resources.

Join the Local Chamber of Commerce

Often overlooked and underestimated, local chambers of commerce are an excellent source of information for new owners of all types of companies. Plus, you can use chamber-related social functions to expand your professional network. Keep in mind that chambers are not in business to earn a profit, which is why most only charge nominal dues for members. For around $60 per month, you'll meet lots of other entrepreneurs, add name recognition for your company, and get off to a great start.