Starting a new business is a heck of a ride. It’s part rocket launch, part roller coaster, and part ‘why on earth have I just done this?’ If you’ve taken the leap into entrepreneurship, there’s not really a way back now. So we’re going to say congratulations, you are brave, you are bold and possibly already running low on a lot of coffee and sanity.
But whether you’re planning to build a global empire or you just want a comfy corner shop with books and coffee, all startups need a few essentials to move from great idea to excellent business. You need a notebook or a napkin, and you need our 10 things that your business will need to get off the ground.
A modern website.
Not only do you need a business website, but you need a website that doesn’t look like it was built in 2003. The digital storefront that you have is your website. So even if your business is brick and mortar, you still need a web presence that tells people who you are, what you do, and why they should care. It’s not just about having a website, you need to have one that works. Good SEO & web design are your best friends here.
Search engine optimization makes sure people can actually find you on Google when they look for you. Great web design makes sure they stay once they arrive. You don’t have to blow your entire business budget on a custom coded masterpiece, but you do need to invest in a website that loads fast, is mobile friendly, looks professional with clear navigation and answers the most common sense basic questions about your business. It’s a good idea to make sure that your brand is splashed well across your website, but you also need to make sure that you’re not losing credibility. You want customers to click on what you’re offering.
A business bank account.
Mixing personal finances and business finances is never a good idea. It’s like putting catch up in your coffee instead of Creamer. It seems harmless until it’s not. It’s a smart idea to open a separate business bank account to keep things organised, to simplify your tax filing, and to prove to the IRS that you’re a real business, not a side hustle with a logo.
When you bring an accountant on board, this is one of the first things they’re going to tell you to do. You don’t want your personal money getting mixed in with your business money because your business money is going to go on things for your business and your personal money will not.
A brand that means something.
Logos are fun to make because who doesn’t love playing with colors and fonts? But branding is so much more than just slapping your name on a fancy business card. Your brand is your identity, and it’s the identity that people will trust and remember. You have to work out what your brand is going to stand for and the tone that you want to use with it.
You have to ask what your colours and your visuals are, and whether or not they reflect your values and your vibe. You need to have a business brand that stands out for all of the right reasons because branding is going to help you to build trust with your customers. If you can imagine your brand like a person at a party, would people want to approach it, or would it be awkwardly standing near the snack table? You want your brand to be bold, and you want it to be able to stand on its own two feet.
You need the legal paperwork.
Paperwork is not a sexy thing at all, but if you want to avoid future headaches for your business like lawsuits or surprise audits, then getting your legal ducks in a row is smart. Depending on where you are and what you do, you may need to have permits, contracts or NDAs, a business licence, and either an LLC or a corporation filing.
This is not something that you should just wing by yourself. Hire a lawyer or consult someone who knows more than you do. It’s OK to consult people that know better than you do because you are just starting out and they’ve been in this for a lot longer than you have.
You need savvy social media.
The one thing that you’ll notice a lot about websites like LinkedIn is you’ll get a lot of people writing supposed inspirational paragraphs after paragraphs about how they defeat the odds and become the best they could be. It’s cringey and no one wants to read it. No one is truly inspired by a post like that. It’s just all a lot of shoulder rubbing and brown nosing.
You don’t have to be on every platform either. Pick one or two where your audience actually hangs out and do these very well. If you choose based on where your people are, you’re going to be more consistent and you’re going to be able to show those behind the scenes moments. Oh, and please don’t buy your followers. It’s like bringing mannequins to a party. It looks crowded, but if no one’s actually engaging, you’re not going to be favoured much with Google.
You need a solid elevator pitch.
When people ask you about your business and what you do, you need an answer that’s easy, short, and makes them feel impressed. The best way to do this is to build a pitch that says who you help, what problem you solve and why you’re different.
It doesn’t have to be long winded, it can be very straightforward and easy, but as long as people understand what you do, they’re going to be more interested in it. Try not to use stupid buzzwords like synergy or blue sky thinking in your answer when people ask you what you do. You want this to be unlike every other business that’s littering LinkedIn right now.
You need some customers.
You definitely do not need to have 10,000 Instagram followers to have a real business. You just need one person to trust you with their money, then another, then another. Let’s not forget that every happy, satisfied customer who buys from you is going to recommend you to others who will then also become happy and satisfied customers.
Offer your service to friends and family first, but make them pay, even if it’s a discount. You’re running a business here, not running a charity. You can then reach out to local groups or forums and then do free work strategically to help you to build a portfolio or get testimonials. Don’t make a habit out of working for exposure though, because you can’t pay rent with likes and your landlord definitely won’t accept that.
You need a way to get paid.
As easy as it is to give people your PayPal email address, you need something more solid than that. You need invoicing software like QuickBooks to help you to build your invoices out to your clients.
In the business to business or retail world, you need to have real payment infrastructures and you need to make it easy for people to give you money. You’ll be surprised how many businesses fail because they make it too hard to pay them.
You need a business plan.
While you don’t need to have a 50 page investor ready document, you do need to know what you’re selling, who you’re selling it to, how you’re going to reach those people, how much you’re going to charge, and how you’ll make your money. Write it on the napkins, get you in a notepad or mind map it on a whiteboard.
No matter what you do, have a basic plan so that you’re not just winging it if you know all the insurance and outs. You can then flesh these out later with a business partner. You don’t want to go with improvisation here because your business still does need to have a structure even if your day-to-day life is improvisation.
A good support system.
Lastly, starting a business is amazing, but it’s a terrifying, confusing, and lonely thing to do if you’re doing it on your own. One minute you’re designing an amazing product label, on the next you’re Googling how to unclog the office sync while filing for an EIN.
You need people around you. You need mentors, advisors, entrepreneurs, a group chat where you can just scream about the fun things that you’ve just done. You need a good sense of humor to go with your support system because there are things that are going to go wrong and these are the things that will help you to learn.
Launching a startup is like building a plane while flying it. Terrifying, exhilarating, and eventually you’ll land safely.
