Thinking about launching a startup this year? Well, you’re in for one exciting ride, but there are a few things you should know before you take off running with your idea. Because let’s face it, you don’t want to end up right back to square one by this time next year.
Know Your Competition
Before you jump to the conclusion that your idea is the best thing since sliced bread, stop and do your research. Make sure that there isn’t anyone else selling the exact same thing. Also, make sure you’re not swimming in a see of similarities. You want your product to be unique so that it it’ll be desirable and profitable.
Budgets Are Your Friends Not Your Enemies
Whether you’re a number person or not, you need to do your math. There is nothing worse than getting full swing into a project and realizing you don’t have enough funds to pay your employees or finish the project. By creating a detailed budget, you’ll be realistic with yourself, your team, and your startup.
Legally Protect Yourself
We live in a world of infinite information. You should practice disclosing little with people or organizations that you do not have a strong relationship with. You worked hard to cultivate your idea and now it’s your time to let it grow. Have anyone involved with your startup sign a Non-Disclosure Agreement (NDA) which can help protect what others are legally able to say about your startup. There are more extensive steps that you can take, like trademarking your startup’s name and applying for a provisional patent.
Pitch It Or Ditch It
Nearly all startups need to garner support by getting funding from investors or crowdfunding. If you find yourself in this boat then you need to nail down an impeccable pitch that will blow your investors’ minds. Check out what Derek Rundell had to say in “Three Things Investors Are Thinking While You Give Your Pitch.”
Now is the time to get your startup off the ground. 2017 will be an amazing year for startups and with these quick and easy tips, you’ll already be in great shape. Tweet @StarterNoise to let us know what you think about launching a startup in 2017.
Colorado Native. Concierge Extraordinaire. Startup Enthusiast. Seattle Living Mama & Entrepreneur. Team Coordinator and Content Contributor @StarterNoise