You may have ticked brilliant idea, kick-ass passion, and cute logo off your business checklist, but if you really want to give your baby the best chance of success, make sure you also mark these points off too!
Business checklist 101
We’re going to assume you’ve nutted out the nitty-gritty of your branding strategy (your values, mission statement, audience …) but have you worked out how to market your goods?
While branding is the first step in this process, you’re also going to want to consider an analysis to identify your strengths and weaknesses, how to overcome them, and ultimately amplify your unique selling points.
This might include promotional activations, creating a website, establishing your social media presence, an email nurture sequence, ideas for a lead magnet, recommendations for business and influencer collaborations, investing in some digital advertising, and even giving some old-school PR some love.
If you’ve already got something set up, take the opportunity to revisit and review your marketing strategy every quarter – focusing on what has changed in your business, and how you’re going to let your customers know all about it.
A bit overwhelmed with the thought of wearing all of the hats? Divert your attention to what you’ll be having for Friday drinks and leave it to the pros. We know a guy … (okay, a gal) … or two, who are all over it.
The right side of the law
Legal talk isn’t the sexiest subject in town, but it IS important. Speak to an expert and get them to explain trademarking, how your business will be legally structured (are you a sole trader, partnership, limited liability partnership, or limited company?), whether you need to create and sign contacts or other documents and all things tax registration and liability insurance. Heads up: It might be a pricey consultation, but it’s definitely a worthwhile one.
Mo money, Mo problems
From materials to marketing, you might need a little moolah to start up – or continue to support – your brilliant business idea. We suggest working through your financials when you put your business plan together. But it’s also important to be prepared and adaptable to fluctuations that may come up throughout the year. Research supplier pricing, overestimate operating costs and check out our recent posts on crowdfunding and grants for female business owners for some tips on getting outside financial support.
All of the admin
Bookkeeping is definitely the less glam side of being a boss babe, but it needs to be done. Some of the stuff we suggest keeping on top of, include:
• Reviewing subscriptions to apps and deleting those you don’t use
• Getting your inbox in order for anything you regularly delete without reading (Unroll.Me app is an excellent tool for this)
• Making your social media presence known by engaging with your online community, and
• Doing regular audits of your website to ensure your details, offerings, FAQs are always up to date.