Entrepreneur's Game Plan: A No-Nonsense Startup Checklist
DeTravius Bethea, Esq.
Hustling smart beats hustling hard. You're not just playing the game; you're changing it. Startup success isn’t just about what you do, but how and why you do it. As Sun Tzu might say, "Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat."
Gear up, lock in, and make those moves, here is a list to get you started!
Gut Check on Viability: Look, if it ain't profitable, it's just a hobby. Would you buy it? Do the math.
Money Moves, Lock Down Your Cash Flow: Underestimate your runway, and you're playing yourself. Line up your resources, whether it’s your savings, a side hustle, or your partner's support.
Family Buy-In, Your Unofficial Board of Directors: Get your family on board. You'll need that home court advantage.
Safety Nets: Insurance and Legal Stuff: Health, life insurance, family trust, and an updated will – cover your bases.
Business Name: Make It Memorable: It’s gotta stick. Google it, search state and federal records. Make it unique.
Domain Game: Lock It Down: Your domain is your digital street cred. No bargain-bin hosting.
Legal Structure: Set the Foundation" Skip the sole proprietorship (or not); it’s amateur hour. LLC or S-Corp? Do the tax math.
Tap into your contacts. Don’t sell, build relationships.
Skip Time-Wasting Partnerships-Focus on the hustle, not empty talks. Sales first, partnerships later.
Sales and Marketing: Always Be Closing-Listen to your customers, tweak your game. Stay agile.
IT Security: Lock It Down-Hackers, crashes – don’t let tech woe crash your party. Backup and secure everything.
Sales Team: Your Revenue Warriors=You can't be the only salesperson forever. Build a team to scale up.
Mentorship: The OGs Know Best-Get a mentor who's been where you’re heading. Their hindsight is your foresight.
Business Credit: Get on D&B’s Radar-No D&B profile? You’re invisible in the business credit world.
File Beneficial Ownership Information: As part of maintaining transparency and complying with regulations, ensure you file the Beneficial Ownership Information. This step is critical to identify the real people who own, control, and profit from companies, and to prevent misuse of corporate structures for corruption, tax evasion, or other illicit activities. Check with your legal advisor to understand the specifics for your jurisdiction and business type. Timely and accurate filing not only keeps you compliant but also enhances your business credibility and trustworthiness.