Let's assume you've already completed your discovery feasibility phase and concluded that there's a market opportunity for your idea. You've done your research, compiled a business plan, looked at your competitors, and developed your product and/or idea. In addition to forming your company, selecting your co-founders, raising capital, and product development, consider the following:
- Company Name: Some people put a lot of thought into selecting their company name while others just pick the first thing that comes to mind. My three simple rules to picking the perfect company name:
- Make your company name simple and easy to remember!
- Do a domain name search and check if the URL is available. (I personally prefer .com but there are plenty other domain extensions.) Don't forget to also check name availability across social media platforms such as Facebook, Twitter, LinkedIn, and YouTube.
- Is the name distinctive enough from your competitors or will customers potentially be confused?
- Automation: Try to automate as many processes as possible at launch. Of course this is a function of your resources and it may be better to just launch and perform manual processes on the back end. Automating business processes can help you minimize costs due to manual errors and inefficiency.
- Customer Service: There are plenty of "off-the-shelf" CRM systems available for your new startup including Salesforce, Infusionsoft, Freshdesk, Zendesk, Sugar CRM, Insightly, and Nimble. These are good systems for small to medium size companies. However, I strongly suggest you host your own knowledge management system / FAQs on your website. If your're looking for an online chat application, try Live Person, Ozark, BoldChat, or Live Help Now. If you need a help-desk ticketing system, try Help Scout, Desk, Parature, or Live Agent.
- Bookkeeping: You need to select a system the fits your business needs. Some good systems include Wave, Kashflow, Quickbooks, or Quicken.
- MVP: Plenty of "advisers" recommended developing your minimal viable product (MVP) and launching ASAP without investing a lot of time in planning. I tend to disagree up to a point. Don't make the planning process a long drawn out affair prior launch but you absolutely must think about your user experience, processes, procedures, and workflows! Sure, you want and need to launch before someone does the same idea but you need to also launch after investing some significant thought into the customer experience.
- Continuous Improvement: You need to have a process in place that captures customer feedback and feeds it back into the commercial enhancement process. You can ALWAYS improve your product, service, processes, and procedures. there is always room for improvement!