You can be on Entrepreneur’s cover!

8 Practical Tips for Successfully Launching Your Startup How to get your startup from ideation to execution.

By Christian Nwachukwu

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

If you're looking to launch a startup, there's no better time than now. The startup world is buzzing with activities and opportunities that have never been available before. However, launching a startup can be difficult for those who don't know the first thing about it. Here are eight tips that will help you successfully launch your startup.

1. Find a startup idea that you're passionate about

If you're looking to start a startup, you must find an idea that you're passionate about. That way, you'll be able to put in the extra effort required to make your startup successful.

Related: Looking for a Startup Idea? Here Are 10 That You Can Steal from Successful Entrepreneurs.

2. Research your startup idea

Before starting a startup, it's essential to do your research and ensure that there's a market for your product or service. You don't want to invest all of your time and energy into a startup that no one wants to buy from.

3. Create a startup plan

The startup plan is the company's intentional growth strategy for the startup, which includes everything from defining startup goals to developing startup strategy.

Key things to include in the startup plan are:

  • long-term vision and startup goals

  • startup strategy for achieving startup goals

  • recruiting employees to help achieve startup goals

  • defining startup costs and startup revenue

  • estimating startup time frames

  • creating a startup marketing plan

  • establishing key performance indicators (KPIs) to track startup progress

Creating a startup plan is an essential step in launching your startup. By taking the time to develop a well-thought-out plan, you can increase your chances of success.

Related: How to Estimate Startup Costs

4. Build an email list before you launch

Your startup isn't just about the product or service; it's also about building relationships with people who will care and want to know more. And one way to do this is by building an email list pre-launch. Just make sure you give them enough time to sign up (ex: 10 days), so they know what's happening without feeling left out because they signed up at the last minute!

5. Decide on a business structure.

One of the most critical decisions for startup founders is deciding on an appropriate business structure, which will determine the tax treatment and liability of the company.

There are three basic business structures: sole proprietorship, partnership and corporation. The registered business name must be unique within your state or province, so choose carefully to avoid creating confusion with another existing business.

6. Build your Minimum Viable Product (MVP)

MVPs are a great way to get product validation, but they often require time and money. To get the most out of an MVP, building it with valid assumptions is essential. An MVP has three main components: Functions, Usability and Scalability. Once you have these three things in place, you will have a more robust product that will be easier for prospective customers to both engage with and assess the viability of your startup.

7. Develop a marketing strategy

Launching a startup is challenging. You need more than just an idea or a passion for your product or service to be successful. You need a comprehensive marketing strategy that will help bring your startup to the next level.

8. Build Relationships

The most important thing you can do to market your company is building relationships. Creating a great product, securing funding and building a team are essential tasks that will help build the foundations for your startup.

However, they are only the beginning - without marketing and networking, your company may never get off the ground or into the customer's hands. Reach out on LinkedIn to potential clients in related industries to make connections.

Take time at networking events to share what you are working on with others who might not know about it yet. Believe in yourself and your business - even if someone doesn't seem interested in what you have to offer, continue interacting with them in a friendly way to remember you when they're ready for what you do.

Related: 6 Practical Steps to Learning How to Build a Startup

Christian Nwachukwu

Founder TalkCounsel

Christian Nwachukwu is an attorney with a knack for entrepreneurship. His experience includes starting his solo-law firm at 25 and bootstrapping TalkCounsel. TalkCounsel is a digital workspace that enables businesses and individuals to find, hire and collaborate with attorneys remotely.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

'Wildly Inappropriate': Woman Says She Was Denied a Job Because She Didn't Wear Makeup During the Interview

Melissa Weaver was applying for a VP of HR job at a tech company via video.

Side Hustle

These Are the 10 Best States for Starting a Side Hustle, New Research Reveals

One side hustle might not be as lucrative as another — and location matters.

Business News

Uber Is Fixing One of the Biggest Complaints Families and Parents Have With the Company

Uber Car Seat is now available in New York and Los Angeles.

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

Founders of Companies Worth Over a Billion Dollars Have These Simple Things in Common

A new study found three traits that stood out in unicorn founders.

Business News

Dollar Tree Is Raising Its Price Cap to $7: 'The Macro Environment Has Gotten in Our Way'

The discount chain's cap was most recently raised to $5 last June.