FAQs for Startup Founders

Establishing a startup is scary, and it’s a whole new world. If you are a startup founder, or are about to become one, chances are, you have lots of questions.
In this article, I’ll be talking about some of the questions you probably wonder about, because you do not want to make a mistake. I’ve compiled some FAQs that startup founders have, along with short but insightful answers for you.
So here goes:

This depends on the kind of business you’re starting up, some businesses require more startup capital that others do. To help you determine how much you would need as capital, make a list of what your expenses are going to be, and factor in other things like employee salaries and extra money to take you through a year because revenues may come in pretty slowly.

You can brainstorm with some names and google search to see if they’re taken. Most of them will most likely have been taken, leaving you with about 10% of your initial list, which makes it easier to decide.
If you don’t consider yourself creative enough to brainstorm, you can outsource this to someone who is creative enough to handle it. Consider asking friends, or visit freelance websites. Next, do a tradename/trademark search on the final name and finally, confirm that there is an available domain name for it.

Well, things like this happen all the time. You get a fresh idea, believe it has never been done before, only to find that you’re a few years late to the party.
I once got an idea for a kind of shoe that I felt had never been created before. I thought this idea would blow minds, but when I searched Google, I was slightly annoyed to find that it had been created two years ago.
In order to find out if an idea for an invention has already been executed by someone else, simply do a Google search with the keywords that are associated to your idea, if nothing comes up, you just might be the first person to think of it.

A business is a useful way to get your business in order and organize your strategy. This way, you get to think through your goals, marketing plans, product or service development, financial projections and much more.
You could also seek input from trusted financial or business advisors.

You can fund your business using your personal funds, crowdfunding, grants, friends and family, bank or government loans and venture capitalists.

• Funding
• Having to wear too many hats and having little time for yourself
• Sticking to it for the long haul
• Hiring good employees
• Overworking yourself
• Social life may suffer
• Recognizing when to fire bad employees

• Not beginning with enough capital
• Not making the quality of the service or product priority
• Expecting success to come quickly
• Hiring bad employees
• Underestimating how important sales and marketing is
• Not paying attention to the competitive landscape

If it’s a simple business, then the answer is No. But, it would be a good move to have an experienced business lawyer as a part of your team.
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