When starting a business, you don’t want to miss important steps or get derailed. You want to make sure that you’re staying on the right track before you launch your business. And before you take the leap, you need a business checklist to ensure that you’re organized and on track. You don’t need to search for a business checklist anywhere else. Read more below about what you should complete before launching your business.
1. Research and Test
Research is a fundamental step in starting a business. If at this stage, you’re not sure what to start, it’s a good place to do so. When an idea finally comes to you, do further research like conduct a SWOT analysis or competitive research. This will help you understand the industry and market better, what people need, and what you can do to solve it.
At this point, don’t expect everything to go right. At times, your idea may not be viable. Or perhaps, the market is too saturated that you might not be able to compete. That’s why it’s necessary to do research and testing. It can give you possibilities on how your potential business could go.
2. Write a Business Plan
Step 1 all good? Then writing a business plan should be your next step in the business checklist. Once you have major details all figured out, a business plan can help you get funding. But what should be in a business plan?
Here’s what a business plan should have:
- Executive Summary
- Company description
- Industry, Customer, Competitive Analysis
- Marketing and Sales Plan
- Operations
- Funding Request
- Financial Forecast
3. Sort Out Legalities
Once you have everything formalized and finalized, your next step is making your business legal. But which ones will make your business “legit?”
- Legal Structure
- Employer Identification Number
- Licenses
- Taxes
This may also take time since you will have to figure out the appropriate structure or business type. But with this on top of your business checklist, the next few steps will not be as difficult.
4. Secure Funding
Once you have crossed the business plan off your business checklist, getting funding is one of your next best steps. After all, you need the money for your initial business operations. Luckily, your startup capital can come from different sources.
You might have to take out a bank loan, get funding from the government, or reach out to investors for funding. If you’re lucky, you can get help from people around you. Make sure that you detail your funding needs in your business plan. Plus, if you’re reaching out to investors, prepare a pitch deck to get to the following stages of the funding process.
5. Set Up Financial and Accounting Systems
You need to open a bank account for your business. It’s not professional to store your finances in your personal savings account. With a business account, you can keep track of all your expenses and deposits.
Aside from your financials, accounting is another significant component of your business. Of course, you want to pay taxes correctly and on time. And if you don’t have any prior knowledge of accounting, you can hire an accountant to do the work for you.
6. Make a Mark with Branding
You might be in a hurry to launch your business. That’s a given. But, don’t forget the ONE thing that gives your business an identity or personality. It’s your brand. And before any business takes off, they add this and cross off their business checklist.
But what should you have to create and design a brand? Here are some essential elements of a brand:
- Logo
- Colors
- Typography
- Imagery
- Visual system
- Tone/Voice
While most of them may seem trivial to you, they will help you in giving your business an identity online and offline. Plus, it will help your customers recognize and understand your business better.
7. Register A Website Domain and Set Up Social Media
The point of registering your website and setting up social media channels is that you want to get ahead of competitors. And that you’re getting ahead of people who may have a similar business name or offering as yours.
At this stage, you’re probably wondering, should I have a fully functioning website? Well, the thing is, so long as you have claimed a domain for your business at this time, it’s all good. BUT, it’s also great that you have a website running. With that said, you might use a template, which is fine. But if you need help with website design, web design experts could do the work for you.
Also, don’t forget to have social media accounts ready. You don’t have to post a status message or a photo at this time. What you can do here is add your brand essentials to your social media profiles. That way, you have claimed your space in the social media sphere.
8. Find the Right People and Tech
Before you launch your business, it’s best that you have the right people and tech by your side. When hiring employees, make sure that you establish which roles and responsibilities you need them to fulfill. Plus, you have to identify some benefits working with you, such as insurance, vacation days, and overtime.
Of course, by the time you announce you’re open for business, you want to ensure that your business is functioning. You may have the right people, but do you have the tech? Some examples of tech you will need for your business:
- Productivity
- Marketing
- Customer Service
- Sales
- Accounting
- Social Media
- Email
- Security
9. Create a Marketing Plan
We know you're excited about launching the business. Then, you need to have a plan in place on how you want to advertise and promote it. It’s not like once the website is up-and-running and you have the right people and tech, the business is finally known to the public. You need to advertise the business, and to do that, you need a comprehensive marketing plan.
Here’s a list of what you should add to your marketing plan:
- Market research
- Marketing goals
- Target audience
- Strategy
- Tactics
- Budget
- Monitoring
10. Promote and Launch Your Business
Before the grand opening, you need to advertise your business. And that’s the last part of your business checklist to cross off. Thankfully, you have a marketing plan to get you through this process.
Social media is the best place to announce, “we’re opening for business soon.” This will get people excited over the big opening. You can tag or let people in your network spread the word about your new business. In some cases, you might have to compose and publish a press release so the media will pick up on it and write a story.
Once all of your hard work is completed, you can finally open your business to the public!
Frequently Asked Questions
What legal structure should my business have?
The US Small Business Administration (US SBA) states it may depend on your ownership, liability, and taxation. But here are the common legal structures:
- Sole Proprietorship
- Partnership
- Limited Liability Company
- Corporation
How much money should I have before starting a business?
Realistically speaking, you need $3000 to start. That’s what the US SBA states.
How should I advertise my business?
Well, there’s no “best way” as different marketing strategies work for different businesses. Marketing requires some testing, and along the way, you will find which one will give you the most success. Plus, when it comes to marketing, you’ll need visual materials. Examples are flyers, advertisements, social media graphics, and email visuals. Although you might think that DIY would be lighter on your wallet, it’s better to have a graphic designer by your side.
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