Nowadays, starting a business is like a flight for many people but when you look deep in this entrepreneurial world—the 24 hours hustle, planning, strategizing turns out to be the opposite.
As per SEMrush’s stats, there are 582 million entrepreneurs in the entire world. This means you’re not the only player in this game.
A lot goes behind the scenes, from finding that perfect product to designing an attractive logo and organizing an exciting pre-launch for massive sales.
But why is that? The answer is obvious, launching a business needs preparation, focus, and investment for sustainable growth.
Business Launch Essentials Checklist
As per Forbes, 70% of startups fail because of improper scaling and failure to prepare.
For this reason, having a clear vision about the next step for your business launch is vital for you and your team.
Then, once you have validated your business idea, the next step is to prepare for the launch. So here is a checklist for the essentials that you should tick off before launching big-budget products in the market:
1. Create a business plan
A business plan is like a road map. It helps you to take your simple idea and turn it into a successful reality. It improves your decisions and enables you to avoid mistakes.
Although it’s essential to write a business plan, it’s unnecessary to spend months writing it since it will change as your business evolves. Furthermore, there are a bunch of tools for writing a business plan that will ease the process.
A one-page business plan is acceptable unless you’re going out and pitching to VCs. Then, they may require traditional written business plans with proper financials.
As per HBR studies, entrepreneurs who are planners and write formal business plans are 16% more likely to gain feasibility and achieve business goals than non-planners.
2. Choose your business structure
Once you know your business plan, choosing a business structure is like the beginning of every process. From cost control to business protection, everything comes in line by choosing a proper business structure.
In this case, you need to be aware of different forms of business structure—Sole Proprietorship, partnership, corporation, and limited liability company (LLC).
Every structure has its gains and losses but having a clear vision for your business can help you decide the perfect business structure. For example, a sole proprietorship is simple to form and provides you complete control of your business. At the same time, partnerships are the most straightforward structure for two or more people to start a business together.
Also, the tax rates differ as per the structure you choose. When it comes to asset protection, if you’re a sole trader, you’re 100% responsible for any mishappening to your company, but in a partnership, your partner does speak for you. This means it’s important to look at different options, explore them, and make the right decision.
3. Register your business
Registering your business acts like an armor that shields your business from any kind of error and ensures credibility.
There are thousands of benefits of registering your new business. It limits your liability, minimizes tax liability, and helps you to create brand awareness. Think about the big giants like Nike or Zara. They all are registered companies with a top-notch reputation in the market.
You can keep all your documents handy and visit the ministry of corporate affairs website to fill out the forms for registration.
4. Secure your domain name
Nowadays, everything is online, which means your business does need a website. But it is just one part of the puzzle. Choosing a solid domain name is as important as launching your first website and email authentication to protect your brand from the DNS threat, third-party spoofing where they can steal your customers’ information and redirect your web traffic. That’s why it’s essential to register your brand and secure a domain name to protect your brand’s online presence.
Always make sure you trademark your domain name since it’s the best way to protect your domain name.
5. Design your logo and brand
Whether you want to outshine your competition or build a unique brand identity—designing a good logo is the key. There are plenty of logo design software out there that you can check out quite easily.
A suitable logo conveys everything without saying a single word. A logo is not just a cute little graphic with some words on it; it connotes the real meaning behind your brand, evokes emotions of trust, loyalty, and connection between you and your customers.
If your brand logo conveys professionalism, gets recognized by your prospects, and communicates your brand identity effectively, you’re on the right path.
6. Get your legal ducks in a row
Your business has a lot going on—from employee payrolls to managing timetables and other company activities. To ensure that every move is undertaken legally, licensing and permits are done by local government and federal agencies just to keep an eye on your company’s activities.
To make sure you’re always on track, you need to design your business activities carefully. Also, prepare a list of activities that do need business permits and licenses.
For example, you won’t have significant losses if a single product doesn’t become successful in the market since you don’t pay for any upfront costs when the product is licensed.
7. Open a business bank account
You launch a business to make profits, right?
And to keep track of all those profits and cash, you do need a business bank account.
The focus should be on keeping your personal finance away from your business bank account so that you can effectively check on your business profits now and then.
8. Get your supply chain in place
Studies suggest that companies that correctly place their supply chain deliver 70% better results than their peers.
No matter what size of business you have, adjusting your supply chain includes is crucial. It depends on factors like the location of your business, customers, and suppliers.
Ultimately, you need a supply chain in place that can deliver high-quality products with better customer service at low inventory costs.
9. Find a premise
Finding a space for your new business—so you never thought about that, but this is a quintessential part of your checklists.
Choosing suitable essential premises is the key to gather the right audience. While at first, it can seem a pretty daunting task, but you need to keep a few points in mind before selecting the right fit for your business.
Location and access are crucial both for your clients and you, so you can easily commute and travel to the place. Size and space are other factors that directly impact your number of staff members and employees; making sure they are comfortable in every way is paramount.
10. Create a website
Now that you’re all set to go, your website is the place where you can showcase all your efforts, design, new launches, products, and information to attract customers.
Your website is more than just a page. It’s vital to showcase your brand’s identity, drive organic traffic and build trust through good customer services.
Laying a solid foundation before launching any type of business is the key to success. Therefore, it’s better to plan and use your business plan to grow your company.
So, go ahead and prioritize your goals to kickstart your new business launch.