A Pre-Launch Checklist for Small Business Owners

If you’re reading this it means you have a wonderful idea for a small business, but don’t quite know where to start. Don’t worry, I’ve been there. That is why I’ve created this short + sweet checklist to help you to dot your I’s and cross your T’s before you dive headfirst into the world of small business ownership.

Below is a high-level overview of things you’ll want to do (or at least be thinking about) before you officially launch your small business.

1. Planning and Research

• Validate your business idea through market research.
  • Thinking point: What are others doing and how can you stand out?
• Identify your target audience.
  • Thinking point: Who is your ideal client? Write this person down and in everything you do market to THIS person.
• Identify your competitors.
  • Thinking point: Who are they and what do they do that you like and dislike? Design your business around things you can offer that will make you stand out.
• Develop a comprehensive business plan, including goals, strategies, and financial projections.
  • More about this to come soon…

2. Legal and Administrative Setup

• Choose a suitable business structure (e.g., sole proprietorship, LLC, corporation).
  • This is where a great accountant will be so helpful.
• Register your business name and obtain necessary permits/licenses.
  • You can do this solo or hire an attorney to get this done for you.
• Apply for an Employer Identification Number (EIN) from the IRS (if required).
  • You will need this to pay taxes.
• Open a dedicated business bank account.
  • I strongly urge you to keep your personal and business finances separate.
• Ensure compliance with local, state, and federal regulations.
  • Talking with a legal/tax professional will set you up for success prior to launch.

3. Financial Preparation

• Calculate startup costs and create a budget.
  • Hard truth: It’s going to take a lot more money than you think it will to get going.
• Secure funding through savings, loans, grants, or investors.
  • Will this be self-funded or will you need assistance?
• Set up accounting and bookkeeping systems.
  • QuickBooks Online is a great starting option, if you don’t want to track it all manually.
• Establish pricing strategies for your products or services.
  • Research what the market is doing and ensure you are charging fairly, but also ensure you are making a profit and not working for free.

4. Branding and Marketing

• Create a memorable brand name, logo, and tagline.
  • Hiring a branding professional is strongly suggested.
• Build a professional website and set up social media profiles.
  • Research different platforms and what will work best for what you’re offering.
• Develop a marketing plan, including online and offline strategies.
  • Who are you marketing to and how are you marking to them?
• Prepare promotional materials (e.g., business cards, flyers, digital ads).
  • Using a brand professional to create branded documents to use for consistency will be worth every penny.

5. Operational Readiness

• Find and set up a business location (if applicable).
• Procure necessary equipment, inventory, and supplies.
• Develop processes for daily operations (e.g., customer service, order fulfillment).
• Hire and train staff (if applicable).

6. Risk Management

• Obtain appropriate business insurance (e.g., liability, property, workers’ compensation).
• Create contingency plans for potential risks or emergencies.
• Ensure cybersecurity measures are in place for digital assets.

7. Launch Preparation

• Test your product or service with a small group of users.
• Collect feedback and make necessary adjustments.
• Plan and schedule a launch event or campaign.
• Inform potential customers through email, social media, and press releases.

8. Post-Launch Strategy

• Set up a system for tracking sales, expenses, and key performance indicators (KPIs).
• Monitor customer feedback and address concerns promptly.
• Evaluate the effectiveness of your marketing efforts and adjust as needed.
• Plan for scaling and growth opportunities.

Don’t have time to read all of this right now? Pin for later!