Small Business Checklist: 8 Stellar Hacks For Launching A BizWritten by Marya Sutimi on March 15, 2021
So you’ve got an idea to start your own business. Maybe you intend to be a solopreneur for a start. Or maybe you have a few partners to help as you get the ball rolling.
Starting a small business is definitely not an easy thing to do, but your to-do-list to prepare for launching a biz shouldn’t be too difficult either.
In this article, we have compiled 15 hacks as your checklist to start your small business. So, what are they?
Create a business plan, along with your contingency plan
First and foremost, you need to create a business plan that sums up your future organization. Starting from the introductory, the products or services you would like to offer, and even the financial projections. This is important to outline where your business is heading, even when you just started.
However, mind that 90% of startups fail, so it is essential to prepare a contingency plan even before you launch your own business. As a business owner, you need to be well-prepared for various scenarios in your company.
If your strategy works, what’s your next step? Same goes if it comes to a failure, how are you going to solve them? Outline all the probabilities, and start planning.
Sign up social media accounts under your business name
By now, you have probably chosen your business name . Have you registered your business name across social media too? Because if you haven’t, you must!
Having social media accounts under your business name is vital these days. There are 101 marketing strategies that you could try for your small business, and social media is one way to do it. Most of the platforms are free, you only need to find out which platforms you can utilize best to find your target market.
Some would encourage you to also register a domain and website for your business. However, unless you run a business in the web development industry, you can always start your business without a website. The key is to work on your social media accounts and grow it to find your niche market.
Set up your accounting system
It may take a while for your business to produce a profit, but it is important to set up your accounting system once you generate revenue for your company.
With InvoiceBerry, you can easily connect your invoice with various methods of payment. It will help you track your income streams.
Once you set up your accounting system, you should be able to monitor your expenses as well as the loss and profit of your business from the beginning.
Register your business and get your license
Even if you just started, you want your business to be secured. One of the ways to secure your business is to register your business properly and get your permit according to the applied law.
Business permit and license could work differently, it all depends on the location where you register yours. Do your own research, and get your business secured before it’s too late!
Customize contract and agreements templates
Whether you’re a solopreneur or you start your business with your partner, setting up a contract and agreement template is especially pivotal if you offer services for your business.
This will help you set boundaries between you and your customer and/or employee for the exchange.
You can create the contract and agreements template accordingly. If you want to do it properly, you can also hire a lawyer to arrange this for you if you don’t mind to spare an extra budget for this.
Understand your market and future customers
Now you have everything set for your internal team, what about the market within your industry? Do you have what it takes to attract your potential customer with your product and services? Is there any pain point that you can fill in, to give them values and make your services stand out compared to your competitors?
Understanding your market is necessary because it is related to almost all the activities you need to do in order to grow your business. The market will shape what kind of strategies you are going to use for your business. It will also give you the idea on how to reach and connect with them.
Get in the mind of your target market, start understanding what they need or how they will interpret your marketing strategy when you launch your business. That way, you will get the picture on the best way to execute your business plan before you launch your business.
Start networking with your potential customers
You’ve done your own research, and you know the ideal customers for your business. The next thing you need to do is to find them and start networking with them. Be it virtually or organically.
Networking with your potential customers can be done as easily as joining Facebook or LinkedIn groups. Find relevant groups to your niche and industry, and start connecting with other members.
If doing it virtually doesn’t work for you, you can always check your local events schedule where you can meet your target market. Even if you don’t get the revenue directly through it, having their contact can be valuable for you in the future.
After all, what’s business without projections?
Proceed with your marketing strategy
Now that you’ve checked all the necessary planning for your business, it’s time to act on it!
As a small business owner, you already know your brand’s story and how to deliver it to your potential customers. Use the voice of your brand to connect with them, and attract them with your offer. As a strategy, is it possible for you to give them a demo or a trial before launching your business?
Execute and gather valuable feedback because there is always a room for improvement. After all, the key to be a successful business owner is to never stop learning and innovating.
Introduce your business, start your marketing strategy, and you’re all set for launching a biz
So, are you ready?