5 Checkpoints of Launching a Business
You’ve graduated from babysitting and are ready for the next title…CEO? Before jumping into such a serious role, let’s take a look at the steps between the “idea” and the “launch”.
1. Determine Viability
This is where Startegy comes into play. If you have an idea, product, or service, take that business plan to Startegy and we will help you find the best way to make it profitable. Whether that is using more technology, hiring an in-house employee, raising your price, finding more investors, or the endless list of other items it could be, Startegy will narrow it down and help you make your business profitable and successful.
2. Get Your “Legal” On
Wouldn’t it be nice if you chose an awesome name and then you were ready for business? Sadly, there is a little more to it than that.
- Register your domain name
- Incorporate/talk legal structure
- Apply for an EIN
- Obtain proper business licenses
- Renting office and/or retail space
- Business bank accounts
- Finalize an accounting system
- Secure insurance coverage
- Trademarks and patents
Every state has different requirements, so make sure to research what your local area needs.
3. Become a Social-Butterfly
In today’s world of business, you need an image and you need it fast. Make sure to have your website set up ASAP. Also make sure that your website url is simple and memorable.
Once your name is set, register all of your social media profiles even if you are not ready to begin posting. Just make sure that you remain active and log in on a regular basis. Flashback example: Trump purchasing JebBush.com. Stay on your toes.
It may seem small, but business cards hold weight. When you are out and about, you are always networking. Make sure that your business cards represent who you are: a classy business person rather than a just-for-fun-print-from-home person.
4. Involve Those You Trust
Your idea is your baby, so it makes sense that you are cautious with whom you share it with, but not everyone is out to get you. Involve, use, and trust those around you. Delegate responsibilities to clear your plate a little bit and actually have down time with your family.
Once you have your friends and family on your team, find suppliers (and a good IT company) you can rely on and stick with them. Loyalty is often trumped by the cheaper option, but that can also come back to bite you. Find good suppliers and service providers so that they worry about the details and you can finally take a nap.
5. Refine It
At this point there are only rough edges. Refine and perfect your product, your pitch, your marketing, and your sales. At first, you are going to be the CEO and the sales team so know when to wear each hat.
There is also a glorious time in the launch of a business where you can afford to hire your first employee. Enjoy this moment and choose wisely. Make sure to have a “refined” team. One that has your back and is good at what they do (for more tips on the hiring process click here). Soon after them you will find a salesperson or sales team that you trust enough to give them your sales hat and strictly focus on running the day-to-day business.
What other steps do you think are necessary for launching a business?