Preparation is the key to a successful business launch.​
Stage 5: Business Start Checklist
Overview
Purpose
Make your startup ready to start trading.
Objectives​
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Form a business entity.
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Manage finances.
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Plan marketing activities.
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Ready sales conversion and operational processes.
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Find and engage suppliers.
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Implement performance monitoring.
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Plan your launch day.​​​​​
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Result
Your business is ready to start.
Create An LLC or Other Business Entity
Name your startup and create a legal framework for your new business.
Choosing a meaningful business name is very important to successful marketing. Once you've picked a name, you'll need to decide on a legal entity for your business.
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Startup business entity options are:
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Sole proprietor/sole trader
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Partnership
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Limited liability company (LLC)
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Corporation (USA)
Click button and select Category
“Business Entity”
Manage Startup Business Finances
Every penny is important in a startup and needs to be well managed.
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Plan how your startup business will:
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Put cash in the bank.
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Record expenses.
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Invoice customers.
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Manage financial reporting.
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Maintain financial legal compliance.
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You will need to maintain complete financial records. These will be essential at the end of the tax year, when your accountant prepares your accounts.
Click button and select Category
“Finance Readiness”
Develop A Marketing Plan
The key to creating revenue in your business is being found by customers, then selling them what they want.
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Develop a marketing plan that describes how to bring potential customers to your business and lead them to conversion, while making the most effective use of your marketing budget.
Click button and select Category
“Marketing Plan”
Convert Sales
​Now that potential customers are aware of who you are and what you do, how will you convert their interest into sales?
This might be online or face-to-face, but you need to plan and put processes in place for you and your employees to convert customer interest into revenue. Plan and manage every step of how you'll interact with customers.
Engage The Right Suppliers
Every business has suppliers.​
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Your job is to identify the best suppliers to help you get your startup business operating.
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Don't be overly concerned about long-lasting relationships at this stage, as your business is likely to change rapidly during the early stages of operation.
Click button and select Category
“Suppliers”
Implement Business Oversight
The mechanisms you put in place to monitor your metrics and goals represent business oversight. Oversight is crucial to being able to manage and demonstrate the ultimate success of your business.
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For example: Based on the cashflow forecast you've developed, ask yourself how you will monitor actual revenue and expenses, and then compare them to your forecast and tolerances.
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Ask this question of all your metrics and targets: how can I know when to intervene if business performance is much better or much worse than expected?
Business Launch Plan
​What do you need to do to make your business launch visible and successful?
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What special activities will you plan to make people aware of your startup? These may be included in your marketing plan, your launch plan, or both.
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Anything not listed above, that needs to happen to transition your business into normal operation, should be considered and planned here.