Stage 5:
Launch Business
With good preparation, you can get right down to business.
Without preparation, you'll lose momentum as you sort things out while operating.​
Purpose
Make your startup ready to trade.
Steps
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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 processes.
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Implement 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.​​​​​​​​
Target
Your new business is ready to start trading.
Create A Business Entity
Naming your startup is surprisingly important, as your business name is a key component of your brand.
Once named, create a legal entity for your new business.
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​New 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
Manage Finances
Every penny is important in a startup and consequently 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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Complete financial records will be essential at the end of the tax year, when your accountant prepares your annual accounts.
Develop A Marketing Plan
The key to generating revenue in your business is being found by customers, then selling them what they want.
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A marketing plan describes how you'll attract potential customers to your business, then lead them through the sales funnel to conversion.
Good planning will enable you to make the most effective use of your marketing budget.
Sales Service
Once your marketing is successful, you'll need business processes that deliver on your customer commitments, after they've been attracted to your business.
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 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.
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 success of your business.
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For example:
Based on the cashflow forecast you've developed, ask yourself how you'll monitor actual revenue and expenses, then compare them to your forecast and tolerances.
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Ask this question of each of your metrics and targets: how will I know when to intervene should business performance be much better or worse than expected?
Get Ready To Launch
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​What will you need to do to make your business launch visible and success?​
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What special launch activities will make people aware of your new business?
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What will need to be put in place to start trading?
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Anything that needs to happen to transition your new business into normal operation, should be considered and planned now.
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This is an exciting time. Make it feel exciting for all involved by being well-organised for the big day!