Are you thinking about starting a business? If so, you’re not alone.
According to estimates around 627,000 new businesses open their doors per year. At the same time, each year about 595,000 businesses close their doors.
One of the secrets to a successful business is starting it off on the right foot. If you don’t follow the correct steps in the beginning, your new venture has a higher chance of failure down the line.
If you want your fresh business to be a success—keep reading this new business checklist for 7 important actions you need to take before launching.
1. Research Your Market
One of the most important beginning steps to starting a new business is researching the market.
No matter how good your business idea sounds in your head, it’s essential that you conduct market research. Through market research, you can evaluate demand, and figure out how you can top the competition.
Do you have multiple business ideas you are considering? Coming up with ideas for new ventures is often easier than figuring out which one is the most viable and has the greatest chance of success. If you’re struggling to decide which one to pursue, here is a guide to choosing the best business idea.
2. Choose a Business Structure
Once you have established whether you have a viable business idea, you will need to start thinking about what business structure you should opt for.
The best way to determine which business structure is right for your new venture is to speak to a legal professional. They will be able to advise you on which structure will be the most advantageous for your needs and what its legal requirements are.
Besides this, a business attorney will also be able to inform you of any special legal requirements your business type might have. For instance, if you are starting a daycare center, you will need to protect yourself against liability charges, and adhere to certain legal requirements, such as licensing.
Here at Boyer Law Firm, one of our areas of specialty is business law and venture incorporation services.
3. Create a Business Plan
Once you have chosen a structure, the next business startup checklist step to follow is creating a business plan. No matter how simple your new venture is going to be, it’s always beneficial to have a plan to refer back to.
A business plan gives you a place to map out your business goals and milestones. You should also include your market research findings, competitor analysis, and the business and marketing strategies you’re planning on implementing.
Your business plan should also include a design and development plan of your services or products, info on your operations and management plan, and financial forecasts.
Creating a thorough business plan can take time, but it will help you to thoroughly formulate a roadmap for your new business. It is also an invaluable document to have if you’re looking for outside funding.
4. Brainstorm Branding
Great branding isn’t something you can tick off your to-do list in an hour. In some cases, you might even want to hand over your business branding to a professional who can execute all of the technical details for you.
However, in the meantime, it doesn’t hurt to start brainstorming ideas and getting a feeling for the tone of branding you want. The clearer an idea you can get the easier and quicker things will flow when you start working with people like graphic designers and branding experts.
5. Figure Out Funding
The next step in our launching-a-new-business-checklist is figuring out where your funding is going to come from. Will you need to raise capital? If so, how and from where will you do this?
Some options include angel investors, crowdfunding, venture capitalists, and small business loans.
Besides seeking outside funding you can also consider bootstrapping your business. If you’re unfamiliar with the term, bootstrapping is simply the process of starting and growing a business with your own money (and the money it generates) rather than through funding.
6. Launch a Website and Social Media Accounts
No matter the size or nature of your fresh venture, setting up a website and social media accounts for it should be on your new business checklist.
Building a website and social media accounts helps potential customers to find you when searching for your business online. Having an online presence also shows people that your business is active and is the starting block for online marketing.
7. Open a Business Bank Account
Last but not least, don’t forget to open a bank account specifically for your business. Mixing your personal finances with those of your new venture is not a good idea, even if you’re bootstrapping your business into being.
While you’re at it, you should also set up an accounting and document storage system for your business.
Follow This New Business Checklist to Launch Your Venture
Did the extra hours at home give you the space you need to work through a new business idea? Are you ready to jump into a new venture, thanks to the creative spark of 2020?
One of the most important steps in this new business checklist is choosing a business structure with a legal framework that suits your needs.
If you have the perfect idea for a new business, now is the time to reach out for guidance on managing the legal aspects.
Incorporation services will allow you to start that business you’ve been dying to create, and the experts at Boyer Law Firm can help show you how these services are likely tax-deductible.
Many business owners fail to adequately research their company’s level of regulatory and statutory compliance. Neglecting this step is a dangerous practice.
Don’t let your competition have the upper hand. They are investing in a compliance department, and so should you.
Speak to an experienced business attorney today and discuss what legal needs your company currently has. Your fees (if any) may also be tax-deductible.
Contact Boyer Law Firm today for counsel on the restructuring or creation of your business. Don’t let the competition get the upper hand this New Year. Let’s take 2022 by storm!