About 20% of small businesses fail within a year of launching. By the end of year five, about 50% of startups have failed. With a strong plan, however, you can help your business launch without fail!
Then, you can set your business up for long-term growth and success.
Here are five essential steps you need to follow as part of your pre-launch checklist. With these tips, you can start a business without stress.
Get ready to launch with these tips today!
1. Gather Your Research
Before you start a business, it’s important to compile as much information as possible. That way, you can make informed decisions before you launch.
First, consider your target audience. Who are you trying to reach? Consider how your audience will benefit from your product or service, too.
Then, research your competitors. Learn more about the product or service they offer.
As part of your pre-launch checklist, it’s important to consider your unique value proposition. What sets you apart from the competition?
Your value can give your business an edge before you launch.
2. Consider Relevant Laws
Before you start a business, you’ll need to consider which laws and procedures might impact your plans. You’ll need to gather the relevant licenses and permits, too.
For example, you might need a:
- General business license
- Professional and trade license
- Construction permit
- Sign permit
- Sales tax permit
- Health and safety permit
- Professional and trade license
Think about the tax laws that are relevant to your business. For example, you might need to research direct business expenses and operating costs.
You can check the US Small Business Administration website for more information about your application and permits.
3. Set a Budget
Microbusinesses usually need $3,000 to get started. Home-based franchises usually cost between $2,000 and $5,000. Before completing your pre-launch checklist, consider your budget.
Make a list of potential costs. For example, you might need to purchase equipment and office furniture. Consider your marketing budget, licensing and insurance fees, and labor costs, too.
Separate your list between essential versus optional expenses.
Then, determine whether or not you need to borrow money to start your business.
4. Choose a Legal Structure
Before you can start a business, you’ll need to register as a legal business entity. For example, you can choose:
- Sole proprietorship
- Limited Liability Company
- C Corporation
- S Corporation
You can learn more about forming an LLC here.
5. Start Marketing
If you want to launch a business and set yourself up for success, you’ll need a marketing strategy. First, establish your branding. Your brand will set you apart from other businesses.
You’ll need a website, especially if you plan on taking online orders. Consider content creation, social media, and advertising, too.
The right mix of marketing strategies can help you boost brand visibility. You’ll have an easier time finding customers as a result.
Boosting Your Business: 5 Essential Steps on Your Pre-Launch Checklist
Set your business up for long-term growth and success! Complete these steps on your pre-launch checklist first. With these tips, you can give yourself a stronger start.
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