What to Do Before Starting a Business

When you’re on the verge of starting a business, it’s easy to get caught up in brainstorming, developing ideas for networking and customer cultivation, and creative endeavors, like designing an amazing logo. While that energy is most definitely an essential part of a strong launch, it’s also important to devote time and effort to some of the less exciting but equally important aspects of running a business.

Pre-Startup Priorities

If you haven’t already created a business and marketing plan, now’s the time to get started. The process will help you stay mentally organized, identify key business and operational functions, and allow you to create a roadmap for how your business will function in practice.

Priorities should include:

Identify positions you need to fill.
Apply for funding (loans, lines of credit, etc.).
Secure office space if you’re a brick-and-mortar business.
Set up a home office if you’re a home-based operation.
Register your business with your state and determine the proper business structure. You should also establish a business bank account, email account, and launch a company website.
Devising a solid marketing campaign to tell the world about your business.
Create an eye-catching logo. This will help put your brand on the map and to keep front and center in your marketing campaign. You can create a logo for free using online tools. This will allow you to quickly generate a professional-grade logo to match your aesthetic.

Managing Your Finances

Need funds to launch and operate your business? Consider looking at financial institutions that specialize in small business loans. Sound accounting practices will be essential to smooth operations and money management, so an organizational system is important.

A payroll services platform that includes time tracking can help simplify managing staffers and tracking employee timesheets. Other features that can be helpful include tax calculations, real-time reporting, and the option of using mobile applications.

These are especially critical if you don’t plan to have a full-time accountant on staff.

Project Management

Regardless of the type of company you’re running, an organized approach to project management is important. This way, you can stay on track and ensure all elements of your work product come together in a timely and accurate fashion for your customers.

In addition to planning a process for regular team meetings, project management software can help ensure everyone is on the same page. It also fosters better collaboration, which can be especially beneficial for remote teams.

According to BioSpace, part of being a good boss includes leading by example and being a good communicator. Establishing an identified chain of command and an employee handbook with best operational practices are other pre-startup leadership functions to address before your big launch.

Suppliers and Vendors

Vetting reliable suppliers and vendors will be essential to your company’s smooth operations. If you don’t already have them lined up and under contract, make this an immediate priority. Any breakdown in the supply chain has the potential to derail orders. Having backups you can call on is also important.

Likewise, if you don’t have all of your team fully on board, consider using temporary or contract workers in the interim. This is especially true for key functions like customer service, marketing and advertising, and IT. Utilizing freelancers is a good way to fill out your staff roster when you first launch and aren’t entirely sure about roles and support services you’ll need.