After you complete all business-related arrangements and become ready to launch your business, you should draft a list of the key tasks before you venture into the business world. To avoid being exhausted or confused due to the long list of duties that await you, prioritize the following basic tasks.
Undertake the following tasks before launching your business or within the first days of operation.
Draft a busiess plan:
It might be easier to overlook the need for a business plan but you should realize that drafting one which includes your financial expectations will force you to consider all aspects of your business at a later stage. Accordingly, you should draft a flexible business plan to which you can refer when required to adapt to the different circumstances.
Identify the required financial resources
Most startups take longer than expected to launch their operations. Since the onset of the project, you have to determine the funding sources to pay for your business expenses during the first years of operation; Funding sources include your personal savings, job income, family …etc. If you need funding, you should consider all potential funding sources.
Choose a trade name
You should choose a name that will be remembered by your target customers. The trade name should not be similar to names used by other companies.
You can check by searching for the name using Google or another search tool to make sure the chosen name is unique. You can also check using tradename-related search engines in your country.
Identifying the legal form of your company:
You can speak with your lawyer and company accountant to determine the legal form of your company; whether you need to incorporate a personal, financial or mixed company.
Obtain the required work permits and licenses
Your business may require one or several licenses. It depends on your industry field and your location. This step is very important, so you have to apply for permits and licenses before you initiating your business to avoid suspension and fines.
Ensure you have the necessary marketing tools including business cards, booklets, publications and vouchers. You have to also recruit a professional graphic designer to create high quality marketing material.
Create a website
Create your own website and go online as soon as possible. If you are not ready to provide services to your customers, you could provide information on the company.
Set up social media accounts
Set up social media accounts using Facebook, Linkedin and Tweeter upon launching your business. These accounts help you market your services and products later. It is also necessary to feature your trademark on these accounts.
Consider intellectual property rights
If you have unique ideas and products or distinctive fonts that you want to protect, you should consider acquiring intellectual property rights and apply for a patent. Remember that it is worth paying to protect your intellectual right and innovative ideas.
Open a bank account for the company
You may be tempted to use your personal bank account to pay for expenses at the onset of a project but continuing to do so later may cause you problems. Therefore, create a bank account for your company when launching your business.
Identify the responsibilities of the company’s founders
If you have one or more partner, it is really necessary to assign duties and responsibilities from the onset of the project. Make sure to note these duties to avoid future disagreements that could deal a blow to your business.