1. Ideation & Validation
- Validate your business idea (problem-solution fit).
- Research target market and competitors.
- Test demand (surveys, MVP, pre-orders).
2. Legal & Structure Setup
- Choose a business structure (LLC, Sole Proprietorship, etc.).
- Register your business name (check state availability).
- File formation documents (e.g., Articles of Organization for LLCs).
- Obtain an EIN (IRS) and state tax IDs.
- Apply for necessary licenses/permits (local, state, industry-specific).
3. Financial Foundations
- Estimate startup costs (one-time and ongoing).
- Open a business bank account.
- Set up accounting/bookkeeping (software or hire an accountant).
- Secure funding (savings, loans, investors, grants).
- Plan for taxes (sales tax, payroll, estimated taxes).
4. Business Plan Essentials
- Draft an Executive Summary (overview of your business).
- Define your Mission Statement and goals (short- and long-term).
- Complete Market Analysis (target audience, competition, trends).
- Outline Products/Services (pricing, sourcing, differentiation).
- Create Sales & Marketing Plans (channels, promotions, customer acquisition).
- Develop Operations Plan (location, suppliers, workflows).
- Prepare Financial Projections (12-month cash flow, break-even analysis).
5. Branding & Presence
- Finalize business name, logo, and branding.
- Secure domain name and social media handles.
- Build a basic website (or landing page).
- Order business cards, packaging, or other branded materials.
6. Pre-Launch Readiness
- Set up utilities, tools, and software (e.g., POS, CRM, email).
- Hire initial team or outsource key tasks (if needed).
- Test systems (payment processing, customer service).
- Plan a soft launch (beta testing with a small group).
7. Risk Management
- Get business insurance (liability, property, etc.).
- Draft contracts/terms of service (for clients, vendors).
- Backup important data (cloud storage, cybersecurity).
8. Launch & Growth
- Officially launch (marketing blitz, grand opening).
- Track KPIs (sales, customer feedback, website traffic).
- Adjust based on performance (pivot if needed).
Bonus Tips for Small Businesses
- Keep it lean: Focus on essentials first—scale details later.
- Use free tools: Google Workspace, Canva, Wave Accounting.
- Network: Join local business groups or online communities (e.g., Chamber of Commerce).