PRE-LAUNCH Stage

At the beginning of this stage you should take another pause. You have come a long way but there are still many more tasks to complete before an official launch. This is point to ask yourself, again, if makes sense to put this idea on the shelf, take a temporary pause, or charge ahead.There is no 'right' decision and it's completely up to you as an entrepreneur. However for the upcoming tasks you'll find very specific and related to setting up proper operations of the businesses. This stage is less about ideas and creativity and more about creating necessary structure. Some will find this stage easier and others may find it more challenging. You'll need to look at banking, payroll, legal documents, insurance, human resources, bookkeeping and more accounting.

As you begin this stage you should have a more clear idea of where you need to focus your time, energy and funds. It is very common for new business owners to think they need to do it all to save money. This makes sense at first, but can lead to burnout and mistakes. In the end it could be even more costly.Based on your projections of cost and revenue. What Non-core functions should you look to outsource? These are typically �support' functions such as banking, payroll, legal documents, insurance, human resources, bookkeeping and more accounting. The exception would be if you are starting a bookkeeping business, for example, you likely will do your own.

This action is optional if you've got all your models, financials and bookkeeping ready for launch. You might have this completely outsourced to a 3rd Party or you might be doing it in-house with Quickbooks or a service like Bench.io.This stage might be a short check-in with your accountant to see if there is anything else they recommend. The goal here is to set your company up for success and not get surprised later on.If you have not hired a firm yet, you should make this a priority. Finish interviewing firms and find one that has expertise, interest and reasonable pricing.

You'll need a bank or credit union to conduct transactions. Look for an institution that supports small business by not having hidden fees or a range of transaction costs. In addition, having a well designed mobile and online banking portal will help keep you organized. The bank should integrate with your financial software which will further streamline reporting. Many banks offer point of sale options and payment portals. These might be needed for your business. Shop around to local institutions, larger business banks and also online banks. Then you will be certain of your choice.

Similar to accounting, you'll need bookkeeping services. You may be able to handle these on your own, but it is often one of the areas that entrepreneurs outsource because it's not core to their business. There are a range of services from local to online to virtual. Interview 3 to 4 choices, some local and some online. There are many online services that assign a professional bookkeeper to your organization so they will actually perform the bookkeeping tasks.

Similar to accounting and bookkeeping, you'll need payroll services. You may be able to handle these on your own through your bookkeeping tool, but it is often one of the areas that entrepreneurs outsource because it's not core to their business. There are a range of services from local to online to virtual. Interview 3 to 4 choices, some local and some online. There are many online services that assign a professional bookkeeper to your organization so they will actually perform the payroll tasks plus bookkeeping tasksPayroll is partially a financial task but also blends into human resources. There are rules, laws and regulations that you'll need to be in compliance with. Working through a payroll company makes this easier because they often handle the state and federal reporting. In addition they are up to date with all laws and regulations.

In this stage you need to tighten up all remaining tasks that could utilize the guidance of an accountant. These often go hand-n-hand with bookkeeping, Human Resources and legal so you may need to enlist them as well to complete this task.Finalize your engagement with your CPA if you haven't alreadyMake sure you know what you need to keep track of for the tax yearThe CPA can provide some advice on your business entity. Most likely you'll select an LLC, but there are cases where a C-Corp is preferred.You'll also need to register your company with the IRS buy applying for a Federal EIN. You can use your SSN but there are advantages to separating your personal assets from the business. If you are a student, you are eligible for a Wisconsin credit via a voucher. As of 2021 you still need to file through the US Mail to be eligible for the voucher.

Similar to your conversation with the accountant, you should give a final check with your attorney to make sure you have minimized exposure to risk. In addition you should have following items in order by completion of this phase:1. Any partner agreements fully executed.2. Employee agreements drafted and executed.3. If you have independent contractors, you should have a contract template for them and know how they will differ from your employees.4. Employee Handbook. 5. Contracts, license agreements, terms and condition, warranties, and waivers for customers if necessary.6. Intellectual Property Protection such as Trademarks, Copywrites and Patents (a patent takes a long time and a lot of effort to file. This may not be needed).7. Any other legal documents you may need to safely conduct business operations.

After you have met with your attorney they will be able to describe areas of risk in your business. Some of this can be dealt with through your entity type, your legal documentation and other legal protections. But other risks need to be insured against. A qualified business insurance specialist can help create a policy that will protect your business and help separate it from your personal assets. Shopping around for insurance can be challenging so you might want to work with an independent broker. Brokers can sell numerous types of insurance brands. They will do the homework for you and find the best value given for your needs. A good broker will also spend time explaining your policy, what is covered and what is not.

Branding is the outward expression of your value proposition. It includes your logo, fonts, colors, and things we typically think of. However, branding is an entire career discipline. Key goals with branding are to make your customer aware you exist and establish a memorable connection with them. Branding can extend the customer experience beyond the moment of selling into a post-sale experience that creates mutual value. Brands also have personality, so you might ask yourself what is the persona of your brand?If your brand was a celebrity � who would it be?If your brand was a type of music � what music or song would it be?If your brand was an animal � what animal would it be?

Social media is now a common channel to reach our customers, but keep in mind it is not the ONLY way. From your customer empathy research you know your customer, where they 'are' and how they buy. Your way of reaching out to them should be natural and you shouldn't force them to use a channel that is foreign to their natural order. For example if you customer is not on Instagram, then why would you put a lot of effort creating content and optimizing for that channel? They don't use it. They aren't there. They don't care.Your time is valuable so only use the social media that can create, lift and momentum for your business. Certainly you can experiment later on and see if you gain a different type of customer, but that's a different hypothesis.Lastly there are many (literally 10s of thousands of) tools to optimize social media campaigns. While these tools can be useful, they can also get in the way that you fall into the trap of 'hiding behind' the tool instead of learning directly from your early customers. Once you've completed a full year in your business, then it might make sense to reassess and go for more sophisticated tools.

You are learning fast and getting ready to launch. Now is the time to take all the learning and insight to think about your marketing plan. Revisit it. Does it still make sense? Are there areas you need to shore up and gather more data? Have questions and uncertainties of the past, now become more clear? Your go to market plan should be a roadmap of how you will reach, educate, sell-to and support your customer. You might now be able to establish some clear milestones and budget line items to give it additional clarity.

As you approach your grand opening, you want to maximize that event. It can set the tone for several months of business and create a cadence from which you'll continue to operate. The worst thing would be a big firework that nobody sees or cares about then nothing.Pre-launches can be exciting but also expensive in terms of your time and effort. Don't lose focus on the business just for a short-term event. You can also create several launch events called 'soft launches' that create buzz in various channels. This could even generate a viral uptake if done very well, but don't count on others to immediately take up your cause. Based on your time and budget you may want to consult an expert for how to create a grant opening event with the right PR to help sustain your business in the early months.

We all love to get the sale and exchange money. It is exciting, but our customers often need some kind of support or continued engagement after money changes hands. Not all businesses need to treat post-sale quite the same way, but this might mean technical support, returns or exchanges, Q&A or even engaging the customer so they stay connected to your brand. Overall, you are making the experience larger and more meaningful for them. A moment of truth is when your customer comes to you after the money has changed hands. How they are treated can determine the future of your business. You may need to create policy and procedures around this so the experience is consistent, reasonable and fair. Depending on your type of business you might need a legal opinion or review of any formal policy and procedures. You'll want to cover not only cases where there are troubles with customers, but if they have a really good experience how can you use that to your advantage.

Keeping your digital assets secure is necessary so you don't have slowdowns related to a break-in or ID theft. Make sure you have complex and unique passwords for ALL your systems, website, software, etc. Don't reuse them! If keeping passwords safe is challenging, then use a password manager tool. Most are free and allow you to manage on mobile and websites.

Depending on your business model you may need a physical space for operations. Knowing the market can be challenging, so it might be worth working with an agent or broker. Negotiating leases and leasehold improvements to a space can be challenging as well if you are not familiar. Again a broker, agent or even real estate attorney can help you get the best deal possible. If you plan to buy, consulting your CPA can help with certain tax benefits.1. Do you need a permanent space that you own or can you rent?2. Will your space grow with your business? What happens if things change?3. Do you need a build out for specialized equipment or for the customer?4. Parking and easy access for clients5. Can you use a co-working space or shared maker space?6. Are you clean on terms, conditions and constraints of signing a lease?

If you are going to have a website and use other branded names for social media, it might be worth having your attorney research if you have freedom of movement for your naming rights. You don't want to assume you are clear and then later get a cease and desist notification. Typically you'll be fine, but it's always good to understand your risk. Furthermore you will register your domain name, but here are few things to keep in mind:1. Registering a domain doesn't have to be your company name and vice-versa. a. You can operate using a DBA (doing business as.) which allows you to register your entity under different name versus your actual business name2. Registering your domain name is not the same as registering your entity with the Federal Government for an EIN and the State of Wisconsin. These are separate actions and do not overlap. 3. Many are trained to want the .com address, but that can be expensive. Try others such as .us, .io, biz, but there are hundreds of options now. 4. Be careful searching for your address on certain sites, because you might see it available then suddenly after searching you'll notice it got purchased out from under you. There are bots watching, so if you find a name you like be ready to purchase if the price is right.5. If you build a website on a service like Wix or Squarespace, often they can register your domain name as well, so you don't need an additional service

If you have a website and or application you may need support for upkeep. Like other service providers you should shop around. Less experienced may be cheaper, but may not have the skills you need. Alternatively a full service shop may charge you for services you never use. In essence there is a spectrum of need and support. If you are using a service like Wix or Squarespace, you will have email support and possible phone support. It costs the least, but potentially offers the least. You can also contract expertise through services marketplaces like Fiverr.com or Upwork. Lastly you might have the technical skills to manage this early on. That can save you money but keep in mind if this is part of your core competency as a business and should you find a way to save yourself time and ultimately money.

At this point of your journey, you'll have a good idea of what activities are core to your business and what tasks are supported � that means they are necessary for you to manage but it doesn't mean YOU should be the one completing the task.One way to minimize the operational burden is to look at each task like bookkeeping, payroll, onboarding, tax payments, vendor payments, banking, etc. Look at anything that has a repeatable task.In addition there are other mundane tasks that can be integrated and automated calendars, phone, voicemail, email, calendars, text messaging, customer prospecting, etc

While you should be visiting your financial statements on a weekly basis, you should take time to look at your longer term projections. What are the 12 to 18 month costs and revenues looking like? You have a lot more data and experience today than you did 3 month or 6 months ago, so your models should be becoming 'less wrong' which is exactly what you want and need. Run your updated models against an advisor, your accountant and part-time CFO or Madison College EIR to make sure things are tracking and if you see any red flags, come up with a plan to address them.

Verifiable digital credential. A digital emblem globally recognized to symbolizing skills and accomplishments that contains detailed content describing how the earner achieved the badge and can link to evidence of learning. Represents attained knowledge, specific skill, set of skills, certificate, etc.