Small Business Checklist
✓ Market Research
Before you launch your business, it’s crucial to have a strong idea of what you want to do and how you want to do it. During this phase, it’s essential to identify your unique selling point and identify how your business will stand out from the competition.
✓ Solidify Your Brand Identity
Your brand identity establishes who you are and how potential customers will perceive you. This can be a lengthy and tedious process but is crucial for your business to be recognizable across any medium.
✓ Create a Business Plan/Model/Roadmap
Successful business owners have a clear vision of where they want their business to go in the next five years. Creating a comprehensive yet flexible plan will guide you through your day-to-day operations and help you decide what needs to be prioritized.
✓ Secure Funding
Should you need to secure funding, make sure this step is taken early on in the process. The method of which you receive funding can be included in your cannabis business plan.
✓ Register Your Business and Get a Business License
Regardless of where you plan on operating, you need a business license. Each state has its own set of rules and regulations, so it’s important to do your research and ensure you’re compliant.
✓ Acquire Any Permits or Licenses
This will depend on the type of business you’re operating. These types of permits could include a general business license, sales tax permit, zoning permit. Again, it’s important to check what you need in your specific state.
✓ Create a Budget
Creating a detailed budget will be necessary for accurate financial projections. To do this, you’ll need to take a deep look into your revenue, fixed expenses, and any other overall costs. We’ve created our own budget sheet template to get you started.
✓ Set up a Business Bank Account
It’s always wise to keep your business finances separate from your personal finances. Cannabis businesses, in particular, can find it challenging to find a bank that will take them on as a client. For more information on securing a bank, check out our Guide to Banking in The Cannabis Industry.
✓ Arrange Business Insurance
Even the smallest of companies need insurance to protect them in case of an emergency. This step is best taken early on before you invest all your time and money into your new business.
✓ Take Care of Your Taxes
Organize tax IDs and register with the tax office. Ensure you have a good understanding of your income and expenses.
✓ Implement a Bookkeeping Solution
Bookkeeping allows you to keep track of where your money is going. You can choose to keep track of this yourself or outsource to a third party. We provide cannabis bookkeeping services to allow you to focus on more important aspects of growing your business.
✓ Set-Up Payroll
Business owners typically spend a great deal of time, money, and energy managing their payroll. Paying employees can be a nightmare for business owners because of specific state laws and IRS regulations. We offer cannabis payroll solutions that meet your business’s needs and enable you to spend time doing what you do best – running your company.
✓ Execute a Launch Plan
Once you’ve got your finances in line, you can focus on how you want to launch your business. In this phase, you’ll create your marketing and advertising initiatives as well as the metrics you’ll use to measure the success of your launch. A successful launch will build anticipation and public awareness for the product or service.
✓ Stay on Top of Daily, Weekly, Monthly, and Yearly Accounting Tasks
There are many regular tasks you need to keep up with to stay on top of your overall finances. Check out our cannabis accounting checklist for more details on everything you’ll need.