IT industry is growing fast from year to year, which leads to growing competition in the respective market. That is why quality evaluation best practices are becoming more widely appreciated. Relevance of the chosen theme results from the fact that appropriate quality evaluation process is required to make a competitive product in the IT industry. The intention of this paper is to suggest a software quality evaluation procedure for small IT businesses. This market segment does not have a formalized basis for comprehensive quality evaluation. The designed procedure includes five steps: describing a software product, selection of key quality measures of the software product and its source code, selection of appropriate methods for measuring, quality evaluation according to the key measures and calculation source code quality metrics, quality rate calculation. The importance of high-quality source code has been demonstrated by a chart which shows a dependency of total implemented functionality from time in two cases: high-quality source code and low-quality source code. As a conclusion, it is claimed that introduction of quality evaluation procedure does not lead to material costs increase, which is highly important for small IT businesses. There is economic effect analysis of introduction of software quality evaluation procedure in small IT businesses.