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Local Business  » Checklist for starting a business

Checklist for starting a business

Use this comprehensive checklist to plan each step of your new

business and transform your dream of entrepreneurship into

reality. These steps may not necessarily be completed in the

order listed; however, you can use them as a guideline for

completing all of the necessary business startup tasks. -

Determine what kind of business you want to start. - Learn about

the industry for your business. - Analyze the market for your

business. - Study your competition. - Educate yourself on

running a business. - Join trade associations. - Name your

business. - Perform a trademark search. - Register a domain

name. - Design a website. - Obtain a logo. - Determine business

structure (sole proprietor, partnership, or corporation). -

Evaluate your personal budget. - Write a business plan. - Write

a marketing plan. - Locate financing. - Create a list of

start-up supplies with budget. - Set up a system for accounting

and payroll. - Apply for business license, fed tax ID,

fictitious business name. - Select a location and set up shop. -

Order signage. - Obtain business tools (computer, printer, fax,

postage, office supplies, and fixtures). - Order business

stationery (business cards, letterhead, brochures). - Obtain

inventory. - Create an operations and employee manual. - Hire

employees. - Set a launch date. - Plan a grand opening event. -

Send announcements to everyone you know. - Send press releases.

- Turn on the OPEN sign! - Revisit your business plan and update

often. - Evaluate your marketing strategy often. - Prepare a

realistic business plan. Think of this as your business road

map. Define exactly where you want to get to with your business

and then you can effectively map out your path towards achieving

your goals! By creating a detailed business plan you should

cover all options and eventualities and have a clear future

vision that will guide you through the rest of the start-up

processes. - Your business plan should encompass the financial

considerations of starting your small or home based business:-

Do you have the capital required? Do you need to raise

additional funds? Who are you going to approach for finance? Who

do you trust for advice? And don't forget to open a business

bank account... - Consider the legal implications of becoming a

business owner and proprietor. Are you better off as a sole

trader, a limited company or are you considering a partnership?

Make sure you consider all the angles and protect yourself and

your assets personally from the outset. Anything you bring to

the business has to be itemized, valued...even if you're a sole

trader. And make sure you are professionally covered with the

appropriate business indemnity insurances. - Get your family and

friends behind you from the get-go. Make sure your family and

friends are fully understanding and supportive of your ideas to

venture into small business start-up. Do they understand the

level of commitment you will have to show for on-going and long

term success? Their belief in you and continued support of you

will work wonders towards your on-going success, so don't forget

to look out for them too. - Protect your family, protect your

business. If, God forbid, something were to happen to your

health, how would your business survive, how would your family

cope? Consider insurances - from health, critical illness and

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income protection insurance to life insurance - and consider

your pension and long term financial security. - Face those

'taxing' questions from the start. Your small or home based

business has to consider its taxation situation. Do you need to

register your business for sales tax purposes; have you informed

your tax office of your business's inauguration? Do you have a

good tax professional lined up to guide and assist you? The

bottom line when it comes to taxation is that from the outset

you need to make sure your papers and books are in order, this

will save you time, money and heart ache in the long run. -

Prepare realistic and achievable goals and targets for your

first year. Do not expect to conquer the world with your first

year's business returns. Starting a business is a life changing

undertaking and one you must be patient with. The rewards are

there, but make sure you set yourself achievable targets - when

you reach them they will give you the confidence and

satisfaction to set new goals and to continue building your

business' success.

About the author:

Matt Bacak became "#1 Best Selling Author" in just a few short

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