Starting a business of your own may sound like an awesome undertaking, well, it is and with our checklist, it could be much more than just that. You’re going to have a simple formula for working hard and committing to your core values in order to maximize your achievements. Here are our laid down tips to help.
- Choose a name for your company: The name should be in line with your type of business activities.
- Research the industry: Have the facts and tips about the market you plan to enter in order to get the best experiences.
- Write a business plan: This will guide your steps, help you to prioritize, and also track your progress.
- Choose business hours of operation: Determine the off-peak and peak hours and also the time to take a rest too.
- Outline a monthly and yearly budget: Don’t spend more than you are making.
- Obtain required licenses and permits: To allow you to operate legally within the required laws.
- Choose a legal form for your business: Scout for the types of business that your city supports.
- Acquire a Federal Employer Identification Number: Allows you to employ workers of your own.
- Find business insurance: In case of fires, robberies, or accidents you will be covered and entitles to compensation.
- Find a lawyer: To advice, you on legal matters, represent you on legal issues, and to keep you updated with changes in operational laws.
- Become familiar with regulations and compliance requirements.
- Select an accounting system.
- Make a plan to obtain funding/financing.
- Open a bank account and a merchant account.
- Select an accountant.
- If you have staff, find payroll services.
- If you will have employees, become familiar with labor laws.
- Develop a business identity
- Write and distribute a press release announcing your new business.
- Register trademarks, copyrights, logos, patents, etc.
- Purchase a domain name for your website.
- Write a sales and marketing plan.
- Find a web hosting company.
- Create a website.
Starting a business is complicated – that’s true, but with the right advice you will find it to be quite an easy process. Use this business startup checklist to hit the road really fast.