Business Startup Checklist Template
Do you need a checklist for starting an online business or a tech startup? Here is a the startup checklist every new business needs. So you may want to start a business. If you have a business idea you would want to develop, congratulations. It is a great experience being your own boss but the hard part is the responsibilities you have to shoulder on which your startup’s life greatly depends on. To hit the road with your startup idea, you may need to really consider the following business startup checklist.
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How to Start a Business Checklist
Check If The Idea Is Viable
Be very honest with yourself. For your business idea determines if the business is viable before you venture into it. Put yourself in the shoes of your prospective clients and ask yourself “will I buy my product or service?” You must be brutally honest with yourself.
Make A Business Plan
A business plan is very fundamental to the setup of your business. Irrespective of the niche, you cannot establish a successful business without a business plan with financial projections. In fact it can be considered the heart of your business. A business plan will help you to think your idea through and be more critical.
Figure out the capital
Needless to say, you cannot start your business without capital. So you have to figure out how you intend to raise capital by assessing this item on your business startup cost checklist. It may be from savings, spouse income, etc. You will need to determine what type of funding you want and how you want to go about it.
Get Family Support
Spend time to convince your spouse or other close family members to buy into your idea. Their support is a very great morale booster.
Select a Business Name
Choose what name you want to give your business. This name has to reflect what you do or what the business stands for. You have to check to make sure no other company has taken that name.
Set up A Website
Register a matching domain name for your startup if you want to do business. A free online hosting for your site makes it look like you are either not running a real business or you don’t intend to be around for long.
Incorporate Or Figure Out A Legal Structure
A legal structure for your startup is very important because it can protect you and all your assets. Consult your attorney for advice on different forms of company registrations. This is very important on a small business startup legal expenses checklist.
Get An EIN
Employer Identification Number or EIN separates you from your business. You will require it to set up your cooperate bank account. With this number you are protected from identity theft because you don’t need to give your social security numbers for business transactions.
Apply For All Relevant Licenses
Depending on what product or service you intend to render, you have to investigate and apply for all licenses required for your business startup.
Set up Social Media Profiles
You need to register a social media profile for your startup. This will help to advertise your product or service. Marketing on the social media is very simple and cost effective.
Start Generating Revenue
Never let the temptation to wait and start big to cloud your reasoning. Start your revenue streams as soon as possible.
Rent Space For Office Or Retail
If you have an infrastructure business, see to it that you rent a space for office or retail. In doing this you have to take into consideration access roads, traffic along your office especially if you run a retail business. However, if your business is online and does not need a structure or office space, hold out renting a space as long as you can.
Make Orders For Business Cards
As a business startup you will be involved in a lot of networking. So you will need to order for a lot of business cards. You lack credibility without cards. They are so cheap so you can re-order for them any time you want.
Open A Cooperate Bank Account
Open a bank account for your business to pay for all your business expenses. This will help when taking stock and when applying for funding in the form of loans or equity from investors.
Organize Your Accounting System
Once you have set up your bank account, you will have to select an accounting system to go with. You can get that help from your bankers or better still hire the services of a professional banker or expert.
Divide Responsibilities between Co-Founders
If you have more than one founder, assign responsibilities to each co-founders and pen down every detail. Disagreement between founders is the easiest way to destroy your business.
Get A Good Smart Phone And Choose Apps
Since you will always be on the go as an entrepreneur you will need to upgrade your phone to a good phone with useful business apps. One among those apps is the swipe card payment app. This is very important for payments anywhere.
Get Free Advice
You can get a lot of free advice from other small business owners and other agencies and organizations that help startups grow. So with the above business startup timeline check list you are on your way to setting up a successful business. As mentioned earlier, being your own boss is a great idea. The earlier mentioned check list when followed diligently will make you a great boss.