If you want to start a new business, you’ve taken an essential step toward becoming an entrepreneur. However, the path from an idea to a successful business is winding.
Hitting the launch button is just the beginning of many exciting business ventures. But first, you need a startup business checklist to help you fire that engine correctly.
This brief guide provides you with the only startup business checklist you’ll ever need to help you launch your business successfully.
- 1 Create a Business Plan
- 2 Calculate Your Finances
- 3 Select a Business Name
- 4 Develop a Website
- 5 Legalize
- 6 Complete an EIN Form
- 7 Get Business Permits
- 8 Give Co-Founders Responsibilities
- 9 Use Social Media
- 10 Begin Investing
- 11 Rent a Space
- 12 Establish a Commercial Bank Account
- 13 Start Bookkeeping
- 14 Startup Business Checklist for Success
Create a Business Plan
Developing a business strategy with financial projections requires attention to detail. Change your system frequently to keep it fresh.
Calculate Your Finances
The majority of startups take longer than expected. Determine your first year’s living expenses from savings, a job, the income of your spouse, etc. If your company has a financial need, investigate it promptly. Smart management of money begins small.
Select a Business Name
You need a brand name that consumers will remember. It shouldn’t be owned by another business. Both Google and a corporate name search tool can be used to locate a name. State and federal agencies offer assistance.
Develop a Website
Start your website now. Today, credibility is essential. So even if your product is not yet complete, begin with your company’s information.
If you incorporate, your personal assets will be safeguarded. Discuss business formation with your attorney and CPA (corporation, LLC, or sole proprietorship).
Complete an EIN Form
EIN distinguishes you from your company (EIN). It is required for establishing a business bank account or incorporating. Also, no SSN is necessary (an opening to identity theft). Free online applications are available.
Get Business Permits
Depending on the nature and location of your enterprise, a business license may be required. The city or state issues the majority of permits. In the United States, the SBA has a license and permission tool.
Give Co-Founders Responsibilities
If you have numerous founders, decide immediately who will do what. Draft it. Co-founder conflicts can be fatal to a business.
Use Social Media
Creating Facebook, LinkedIn, and Twitter profiles will facilitate marketing on social networks. Your brand should be the name of your profile.
Commence earning money immediately. In the early stages of a business, capital is scarce. Invest before conditions are “ideal.” Your attorney should draft consumer contracts.
Rent a Space
Consider foot traffic, accessibility, and other factors when opening a retail store. If you don’t have a storefront, rent an office later.
Establish a Commercial Bank Account
Using a personal bank account for business expenses is easy, but fixing the problem later is hard.
Open a business bank account, then select a program for money management. Start with your objective. Messy books are the fastest way to destroy a firm.
Startup Business Checklist for Success
You need more than just a great idea to succeed in the startup world—you need a comprehensive plan and a solid foundation to build from.
This startup business checklist provides everything you need to prepare your startup for success. So what are you waiting for? Start planning your startup today!
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