Business Start-Up Checklist

 

Getting Started

☐	1.    Conduct a personal evaluation to determine why you want to start a business.
☐	2.    Create a business plan:
	☐	a.    What do we do?
	☐	b.    How do we do it?
	☐	c.    Who do we serve?
☐	3.    Conduct a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats.
☐	4.    Assess how much capital you have available to invest.
☐	5.    Discuss your plans with family members to ensure they are behind you.
☐	6.    Determine if you want the business to be full-time or part-time.

 

Committing to Your Business

☐	1.    Define the customer “problem” and how your business can provide a solution in a unique way.
☐	2.    Determine viability: Is there a market for your service?
☐	3.    Identify businesses that are having success today.
☐	4.    Will your business be relevant as time passes? How will you adapt?
☐	5.    Define your market:
	☐	a.    Who is your ideal customer?
	☐	b.    What’s your market size?
	☐	c.    How easy is it to acquire the customer?
☐	6.    Validate your idea by talking to potential customers about it.
☐	7.    Evaluate how customers solve this problem today, as well as what the competition offers.
☐	8.    Create a quick financial plan, identifying costs and forecasted sales, to see if your capital gets you to a profit.

 

Setting Up Your Business

☐	1.    Select your business name. Perform a corporate name search to make sure your name is still available.
☐	2.    Register a domain name and secure social media profiles for the company.
☐	3.    Apply for an EIN with the IRS and local or state business licenses.
☐	4.    Open a business bank account and apply for a business credit card.
☐	5.    Find appropriate space to become your primary business location.
☐	6.    Once location is secured, get services set up in the business name, including primary phone number and other necessary utilities.
☐	7.    Decide on a legal structure or business structure and incorporate: Corporation, LLC, or Sole Proprietorship.
☐	8.    Get your website up and running.
☐	9.    Set up an accounting and record keeping system:
	☐	a.    hire an accountant,
	☐	b.    select an accounting system, and
	☐	c.    select a fiscal year
☐	10. Evaluate and select needed insurance policies for your business: liability, workers’ compensation, or health insurance.
☐	11. Prepare and begin networking with pre-marketing materials:
	☐	a.    business cards,
	☐	b.    letterhead,
	☐	c.    invoice,
	☐	d.    brochures, or
	☐	e.    public relations.
☐	12. Introduce your business to the surrounding businesses to your location.

Ensuring Sufficient Funds are Available

☐	1.    Estimate how long it will take for your business to acquire paying customers.
☐	2.    Itemize your business expenses for the first year, at least, and assess where these will come from.
☐	3.    Itemize how much capital is required to launch the business and project how long it will take to become profitable.
☐	4.    From this, determine how many months of savings or investment you need to breakeven.
☐	5.    If outside investment is required beyond the founders’ savings, complete a business plan.

 

Planning for Your Business’ Business Plan

☐	1.    Complete a Company Overview that includes basic information and a summary of the management team.
☐	2.    Write a Business Description section describing your services and what problems they solve.
☐	3.    Prepare a Market Analysis section that describes the total market and your target market, specific segment needs, competitive offerings available, and any trends that will affect the analysis.
☐	4.    Describe an Operating Plan for the business, such as operating hours, location, number of employees, key vendors, or seasonal adjustments your business might need to adjust to.
☐	5.    Create a Marketing and Sales Plan that includes a “Go To Market” or launch plan, pricing, how your business will generate leads, and close new business.
☐	6.    Build a Financial Plan that shows a break-even analysis, projected profit and loss, and projected cash flows.
☐	7.    Write an Executive Summary which gives a general overview of the above completed sections.

 

Setting Up to Operate

☐	1.    Find a feasible location for you that can provide you with the ideal space needed to conduct business.
☐	2.    Set up your office with appropriate working spaces, including comfy chairs, desks, shelves, filing cabinets, and etc.
☐	3.    Identify any staffing needs.
☐	4.    Recruit, interview, hire, and train employees (if applicable).
☐	5.    If hiring employees, get an employer ID from the IRS.
☐	6.    Identify and set up any needed technology:
	☐	a.    computers/laptops for business operations,
	☐	b.    printer(s),
	☐	c.    business software and applications,
	☐	d.    POS,
	☐	e.    business email accounts,
	☐	f.     phones,
	☐	g.    CRM
	☐	h.    billing, and
	☐	i.      payment systems.
☐	7.    Ensure your technology systems are secure with your information and customer information.
☐	8.    Install a security system, if applicable.
☐	9.    Depending on the business type, identify and partner with the right suppliers/vendors.

 

Marketing and Launching Your Business

☐	1.    Develop and refine a brand for your company and its products or services.
☐	2.    Create and fine tune an Elevator Pitch through conversations.
☐	3.    Community outreach and networking: as a business, you may or may not have the normal foot traffic. Therefore, other marketing strategies may be needed to offset the lack of a storefront. Attend various networking events to build relationships with community connectors.
☐	4.    Begin distributing or displaying your marketing materials:
	☐	a.    web-based promotions,
	☐	b.    social media,
	☐	c.    direct mail,
	☐	d.    business cards,
	☐	e.    trade shows, or
	☐	f.     brochures.
☐	5.    Establish an email marketing account and initiate digital marketing through blogs, emails, or SEO strategies to drive traffic to your website.
☐	6.    Let the local or regional press know you are opening and when.
☐	7.    Utilize Guerrilla Marketing tactics to generate traffic.
☐	8.    Organize an opening event. Create a relationship that might allow cross-promotions.

 

Sustaining Your Business

☐	1.    Keep track of strategies that worked and flopped to fine tune your marketing tactics.
☐	2.    Ask for referrals and testimonials to build credibility.
☐	3.    Maintain and nurture your repeat business. Remember, it costs 80% less to maintain a current relationship than to develop a new one.
☐	4.    Recognize your top client base. They will be your best pied pipers. Ask for referrals.