Are you trying to start a business? It is time to formulate the startup launching process into manageable pieces. You might get devastated with the so many things on your calendar. However not to worry; we’ve defined this checklist into the primary tasks you have to perform now, and that you can reschedule until later.
1. Determine Feasibility
Be sincere. Your startup business must be something you can make a profit. Ask yourself a question: Would you purchase it? Evaluate the numbers. Will the customers pay enough so that you can cover up costs and generate profit?
2. Brainstorm A Good Business Idea
An excellent business idea is not only that turns a profit. It is the idea that suits you personally, for your target marketplace and for your region. You are going to be in business for the long time, so you actually should get something you can rely on.
3. Craft A Business Plan
It is quite easy to convince yourself that you don’t require a business plan; however crafting a business plan with business financial projections strengthens you to consider using fine points. Keep your business plan a living thing that you re-examine and acclimatize frequently.
4. Figure Out The Cash
There are many startup businesses that take so much time to get off the ground. In case you are looking to start a business and need funding start investigating as soon as possible. The major resource is SBA and SBDC.
5. Select A Business Name
You need a business name that will stick in your target audience’s minds. And your business name should be unique; it should not already be taken by another business. Carry out some Google search and use a corporate name search tool to see if the name you’ve in your mind is unique. Additionally check on the state and Federal level.
6. Register Domain Name
Get an identical domain to your business name. Website with free hosting and a name like mysite.wordpress.com makes it seem like you aren’t running a real business or you don’t plan to be around long.
7. Figure Out The Legal Structure
Incorporating your startup business can save your personal assets from harm. Discuss with your accountant or legal representative regarding structure (Corporation, Limited Liability Company, Sole Proprietorship).
8. Apply For An Employer Identification Number
An Employer Identification Number or EIN helps you take apart yourself from your business. You’ll need it if you plan to incorporate your business or open a business bank account. Additionally, with it you can avoid giving out your SSN. Applying for EIN number is absolutely free.
9. Apply For Business Licenses
You may require one, if not many, business licenses for your startup, based on your industry and your location. Majority of licenses are at the state or local level. The SBA has a useful business license tool.
11. Set Up A Website
Get your business website up and running as quickly as possible. At present, it’s essential for the credibility. Even if you don’t have any product yet, you can start with just company information.
11. Register Social Media Profiles
Getting set up on the some major social media channels like Facebook, Twitter and LinkedIn will make the advertising on them quite easier. Furthermore, it’s essential to reserve your brand as a profile name.
12. Start Your Revenue Stream
Start generating revenue as quickly as possible. At the startup stages, there is never enough cash – therefore you need to wait until things are ideal, and get your legal representative to make any customer contract forms required.
13. Rent Retail Or Workplace Space
In case you have got a brick-and-mortar business, you will have to reform it early. In case you intend to run a small retail business, focus on foot traffic, accessibility, and other factors on the way that will affect the number of people that will walk in your store. And if you don’t have retail or brick and mortar business then avoid renting a workplace as long as possible to keep away from saddling your startup with lease payments.
14. Business Cards
As founder of a startup, you will be doing a lot of networking, so order masses of business cards. They are economical enough that you can rearrange them afterward if things change. If you don’t have cards, you lack credibility.
15. Open Business Bank Account
It is very easy to pay for your startup expenses from your personal account but later it’s become quite difficult to pay every time from your personal account for business expenses.
16. Set Up An Accounting System
As soon as you set up a bank account, pick an accounting program. Start as you intend to go. A couple of things will doom your business quicker than books.
17. Manage And Assign Responsibilities To Co-Founders
In case you’ve more than one founder in your business, it is important to assign the responsibilities. Put all the responsibilities in writing describing who will do what up front. Sometimes co-founder disagreements can destroy your business.
18. Upgrade Your Smartphone And Choose Apps
As a business owner you are busy in working– a lot. I can’t highlight enough how helpful a good Smartphone with excellent business app can be, in running and managing your startup business. Get a credit card swipe machine to accept payments through cards as well.
19. Get Free Advice
Your local Small Business Administration (SBA) office, SCORE, Small Business Development Center and other small business resources can offer you with free advice, access to business templates, and some other tools.
20. Seek Advice From Your Insurance Agent
Based on the business type you are starting, you may need insurance, like workers’ comp, liability, or health insurance, mainly when you hire full-time staff.
21. Hire Your First Employee
Based on the type of your startup business, you may need team of workers from day one or you may be able to outsource to freelancers and third party vendors for some time. Just keep in mind; trying to do everything yourself takes you far from developing your business.
22. Arrange Service Providers and Suppliers
Finding good source of inventory is very important, generally in some sorts of businesses such as retail and manufacturing. Further than inventory, arrange good trustworthy suppliers and service providers so you don’t have to worry about small things.
23. File For Trademarks, Copyrights And Patents
The good thing to do is to consult an attorney before regarding the need for patents. Get the all particular advice before time. Then you may be able to defer submitting for a short time, based on your business characteristics.
24. Refine Your Pitch To Investors
You require a good sales pitch for lots of reasons: customers, potential investors, new hires, and bankers. In case you can’t convincingly and clearly pitch your business, how can you expect major stakeholders to buy in?
25. Refine Your Product, Marketing And Sales Approach
As you go along you will definitely find out more about the market. You can use your customer feedback to refine your service and product offerings, and your go-to-market approach.
26. Secure Your Data
Whether you’re running a tech business or not, you probably have sensitive data on your computer devices which you want protected. Protect it from interruption and debacle. Back up all your data! As IT problems can disrupt a startup business.
27. Get A Sales Team In Place
In lots of cases, the business owner starts out as the chief sales person. However to develop you require a committed sales function, so you can focus on activities other than daily sales.
Your startup business checklist might be even longer than this, however categorizing what needs to be executed and what not before you launch your startup and what steps you can take that makes it easier to prioritize your responsibilities.