Research & Decisions
Business Startup Checklist 1. Determining the feasibility
Being brutally honest with yourself. Any business endeavor you consider should always be something that you know a profit can be made when providing a product or service. Asking yourself a few questions: Would you or people you know – purchase this? Running the numbers (financials): are your potential customers willing to pay enough so that you can easily cover operating costs while still harvesting a profit?
Business Startup Checklist 2. Creation of a solid business plan
It is not a recommended practice to persuade any involved with the new company that you don’t need a business plan. The creation of a business plan that entails financial projections and goals forces you to think through them most minute details. Keeping your business plan alive through the course of your business is vital so it can be adapted and flexible.
Many times a new business startup will take more time than you initially envisioned to get off the ground. Keeping in mind that you will still have living expenses to incur during the first year (current bank account standings and savings, your current job income, spouse or partner income, etc.). If you are going to require financing – start looking for multiple sources for the best rate possible.
What You Should Know
Find out more about how we can help with many of these crucial steps
Business Startup Checklist 6. Registering a website name (your domain)
Having a matching domain to your business name avoids any ambiguities. Secure your Gmail address and other related search engine email providers so competitors cannot secure.
Target & Embrace Your Goals
Business Startup Checklist 7. Incorporating and determining your legal structure
Incorporation for your startup will protect any personal assets. Talking about the business structure with a professional attorney and or accountant will protect you financially better. (corporation, LLC, sole proprietorship)
Business Startup Checklist 8. Application for an EIN should be submitted
An Employer Identification Number (EIN) assist with the separation of yourself from the business entity. This is a must if ever plan on incorporating your business endeavor or opening a business bank account. This also keep your SSN (social security number) secure and separate from your business lessening the chance for identity theft.
