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Small Business Start Up Checklist
So you want to start your own business. Bravo!
So, for those self motivated, entrepreneurial types, let's get started! This is a basic outline for starting a business - Your Small Business Startup Checklist.
If your plan is to jump into something without looking then you'll want to know that of the people who start their own business, 95 percent did not realize how much work it would be.
1 - Begin with a business plan. Before you do anything, research your market to make sure that your business can be profitable. Look at: Consumer trends; Current markets (local, national and international); Industry knowledge; Competition, Future growth, . . . just to name a few.
To get started, there are free tools that you can get from the government. Check here for free information on starting a small business - Internal Revenue Service (IRS) Checklist - IRS
Since you'll want to be picky about how you use your start up cash, free is a very good place to begin!
Small Business Startup Checklist-For Home Business Too
2. Does your address location have zoning requirements - Parking restrictions - other restrictions? Make sure you can operate in your own neighborhood (i.e. a group home, day care, restaurant).
3. Get your business name registered - Gone are the A-Z listing for the phone book.
- TIP-Think keyword research for your business name - Get help for this if you don't know what I am talking about. If you don't do this you will be invisible to the search engines and people who may need AND want your product and/or service!
Check both locally (city) and county agencies. Ask yourself-Will you operate your business as a sole proprietor or as a partnership, LLC or corporation?
4. Check also to make sure that you don't or won't need a business license from your local government office. Requirements can vary by city and state, and also the type of business you're starting.
- TIP-Some cities and local government offices allow you to download applications from their websites. Do you need to get a copyright for your logo or business name or product? A Trademark? A Patent?
5. Once you have your business name registered, get a separate bank account. If you are new to business you are well advised to look for a smaller bank, or even credit union. you normally get more personal service, so that you can establish a professional and personal relationship with them easier (something you may need later if you need funds to keep your business going).
Business bank accounts are not always more expensive than personal bank accounts.
- TIP-You DO NOT want to co-mingle your business and personal funds - That is a red flag to the IRS! And, it is just plain BAD BUSINESS!!
- TIP-You may need a federal ID number from the government to get your account set up. That is easily obtained with a form SS-4, and can be sent by fax.
- TIP-You are often given a federal ID number the same day you send a fax. If you do not send in your information online or by fax then it can take up to 5 weeks to get a federal ID number by mail.
Small Business Startup Checklist For Smarties!
Small Business Startup Checklist 6-10
6. Planning your business before you start is important, especially if you need to get help with financing. Business plans can be simple or complex, depending on your business. Business planning software makes the process easier. There is free business plan advice online.
7. Secure your business funding with whatever method you will use. If you are borrowing money from family or friends - get a contract for them because when it comes to business and friends and business and family and business and understandings - they often get confused by convenient memory.
- TIP-Getting a business credit card and helps you establish business credit. you can't take a handshake to court and win - No way.
- TIP-Make sure your contract has a plan in it for paying that money back or your name will be mud!
8. If you live in a state or do business in a state that has a sales tax then register with that state to pay the sales tax.
9. Register with your local county or state too - for taxes.
10. Get your books set up with an bookkeeping ledger, accounting software or hire an accountant or bookkeeper (you'll save money with a bookkeeper to do bookkeeping versus a CPA to do bookkeeping) to handle business bookkeeping.
- TIP-If you decide to get an accountant then you'll want to make sure that your accounting software and theirs are compatible so you can trade files. If you don't you'll be paying extra for the accountants services - A PIA fee.
Small Business Checklist 11-15
11. Lease or buy the commercial space for your business. If you need to put together contracts or legal documents of any kind, get advice from qualified legal professionals.
- TIP-Often you can go to the Chamber of Commerce or the Small Business Administration for advice and assistance in your area. Their services are usually free or with a small fee.
12. Meet with a local insurance agent about business insurance requirements and options. Make sure you are covered - For instance you want to know if you are covered for important paperwork loss if you are a bookkeeper (not a normal option, so it is not often discussed).
13. Get your business telephone number or numbers. You may want a multi-line phone system, VoIP or add an additional phone number to your existing service.
- TIP-Be sure to also get a 1-800 number for customers who are out of your local area. You can even find online conferencing services for less money.
14. Now it is time to order business cards. Business cards are an efficient and low cost advertising method. They help with branding and encourage call back from customers.
15. Get a website. Even if you don't sell any products or services online. A website is a way for customers to find you and get information on your business.
- TIP-A website gives you a higher level of credibility and no matter what business you own, it says that you are forward thinking and business savvy.
Small business Checklist 16-18
16. Get a merchant account set up for handling money transactions online. If you want to save money, sign up for a merchant account with PayPal for free. There are no monthly fees; you pay only per transaction. Payments are made through their secure server, so you don't have to have your own.
17. If you need employees - Hire them now.
- TIP-Employees are a paperwork nightmare, so check with all agencies about hiring. There should be a Department of Labor and Industries in your area that you can call for an appointment on how to get started with hiring employees. Yuck!
18. Write a press release and submit it to your local paper and online distribution service about the opening of your business. This is free publicity for your business.
19. Contact your local chamber of commerce to host a ribbon cutting ceremony - Again, free publicity. Even if you are a one person show - Free Publicity - Think, " FREE PUBLICITY!"
Welcome to the world of being in business for yourself. I've been in business for myself since 1999. Follow your passion so that if you aren't the 'one' to get dirty, rotten, filthy, stinking rich then at the least you are doing what you love!
"Would you like me to give you a formula for success? It’s quite simple, really. Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, So go ahead and make mistakes. Make all you can. Because remember that’s where you will find success."
– Thomas J. Watson
Small Business Startups-Helpful Business Ideas & Tips
- Most Business ventures need start up cash or an influx of cash to get their business running or keep it running. In this article you'll find information on both of those needs.
- Everyone needs a business plan for most any business. So if you want to get started on the right foot - Here are some tips and strategies to walk you through how to create the right business plan for your company and your needs - both immediate, and down the road!
- Turbo Tax is a business tax filing software that you'll want to check into for your business needs. It may - or may not help you. you'll have to decide for yourself. But, for some information from a professional who has seen it and how it works, you'll find practical and helpful advice on the program that you may not have considered before.