Basics Checklist

When starting a new business there are many factors to take into consideration. This checklist will help you tackle this daunting process.

      Research – Study your target market and your competitors. Decide if there is sufficient demand for your business and how you will fill needs within your market. Research possible locations for your new business and what equipment you will need. Determine initial investment and regular operating expenses, and look into appropriate business loans and capital sources.
      Choose a name for your business.
      Decide on a business structure (positions needed, number of employees, etc.).
      Decide on a legal structure (limited liability partnership, C-corporation, etc.).
      Business Plan – Develop a business plan which includes the above information. This will be your business' guidebook. It should define the products or services your business will offer, and contain a mission statement, financial data, legal structure, and market analysis. A business plan is often required when applying for financing.
      Obtain any needed business licenses.
      Register for state and federal taxes.
      Obtain business insurance.
      Pick a location for your business.
      Acquire financing.
      Research and establish a relationship with wholesale vendors.
      Purchase needed equipment and hire employees.