Checklist for starting a new business

Check yourself if you are ready to start:

• Ensure that you possess the discipline to maintain a schedule
• Ensure that you are ready for financial difficulties until you business will gain more profit
• Ensure that you can be more creative and responsible
• Ensure that you possess necessary skills and knowledge to be successful in chosen business
• Ensure that you can be more flexible in your work and family schedule
• Ensure that you are ready for different challenges and adventures
• Ensure that you prepared to respond quickly to the needs of your business
• Discuss proposed business with your family
• Ensure the needed amounts and sources of money required for business start up and initial operating expenses until you start earning a profit

What to do first to start a business:

• Define the products or services you will provide.
• Ensure that market has a need for what you will provide

Order or make yourself a quick marketing research or market overview to ensure that demand is big enough to make your business profitable

• Research who are your competitors
• Define what is your competitive advantage
• Develop your marketing strategy
• Create business name, logo, symbols
• Preliminary decide your operational requirements

What is required for business - equipments, premises, warehouses, vehicles etc.

• Preliminary decide staff requirements
• Seek management advice and counseling to define taxation available for your type of business, research what legal documents are required etc.

Use service of professional advisors - an accountant, an attorney, an insurance broker, a real estate agent, etc. Apply for appropriate state and private services - local Small Business Development Center,the Small Business Administration, trade associations, local chamber of commerce, professional business consultants

• Check with the local government regarding any special business regulations, sales taxes, personal property taxes and zoning restrictions affecting your business.
• Decide upon the legal structure of the business
• Decide finances required

Develop a financial plan and include profit and loss projections. Decide if you have enough resources to adequately support your business until you will make a profit.Decide what type of financing your business will need and what financing options are realistic for your situation.

• Elaborate business plan for loaners if loan is required.

A business plan should outline your background including your vision, mission, goals, strengths and weaknesses, explain your positions, which achievements you want to get and how you plan to get them. A well-written business plan must be completed before seeking any form of financing. It should include proper pricing strategy, management team , operational plan, staffing plan, marketing plan, financial plan.

• Register business with the appropriate...

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