This checklist is intended to walk you through all the issues you should consider in view of starting a new business. You may adapt it to reflect your business needs, type of clientele, products and services you offer.
1. Examine your motivation for business ownership and choose a business suitable for you.
Personal goals and motivation
Personal skills
2. Evaluate the feasibility of your chosen business.
Calculate financial projections that do not count on loans.
Know where your living expenses will come from during the first year
Make sure your family is on board
3. Consider start-up requirements and common pitfalls
Legal forms of organization
Learn permits, licenses, rules and regulations applicable to your type of business
Determine the steps to establish a legal business entity
Determine the types of records to be kept for tax purposes
Determine the types of record keeping and control systems for internal management
Determine professional needs: marketing, advertising, legal, accounting, tax, insurance and banking
4. Develop your business plan
Create a business plan
Think through details
Revisit and adapt regularly
Choose a business name and set a starting date
Choose an adequate location/office space
Identify your customers and potential competitors
Develop a marketing plan
5. Develop your financing request and obtain initial capital
6. Finalize all start-up requirements
Legally separate yourself from your business
Sign contracts and lease agreements
Apply for and obtain a business license, pay permits and fees
Obtain utilities services etc.
Get furniture and equipment
Design and print business cards
Open a business bank account
Elaborate customers/providers forms and contracts
Set up your accounting system
Obtain business insurance
Open a website and register in social media (when applicable)
Adapted from content excerpted from the RepublicSMEToolkit
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