Starting a new business is an exciting venture to take. It’s common that new businesses face many problems, from planning and licensing to funding, marketing and operating a business. Regardless of where you are in the process, this checklist can help you. Although starting a new business may seem simple at first, the reality of starting any business can be hard but not impossible.
The checklist below provides the basic steps you should follow in starting a new business. This list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business.
It contains a general, high-level listing of the tasks you need to complete in starting your new business. So, for example, while it lists “prepare a business plan” as one of the tasks, it does not list every step you need to take to create a business plan.
Included are the following:
* a listing of all the background steps you need to take, including establishing business goals, determining the best location for your business, and assessing your financial situation
* a listing of all the business transactions you need to take, such as registering your business, establishing a line of credit, and getting business licenses
* a listing of all the pre-opening steps you need to take, including reviewing building codes, joining professional business organizations, setting opening date
Checklist for Starting a New Business
Background work
* assess your strengths and weaknesses
* establish business and personal goals
* assess your financial resources
* identify the financial risks
* determine the start-up costs
* decide on your business location
* do market research
* identify your customers
* identify your competitors
* develop a marketing plan
Business transactions
* choose a form of organization (proprietorship, partnership, or corporation, for example)
* create your business (register your name, incorporate the business, etc.)
* obtain a business license or permit
* get a tax identification number
* get a social security system certificate
* get a PHILHEALTH
* register to department of labor and employment
* register to other government agencies appropriate for your specific type of business
* prepare a business plan
* set up a business checking account
* select an accountant
* apply for business loans (if applicable)
* establish a line of credit
* obtain business insurance
First steps
* Make a logo for your business
* build a website or blog
* get business cards
* review local business codes
* obtain a lease
* line up suppliers (if applicable)
* get furniture and equipment
* join a professional business organization
* set a starting date
Anything that you want to add?
sources: wbsonline.com, toolkit.com
a very useful guide in starting up a business.
The way you run your business is another business legal aspect that you must consider. Your business operations are governed by federal, state and local laws. You’ve got to make it a priority to know and follow all of them.
There are laws regarding human resources, tax reporting deadlines, required insurance, the list is long. Most cities have regulations about businesses being run from the home.
Most restrict what types of business can be conducted from the home and many put restrictions on the traffic that will be coming and going from a business that operates out of a residential neighborhood.
If you plan to run a business from home, this is information you need to consider before starting. Once you hire employees, there is a whole world of laws and business legal aspects that didn’t apply when it was just you.
The more concise and well laid out your initial business plan is, the less time you need to spend later doing something like convincing lenders or investors etc, depending on what path you want to take for funding. It will also reduce the risk of you having missed something important out later on.
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The post was very helpful. The information above should be a guide to those who are planning to start their own type of business..
Great article..