Start-up | Business Plans and More Blog

New Business Start-Up Checklist

Starting a New Business Checklist:

Before you open your doors:

So… You’re thinking about starting a new business. Why? (What is your exit plan?)
Choose your Accountant, Lawyer and Financial Planner
Set up a Board of Directors (or an Advisory Board) and hold an organizational meeting
Choose your business entity wisely (ask your tax advisor which entity is best for you)
Choose a name for your business and lock it in with the Secretary of State and IRS
Create a long-term Business Plan (VERY important, as a failure to plan is a plan to fail)
Choose a location for your business (as Realtors will tell you, Location, Location, Location!)
Lease versus purchase for your business location – Which will be better for you and why?
Start the marketing process!
Fund your business (Business loan, personal loan, investment money??)
Open a business bank account (What not to put in your bank account? Personal expenses!)
Get your business license from your County or City if you are in the City limits
Set up your company for payroll (with the IRS, your State, Dept. of Labor)
Set up a Sales Tax account with the State if sales taxes will apply to your situation
Insurance – Many kinds for many situations – ALL very important to consider!
Signage – (easy to read). This may be a prospects first impression of your company
Get your IT needs set up
Identify your target market and the best way to get in front of them
Establish an internet presence (Website, Facebook, LinkedIn, Twitter, etc.)
Set up your accounting system
Get set up on receiving credit cards (many different ways to do it, all with different costs)
Start the hire process for your staff (Employees or Contract?? Are they really contract??)

After you open your doors:

Network Marketing (I call it Visibility Networking). People need to know you are here!
Other Marketing (Direct Marketing and Targeted Marketing, Social Medias)
Know where you get your new clients! This can be easily tracked in your accounting system
Staying in touch with your clients in meaningful ways
Enter your data into your accounting system (Income and Expenses) on a current basis
Invoice quickly after services are performed and stay on top of collections!
Enter your budget (preferably from your Business Plan) into your accounting system
Review your data frequently (and see how it compares to your Business Plan / Budget)
Meet with your Board of Directors/Advisory Board frequently (and record the minutes)
Revise your Business Plan annually (this is a living document)
Stay Compliant (taxes, legal, etc.). If you don’t, you will not like may happen later!
Repeat all of the last 11 steps often!!