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Checklist for Starting a New Business

Author: John Preston
by John Preston
Posted: May 10, 2015

A person just doesn’t think of starting a new business out of a whim. You must have some important impetus that spurs you to think about going on your own rather than making a living out of your employment.

As such, a person who considers building a business already has a certain mindset. If you are in this category, you need to consider the things you must do in setting up your own business.

A checklist would be a good start. Here are some suggestions:

1. Develop a business plan and put it in writing

A business plan is like a road map where you will be able to direct your efforts from start to finish. Just like a map, you need to know where to start, and the things that you will need in order to reach your destination at the appointed time.

It will help if you will use business tools that focus on developing business plans. These tools will guide you in mapping out your start and your strategies of reaching your business objectives.

2. Seek Training and Business Guidance

You need to be educated on how to start and maintain a business, therefore seek all the training and counseling that you can get, if possible for free. But even if you have to pay, then do it, for it will ensure your success.

3. Select a good location for your business

The best way to ensure business success, according to business experts, is location, location, location. Choose a customer-friendly location and comply with zoning laws.

4. Finance Your Business

The way to make money is to use money. If your own money is not enough, seek research grants, venture capital, or government backed loans.

5. Set your business’ legal structure

Choose which form of ownership is best for your business. Is it a corporation, partnership, sole proprietorship, Limited Liability Company (LLC), cooperative or nonprofit?

  1. Register your business name with the government
  2. Get your business’ Tax Identification Number

Seek advice as to what kind of TIN you need from the IRS or your state revenue agency.

8. Register for local and state taxes

Apart from the TIN, you need to register for workers’ compensation, unemployment and disability insurance.

9. Get your business license and permits

Obtain all the licenses and permits that you need to operate your business from the state and local governments.

10. Study your responsibilities as an employer

Seek legal advice on the legal steps you need to take in order to hire employees.

Setting up your own business from scratch is more complicated and strenuous than buying a franchise. For instance, if you pay the Mcdonalds franchise cost, all these rigmaroles are already included in the fee, since it is already an established business.

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Author: John Preston

John Preston

Member since: Mar 24, 2015
Published articles: 373

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