Top 10 checklist for starting a business. All businesses start with an idea. But you’ll need more than an idea to make your business dream a reality. If you are thinking about setting up a small business, be re-assured that you are not alone. Many aspiring entrepreneurs are looking to start a new small business. Planning, skills, resources, time and a little luck are all important.
these 10 checklists that can get your small business ideas to unfold:
1. Create a Business
It’s easy to convince yourself that you don’t need a business plan, but
creating a business plan with financial projections forces you to think through
details. Keep your plan a living breathing thing that you revisit and adapt
2. Test your Business
Idea and do Market Research
We advise students and new entrepreneurs to do market research before
they start, we’d like to clarify that you should not let “doing market
research” hold you up if you already know your market. The reality is, the
vast majority of real startups are driven by people who know their market from
experience and who are ready to bet the farm on it! Market research does not
have to be a part of the business planning process.
3. Choose a Business
Name and register your Domain
You want a name that will stick in your target audience’s heads. And it
shouldn’t already be taken by another company. Do Google searches and use a
corporate name search tool to see if the name you have in mind is unique. Check
at the state and Federal level. Get a matching domain to your business name.
An AOL email address or a website with free hosting and a name like
mysite.wordpress.com makes it seem like either (a) you are not running a real
business or (b) you don’t plan to be around long.
4. Credit Score
Although your business
credit score doesn’t affect your business, lenders still check your credit
score when you take out a loan to fund the start-up. They use the information
to determine the type of business loan they can offer and the interest rates and
When offering a small
business loan, lenders may also look at your overall financial statements,
debt-to-credit ratio, and the amount of loan you will need. The cash flowing
into your business is also one aspect that most lenders consider, as they may
choose to check your daily balances and other transaction details of your
5. Brand your Business
A strong brand is
the key to customer loyalty and higher sales. If you think it’s just
for big business, think again; a brand is critical for businesses of all shapes
This is where all the
hard work pays off. Now you know a bit more about your target audience, you’ve
got the opportunity through your brand to grab their attention. And of course,
to have fun doing it!
6. Size of your Business
Your business’s size
refers to the scale of its operations or the volume of production and sales.
Some entrepreneurs also measure business sizes in terms of their net worth,
assets, employees, and even the machinery or plants. Three significant factors
affect your business’s size: personal factors, commercial factors, and
technical factors. When it comes to personal factors, your business size
depends on your capacity to raise capital.
commercial factors that influence your business size include your sales
estimate and the possibility of expanding your services. Likewise, the
technical factors that account for your business size may include the nature
and variety of production, availability of inputs for production, ROIs, and
7. Figure out the Money
Most startups take a lot more time to get off the ground than you
expect. Know where your living expenses for the first year will come from
(savings, a job, spouse’s income, etc.). If you need financing for the
business start investigating as soon as possible.
8. Set up an
Accounting and Record-Keeping System
Setup your Accounting and Record-keeping system and learn about the
taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years,
including: a list of all owners and addresses, copies of all formation
documents, financial statements, annual reports, amendments or changes to the
company. All Tax and Corporate Filings should be kept for at least 3 years.
9. Find the right
employees and technology
Hiring the right employees is important. While you may only be able
to hire one or two employees to start with, it’s still vital that you hire well
and choose the right ones.
Nearly all companies use technology. Think about whether you need
laptops, tablets, Smartphone’s – or all of these. Talk to local IT firms if
you’re not sure.
10. Create Social
have different social media needs. You might need a Facebook page and a
LinkedIn profile or you may only need a Twitter account. Do some research on
competitors or ask your mentor to see what will work for your business. Look at
companies that you aspire to be like for inspiration.