Did you know 90% of new American billionaires are self-made? You’re an entrepreneur at heart. You’ve put time and effort into creating your own business idea and are now ready to dive into the world of business ownership.
There’s nothing holding you back from becoming your own boss and running a successful business yourself. Where do you begin?
All you need to get started is the right business startup checklist. This type of checklist will provide you with all the tools and steps you need to take to ensure your business is successful.
Continue reading below for a complete business startup checklist to get the ball rolling!
Know Your Product or Service
Before getting started with your new business venture, you first need to know your product or service. Start by doing some research. Is this product or service worth investing in?
Do you know how much starting this type of business will cost? How much will it cost you to maintain it? How much revenue do you need to bring in for it to be considered a profit?
The more you know about your product or service before investing in it the better. The business you choose to open should be something that’s highly desired by a target audience or something you know a target audience wants or needs.
Research the Competition
The next step is to further your research by knowing your competition. Who is your competition in this specific business industry? What can you learn about them?
It’s ideal to know what the competition’s doing that’s successful and what they’re doing that’s not successful. How will you do things differently? Learn from your competition to create a strong foundation for your own business.
Then, decide how your business will bring value to the industry. What can you offer that’s not already being done? Why should clients or customers choose you over the competition?
A good idea is to visit your competition’s website(s) and act as a customer or client yourself. Pay close attention to what the onboarding process looks like, what the standards are, and how you can improve upon those standards.
Know Your Resources
What resources are available to you? Before starting this journey, gather all your resources to make the process as simple as possible. For example, if your business requires office supplies or payroll software, how will you make selections?
How will you choose the best suppliers and vendors in the industry? With help from a great resource like Price It Here, you can make educated decisions on purchasing payroll services, hiring suppliers, and more!
Choose a Name and Legal Structure
Now that you’ve done your research and have gathered all your resources, it’s time to select a name for your business and create a legal structure for it as well. When choosing a name for your business, remember to be creative.
Choose something that hasn’t been used before but is still easy to remember and ties into your product/services and overall brand well. You’ll have several options when selecting a legal structure for your business, so be sure to research all options to ensure you choose the right one for your business.
Write Out Your Business Plan
If you need lending to start your business, then you’ll want to devote some time to write out a well-written business plan. Even if you don’t need lending, it’s still a good idea to write out a business plan to help stay organized. In your business plan, you want to include the name of your business and the type of product or services you’re selling.
Then, be sure to include the following as well:
- cost to start the business
- cost to maintain the business
- how much revenue you plan to bring in versus expenses
- how you plan to make a profit from the business
- how many employees you’ll need to hire
- what your advertising/marketing plan looks like
You want to go over every detail of your business idea and have everything planned out. You’ll then present this business plan to a lender as a way to convince them that investing in your business is a good decision.
Apply for an EIN With the IRS
An EIN (Employer Identification Number) is essential for all legal businesses. You need to apply for an EIN with the IRS so you can legally pay your taxes each year. An EIN is also necessary if you want to open a business bank account or use payroll services.
It only takes a few minutes to apply for one on the IRS website and will save you from experiencing legal issues with the IRS in the future.
Open a Business Bank Account
As an entrepreneur, it’s beneficial to keep your personal bank accounts separate from your business bank accounts. When it comes time to review your business’s expenses/earnings, you’ll prefer having all of your business transactions in one place.
Speak with several different banks about their business account requirements and choose the one you believe is the right fit for your business.
Look Into Required Licenses and Permits
The type of licenses and permits required to run and maintain your business will depend on the type of business you own and where it’s located. Do your research to ensure you know everything about your state’s legal requirements before choosing a physical location for your business.
Then, obtain all the necessary federal permits, state licenses, business licenses, sales tax permits, and more.
Entrepreneurs Should Keep This Business Startup Checklist Handy
There’s a lot that goes into starting and maintaining a successful business. With this business startup checklist handy, you can be sure you take all the necessary steps for becoming a successful entrepreneur. Starting your own business takes a lot of time and planning.
Always pay close attention to the small details and create something that’s unique and challenges all other competition! To find more business topics, check back here on a regular basis.
My name is Tom William a expert content creator and SEO expert having Proven record of excellent writing demonstrated in a professional portfolio Impeccable grasp of the English language, including press releases and current trends in slang and details.
