An 11-Point Checklist for Starting a Business

If you are starting a business, use the checklist to below to get you on the right track.

An 11-Point Checklist to Act as your guide to success This checklist starts on the assumption that you’ve already chosen what kind of business you wish to start.

Write a business plan. Even if you’re not going to use it to obtain funds, a business plan will ensure that you’re still in the right path and you’re accomplishing goals right on schedule.

When starting a business, you need to identify your target market. Know important characteristics like age, gender, income class, and what their preferences are in regard to what you’re selling.

Choose a strategic location. In the Internet, the equivalent for location is having a URL with easy recall. In the real world, it should be something that gives your customers ample parking space and is easily located due to strategic landmarks in its proximity.

When starting a business, you need to know what type of business form you’ll use. Being a sole proprietor will give you lots of certain tax benefits and it definitely gives you total control over the business, but it also means being 100% liable if things don’t go your way. Consider whether you might need to become a partnership or a corporation.

Know where you’ll get your funds. If you can’t put up the necessary investment for your proposed business, consider the alternatives available to you. Do you want to mortgage your house or borrow from the bank? What about angel investors and venture capitalists?

When starting a business, make sure you take care of all the legalities because it’s just not worth the hassle when you do get caught by the IRS for tax evasion. Start your business right by obtaining and paying for all the licenses and permits your business needs.

Do you want to start from scratch or do you wish to hit the ground running with a franchise? Building your very own business means lower capital investments but without an established market and vice versa for buying your own franchise.

When starting a business, you need to have a comprehensive plan on how to market your company. Start with free advertising through word of mouth marketing and various online advertising methods. Proceed gradually when it comes to paid marketing.

Buy only what you need. You’re just a fledgling business…do you really need plush office furniture? Right now, you need to concentrate on increasing income while keeping your business expenses low.

When starting a business, find a role model to look up to and motivate yourself when things aren’t going your way. New businesses face a great amount of hurdles, and it’s important that you have something to perk up your spirits and get you through the next day.

Lastly, remember to pay your debts on time and provide your customer with excellent service. Establishing yourself as a good payer will improve your business’ reputation. Servicing with a smile won’t cost you a cent, but it can make customers come back for more.

This 11-point checklist for starting a business doesn’t, of course, include all the necessary steps to complete the start up process for your business but it’s enough to allow your business to legitimately operate without much hassle. Nevertheless, consult your local government unit to know if you’ve missed out on anything else in the legal aspect.