Business Start Up Checklist
A business checklist is important to have so that you can be reminded of tasks you may need to fulfill before your business can open its doors. Some steps involved around starting up a business may not be necessary in your state or county. By checking with your local authorities, you can gather more information on the specifications according to your state.
Follow these steps to ensure a sucessful start of your business.
- Choose a legal name and legal structure. You can research what will be the best structure for your business. If you are starting the business on your own, you will start the business as Sole Proprietorship. The other structures that are available, according to the type of business, would be a Partnership, Limited Liability Company (LLC) and a Corporation.
- The business plan is the most important document that you will need to create in the beginning phases of creating your business. The business plan will help if you need grants or loans from your bank or the government. This tells the lender all of the intentions and finances revolving around the business.
- Apply for a Federal Employer Identification Number (FEIN) through the IRS. The FEIN allows you to open a back account and process any payroll.
- Contact the banks that you are interested in opening up a business account with. Make sure that you meet all of the requirements, as they may vary from bank to bank.
- Decide where you would like your office to be located. It is better to start out leasing a space. A commercial realtor in your area can help you with this step.
- Contact your local authorities to determine what type of licenses or permits you may need. A federal permit may or may not be required of you. Laws do vary from state to state, and are mostly based on the type of product you are selling. You will definitely need to obtain a business license, even if you are a home-based business.
- Determine whether or not you need to hire employees at this time.
- Set up some sort of account and record-keeping system. Make sure that you are very familiar with the system you choose, because this is vital in tracking the successful flow of your business.
- Contact local insurance companies and decide which type of insurance you will need for your business.
- Organize your business as if you are passing it on to someone else, and they will need to know how to run it. Make sure that your business is systematic in every aspect, such as payroll, taxes, bills and order processing.
- Create your business letterhead and all other promotional materials.
- Market your business online, in newspapers, and within the community.