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Checklist for starting a new business


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Checklist for starting a new business

New business start-up is process each businessman should go through. The necessary procedures can vary from country to country, from location to location, from business to business. This starting a new business checklist mainly includes steps that are typical for all locations and countries. It can be easily modified and elaborated according to specific requirements. .

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Check yourself if you are ready to start:

  • Ensure that you possess the discipline to maintain a schedule
  • Ensure that you are ready for financial difficulties until you business will gain more profit
  • Ensure that you can be more creative and responsible
  • Ensure that you possess necessary skills and knowledge to be successful in chosen business
  • Ensure that you can be more flexible in your work and family schedule
  • Ensure that you are ready for different challenges and adventures
  • Ensure that you prepared to respond quickly to the needs of your business
  • Discuss proposed business with your family
  • Ensure the needed amounts and sources of money required for business start up and initial operating expenses until you start earning a profit

What to do first to start a business:

  • Define the products or services you will provide.
  • Ensure that market has a need for what you will provide

Order or make yourself a quick marketing research or market overview to ensure that demand is big enough to make your business profitable

  • Research who are your competitors
  • Define what is your competitive advantage
  • Develop your marketing strategy
  • Create business name, logo, symbols
  • Preliminary decide your operational requirements

What is required for business - equipments, premises, warehouses, vehicles etc.

  • Preliminary decide staff requirements
  • Seek management advice and counseling to define taxation available for your type of business, research what legal documents are required etc.

Use service of professional advisors - an accountant, an attorney, an insurance broker, a real estate agent, etc. Apply for appropriate state and private services - local Small Business Development Center,the Small Business Administration, trade associations, local chamber of commerce, professional business consultants

  • Check with the local government regarding any special business regulations, sales taxes, personal property taxes and zoning restrictions affecting your business.
  • Decide upon the legal structure of the business
  • Decide finances required

Develop a financial plan and include profit and loss projections. Decide if you have enough resources to adequately support your business until you will make a profit.Decide what type of financing your business will need and what financing options are realistic for your situation.

  • Elaborate business plan for loaners if loan is required.

A business plan should outline your background including your vision, mission, goals, strengths and weaknesses, explain your positions, which achievements you want to get and how you plan to get them. A well-written business plan must be completed before seeking any form of financing. It should include proper pricing strategy, management team , operational plan, staffing plan, marketing plan, financial plan.

  • Register business with the appropriate...

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Identify your liability risk and obtain adequate insurance coverage.

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