Are you thinking about starting a business but not sure where to begin? Well if you are, don’t worry you are not alone. Often time people have a great idea and they know the product or service they are looking to promote but they do not have any idea about the business side.
Without knowing the business side you can almost guarantee that if you don’t learn this side of the business or bring in someone that does, your business will not last long. No matter how good your product or service is you have to have some business know how to succeed in business. You may not have that know how in the beginning but you either must educate yourself or bring on someone that has that know how.
Running a business is more than getting clients and delivering a good product or service. You have to understand cash flow, because as the saying goes cash flow is king. Without knowing how to manage your financial books and cash flow, it doesn’t matter how much money you make because it will not last without knowing this vital knowledge.
So many of these topics we will discuss throughout this blog but below we will delve into a business start up checklist to help you understand the basics you will need to get your business off the ground and running.
- Selecting a business based on your personal skills and interest
- Research the business type and what you will sell
- Research the market and determine if there are buyers
- Define your target audience
- What will your cost be to create the product and ship it?
- What will your cost be in a service business to provide the service requested?
- How long will it take you to make a profit in this business?
- Develop a business plan
- Create your business name (research to make sure it is not already taken)
- Register the domain name for the creation of a website
- Determine your business structure (LLC, partnership, C-Corp, S-Corp, etc.)
- Register your business with the Secretary of State’s office
- Choose a good location for your business (if brick-n-mortar)
- Apply for patents and copyrights if applicable
- Get phone number for the business
- Check on insurances and what you need for the business type and location
- Check on health insurance if applicable
This is a basic foundation list and we will go over a lot of the items on this list in depth, so don’t worry if you are not sure what each of these items mean right now. Just make sure if you are starting a business that you use this checklist to review that you are crossing your i’s and dotting your t’s.
Has this checklist been helpful for you? We want to know if this information is relevant to your and your business. If you have any questions or comments you can leave your comment below this or any post on this site or you can email us with the emails located on the contact us page.