Starting a new business is no cakewalk. There are a million things to handle, from raising seed money to registering the business. With so much going on, it’s easy to feel overwhelmed.
That’s why it helps to have a handy checklist outlining all the steps you need to undertake to start your business. This way, you won’t miss out on any critical steps or deadlines.
To help you out with this, we have shared a business startup checklist below. Check it out.
1. Gauge the Market
The first thing you need to do is assess whether or not your product has sufficient market demand. You also need to identify the target audience and create detailed buyer personas.
It’s also a smart move to track your competitors and the products they are offering. This will ensure that you’re not reinventing the wheel by offering the exact same products.
Do this to protect your investment and hit the ground running from day one.
2. Outline a Business Plan
The next step is to create a detailed business plan covering all the basics of your business, namely its organizational structure, product offerings, growth plans, and financial projections.
The plan will serve as a business roadmap that keeps you on track and helps attract the right investors, customers, and employees.
3. Register and Name the Business
All new businesses need to register formally with the state for taxation purposes. Before that, you need to choose an entity structure and name for your business.
There are many types of business entities to choose from, but they differ in the formation process, taxation, and organizational structure. Pick a structure that suits your unique business needs and aspirations.
After that, it’s time to decide on a name for your new business. The name should be free of copyright issues and unique.
Along with the name, you can create a logo, tagline, and mission statement for your business. These things give your business a distinct identity.
4. Start Transacting and Staffing
To do financial transactions on behalf of the business, you need to open a bank account for it. An employer identification number (EIN) is mandatory for opening a business bank account. It also comes in handy for staffing and taxation.
Once you get your EIN, submit it to a bank of your choice, along with your ID, Articles of Organization, and ownership agreements. Once you do that, you’re ready to send and receive payments and hire a great team for your business.
These are the foundational steps for starting a new business.
Is that all, you ask?
Not really. You need to perform a few additional steps to become functional in real terms. This infographic by GovDocFiling covers the entire process in detail. Check it out.
Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young.
He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.