So, you want to start a business? Got the idea and all the ambition, but completely clueless about everything else?
Don’t feel intimidated or discouraged, it’s not as daunting as it seems, but it might also not be a one-day affair. Here’s the ultimate new business checklist to help guide you and keep you on the right path.
Create a Company Name
When it comes to creating a company name, there are a few things you need to keep in mind. Here is the ultimate business planning checklist for creating a company name:
- Make sure the name is easy to recall
- Avoid using industry jargon
- Keep it straightforward
- The name should reflect the brand
- Avoid too similar names
- Availability of the domain name
- Conduct a trademark
- Get feedback from others
Of course, make sure you are happy with the name before proceeding to legal documentation.
Build a Business Structure
Before you can legally operate your business, you’ll need to choose a business structure and obtain the necessary licenses and permits.
Decide on a Structure
A new startup should decide on a business structure. This is an important decision because it will determine how your business is taxed, how you raise money, and your personal liability.
There are four main business structures in the United States: sole proprietorship, partnership, limited liability company (LLC), and corporation.
Obtain Any Necessary Licenses
You’ll need to register your business with the government and get a business license. You may also need to get a special license or permit if you’re planning on operating in a specific industry.
Open a Business Bank Account
Now it’s time to get down to the nitty-gritty and open a business checking account. This account will be the foundation of your business’s financial transactions, so it’s important to choose the right one.
Create a Business Plan
Creating a business plan is one of the most important steps you will take when starting a new business. This document will outline your business goals, strategies, and finances, and will serve as a roadmap for your first few years in business.
Here is a concise checklist to help you create a comprehensive business plan:
Define Your Business
What products or services will you offer? Who is your target market? What are your unique selling points?
Research Your Industry
What is the current landscape of your industry? Who are your competitors? What trends are happening in your industry?
Create Your Marketing Strategy
How will you reach your target market? What marketing channels will you use? What messaging will you use to attract customers?
Develop Your Financial Plan
What are your business costs? How much revenue do you need to break even? What are your long-term financial goals?
Write Your Executive Summary
This section should provide a high-level overview of your business plan. Include your company overview, business goals, and financial projections.
Improving Your New Business Checklist Made Easy
This new business checklist provides concise guidance on the essential steps for starting a business. It is a valuable resource for entrepreneurs who want to ensure they are taking the proper steps to start their businesses on the right foot.
By following the advice in this checklist, entrepreneurs can increase their chances of success in launching a new business.
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