The Ultimate Entrepreneur’s Startup Checklist | Setting up a new business is more than a little challenging, especially during these troubled times, and with so much to organize, it is easy to overlook things. We assume that you already have a comprehensive business plan in place prior to the implementation stage and you have a firm direction to take the business.
Here is our ultimate startup checklist to ensure nothing gets overlooked.
- Legality – Of course, you must register the business and there are several types of business that you can create. A sole trader, a partnership or even a limited company are all options and you should seek advice from a law firm about the pluses and minuses of all the categories, ensuring you make all the right choices.
- Business Plan – This would be the very first stage of any new venture, to determine the viability of launching the business, while also detailing every aspect of the organization. Ask a good friend to play devil’s advocate and try to pick holes in your plan, as this will reveal any shortcomings.
- Digital Marketing Plan – If you want the best, check out the King Kong digital agency in the US, an award-winning SEO provider with a fantastic track record. The plan would be comprehensive and clearly show how you intend to reach your target groups with the right message.
- Funding – The main reason a new business fails is lack of funding and you should crunch the numbers and calculate the total startup cost, while also projecting monthly outgoings. You must be realistic and include every expense, whil also adding 10% for unexpected expenses that usually arrive just when you don’t want them. You need to have enough money to support the business for 6 months without any income and if you feel you do not have access to the required amount, take out a short-term business startup loan, which you can repay over a couple of years. If you would like to read many business blogs, this is an excellent website with many categories.
- Business Communication – If you migrate all your business data to the cloud, you can use this for VoIP communication, which is cheaper than traditional telephone calls. Talk to a managed IT service provider and they can create a secure network where you can store your data and communicate cheaply using the Internet.
- Insurance – It is the job of the business owner to minimize risks and that means taking out a range of insurance policies. Public liability insurance is compulsory and if you employ people, you will need employer’s liability insurance; there are online brokers that can combine PLI and ELI into a single policy. You must also have insurance for your business premises, company vehicles and any stock that you are holding.
- Company Website – Your website will be your portal to the digital world and it should be a reflection of you and your company. Talk to a leading web designer, who can design, build and administrate your website.
Click here for US government information about setting up a business, which is a recommended read. Create lots of checklist for the many small things that you have to arrange and tick them off when they are completed.