Congratulations, you are ready to start your company! As we all know this is a lot easier said than done. Although there is no guaranteed formula for success, there are certainly several actions you can take to put yourself well on this path! The Bill Minor Group decided to combine some of these actions in this convenient checklist for the new entrepreneur…
The first step is to put on your thinking cap! What type of business do you want to start? Where? What products or services will you provide? How is this different or better than what is currently being offered? Here you want to be brutally honest with yourself in initially gauging which ideas truly have the potential to work.
It is time to organize those great ideas into your company! A business plan is a great way to outline your business goals, operating procedures, & competitors. This written guide will help you map out how you will start and run your business successfully.
Now it is time to register your company with the state! This is a necessary step to legally do business and choosing the right structure is critical. You can find more info on choosing the right entity type here.
The next step is filing your company for taxes. You will need to file with the IRS to get a federal tax id (EIN). You are also required to file with your state for taxes, and workers comp.
You may need one or more additional business licenses, depending on your industry and location.These licenses may be required by your city, county or state. Contact your Secretary of State and local government to find requirements.
Now that you can officially start doing business, you need to pick a location. If you plan to run a retail business, pay attention to accessibility, and other factors that will affect foot traffic. If you are opening an online store it is time to either build or purchase a domain & website.
Oftentimes new companies take a lot more time and money to get off the ground than you expect. Knowing where your living and working expenses will come from for the first year is key. Don’t worry there are several different options for funding, you can find more info here.
Reaching customers is a key element in growing your business! In order to do this you must implement and execute a well researched marketing strategy. You can find tips on creating your own here, or purchase one here.
Your checklist might be longer than this, but organizing what needs to be done before you launch and what you can take care of down the road makes it easier to prioritize your tasks.