BUSINESS START-UP CHECKLIST

1.	ASSESSING YOUR OPPORTUNITY (WHAT DO YOU WANT?)

☐	Determine why you want to start a business
☐	Conduct a SWOT analysis to identify your strengths and weaknesses.
☐	Decide whether you want to provide a product or a service; build an online business or bricks and mortar.
☐	Assess how much capital you have to risk and how long it will last
☐	Determine if you want the business to be part-time or full-time.
☐	Discuss your plans with family members to ensure they are behind you.

2.	COMMITING TO YOUR BUSINESS

☐	Make a list of business ideas that fit your strengths and interests.
☐	Identify businesses that are having success today.
☐	Understand the problem(s) your business will solve.
☐	Define the market you want to pursue and your target customer.
☐	Validate your idea by talking to potential customers about it.
☐	Evaluate how customers solve this problem today, as well as what the competition offers.
☐	Create a quick financial plan, identifying costs and forecasted sales to see if your capital gets you to a profit.

3.	SETTING UP YOUR BUSINESS

☐	Select your business name and search the internet to make sure it’s not being used.
☐	Register a domain name and secure social media profiles for the company.
☐	Apply for an EIN with the IRS and local or state business licences.
☐	Decide on a legal structure or business structure and incorporate: Corporation, LLC or Sole Proprietorship.
☐	Get your website up and running.
☐	Establish your company’s accounting plan: hire an accountant, select an accounting system, and a fiscal year.
☐	Evaluate and select needed insurance policies for your business: liability, workers comp, or health insurance
☐	Open a business bank account and business credit card.
☐	Begin networking with pre-marketing materials such as business cards, brochures, or public relations.

4.	ENSURING SUFFICIENT FUNDS ARE AVAILABLE

☐	Estimate how long it will take for your business to acquire paying customers.
☐	Itemise your living expenses for the first year, at least, and assess where this will come from.
☐	Itemise how much capital is required to launch the business and project how long before profitability.
☐	From this, determine how many months of savings or investment you have to get to breakeven or profit.
☐	If outside investment is required beyond the founders’ savings, complete a business plan.

5.	PLANNING FOR YOUR BUSINESS

☐	Write an Executive Summary after the other sections of the Business Plan are completed below.
☐	Complete a Company Overview that includes basic information and a summary of the management team.
☐	Write a Product Description section describing your products or services and what problems they solve.
☐	Prepare a Market Analysis section that describes the total market and your target market, specific segment needs, competitive offerings available, and any trends that will affect the analysis.
☐	Describe an Operating Plan for the business, such as operating hours, number of employees, key suppliers, or seasonal adjustments your business might need to adjust to.
☐	Create a Marketing and Sales Plan that includes a “Go To Market” or launch plan, pricing, how your business will generate leads, and close new business.
☐	Build a Financial Plan that shows a break-even analysis, projected profit and loss, and projected cash flows.

6.	SETTING UP TO OPERATE

☐	Find and secure a business location, even home offices need good design.
☐	Identify any staffing needs and the profile of employee or contractor that is best.
☐	Recruit, interview, hire, and train employees.
☐	Identify and set up any needed technology: POS, Email, Phones, CRM, Billing and Payment systems
☐	Ensure your technology systems are secure with your information or customer information.
☐	Depending on the business type, identify and partner with the right suppliers.

7.	MARKETING AND LAUNCHING YOUR BUSINESS

☐	Develop and refine a brand for your company and its products or services.
☐	Create and fine tune an Elevator Pitch through conversations with anyone who will list.
☐	Begin distributing or displaying your marketing materials: shop signs, brochures, or banners.
☐	Online, initiate digital marketing through blogs, emails, or SEO strategies to drive traffic to your web site.
☐	Hire a salesperson or sales team.
☐	Let the local or regional press know you are opening.
☐	Utilise Guerrilla Marketing tactics to generate traffic.
☐	Organise an opening day.
☐	Have fun!!