I get quite a few questions about what should be on a good business startup checklist. Once you get going, you’ll realize that this list may seem kind of endless — there’s a lot to do and consider as a startup entrepreneur! This list should help you get started — it doesn’t cover everything, but it does cover many of the key issues.
Business Idea – Business Startup Checklist
- Brainstorm Business Ideas
- Screen Business Ideas
- Make Sure You Are Solving A Real Problem And Creating Value
- Make Sure You Understand The Business Model
Financial- Business Startup Checklist
- Do A Break-even Analysis
- Put Together Pro-forma Financial Statements, including Income Statement, Balance Sheet And Cash Flow Statement
- Determine How Much Capital You Will Need To Startup The Business
- Determine How Much Money You Will Need To Raise To Meet Your Growth Objectives
- Put Together An Investor Pitch Deck
- Put Together A Business Plan
- Raise Capital From Investors And Lenders If Needed
- Get An Accountant
- Set Up An Accounting System
- Set Up A Business Bank Account
Marketing/Sales- Business Startup Checklist
- Research Your Market
- Develop A Marketing Plan
- Understand How You Will Use Social Media As Part Of Your Marketing Plan
- Make Sure You Understand The Sales Cycle In Your Business
- Hire Sales Personnel As Needed
- Develop Channel Partners As Needed
- Split Test All Marketing — Never Assume You Know Exactly What Your Market Wants — Be Data Drive
Product/Service- Business Startup Checklist
- Build Your Product Or Service To Meet The Needs Of Your Market
- Determine What Will Be Unique About Your Product Or Service
- Determine How Your Offering Will Solve The Needs Of Your Market In A More Appealing Way(s) Than The Offerings Of Your Competitors
- Constantly Test The Attributes Of Your Product Or Service Offering With Your Market To Determine What Needs To Be Added or Dropped
Team- Business Startup Checklist
- Decide If You Will Have Partners In Your Business
- Decide To What Extent You Will Use Independent Contractors, Where Possible, Instead Of Hiring Full-time Employees
- Put Together An Internal And External Team That Is Well Aligned With Meeting Or Surpassing The Goals Of Your Business
- Get Rid Of “Toxic” People As Soon As Possible
Legal- Business Startup Checklist
- Find A Lawyer Who Can Help With Startup Legal Issues
- Find A Company Name
- Make Sure The Name Doesn’t Violate Any Intellectual Property
- Reserve A Domain Name
- Make Sure Your Website Complies With Legal Requirements Including Privacy Policy And Terms Of Use
- Reserve The Name On Social Media
- Put An LLC Or Other Business Entity In Place And Divide Ownership Between The Founders
- Figure Out What Licenses And Permits Your Business Will Need
- Get A Federal EIN (Employer Identification Number) And State Numbers As Needed
- Work With A Lawyer To Put In Place All The Contracts You’ll Need To Do Business With Your Customers And Other Third Parties
- To The Extent You Have Intellectual Property (IP) Such As Patentable Ideas Or Trademarks, Work With An Attorney To Register That IP
Technology
- Determine The Technology You’ll Need In Place To Help Your Company Reach Its Goals
- Determine To What Extent You’ll Outsource Your Company’s Technology Needs Rather Than Managing Them In-house
- Find A Good Web Developer
- Find A Good Development Team For Any Other Software And App Development Needs
- Use Freelancer Services As Needed
Risk Management
- Avoid Single Points Of Failure At Key Points In Your Business
- Put Insurance In Place As Required By Law And To Protect The Balance Sheet From The Potential Liabilities Of Your Business
The above business startup checklist is by no means comprehensive and it will be a living document, but it should get you off to a good start in your new business.
Image by Methawee Krasaeden from Pixabay
