Checklist When Starting a Business

So you want to start a business?

I won’t lie - it can be overwhelming. But it’s also very exciting and I absolutely LOVE helping eager entrepreneurs get started on the right foot.

This checklist is a roadmap to help you navigate the world of starting a business. Depending on what kind of business you start, in what industry you operate and where you’re located, there could also be some extra steps you have to take.

Remember, this is a guide, not a rigid template. Adapt it to your unique needs and pace. Consider me a resource - reach out if you have a question or need a hand.

Phase 1: Laying Your Business Foundation

Define Your Passion and Purpose:

• What problem do you solve? Identify a gap in the market and how your business fills it.

• Why are you passionate about it? A strong motivation will fuel your drive through challenges.

• Resource: Business Model Canvas: https://www.strategyzer.com/library/the-business-model-canvas

Validate Your Idea (do NOT slack on this step!):

• Conduct market research: Understand your target audience, competitors, and industry trends.

• Talk to potential customers: Get feedback and refine your value proposition.

• Run a pilot or test launch: Validate demand and gather real-world data.

Craft a Compelling Business Plan:

• Executive summary: Briefly introduce your business and its potential.

• Market analysis: Describe your target market, competitors, and industry trends.

• Marketing and sales strategy: Outline how you'll reach and acquire customers.

• Financial projections: Forecast revenue, expenses, and profitability.

• Resource: SCORE Business Plan Template: https://www.score.org/templates-resources

Prepare Your Mindset:

• Develop a growth mindset: Embrace challenges as opportunities to learn and grow.

• Boost your resilience: Practice self-compassion and build coping mechanisms for setbacks.

• Cultivate optimism: Focus on the potential of your idea and your ability to succeed.

• Visualize success: Imagine your ideal future and the steps you'll take to get there.

• Consider finding a trusted business advisor or mentor who will give you honest feedback and encouragement.

Phase 2: Building Your Business

Choose the Right Business Structure:

• Sole proprietorship, partnership, LLC, corporation - each has different legal and tax implications.

• Consider factors like liability, taxes, and future growth.

• Resource: SBA Business Structure Guide: https://www.sba.gov/business-guide/launch-your-business/choose-business-structure

Register Your Business:

• Obtain necessary permits and licenses based on your location and industry, including State and Local Sales Tax.

• Register your business name and obtain a Federal Employer Identification Number (EIN) if needed.

• Obtain business insurance. You may need property, liability, workers comp, Directors & Officers or other types of coverage.

• Register web domains and trademarks (you may need a lawyer for this).

• Resource: Find your local SBA office: https://www.sba.gov/

Secure Funding:

• Select a bank and open a business checking account.

• Estimate startup costs and required cashflow

• Bootstrap with personal savings, loans from family/friends, or crowdfunding.

• Seek angel investors or venture capital for ambitious startups.

• Consider government grants or small business loans.

• Resource: SBA Funding Guide: https://www.sba.gov/

Creating the Right Schedule and Environment:

• Design a productive routine: Schedule dedicated work time, breaks, and time for relaxation.

• Optimize your workspace: Create a clutter-free and inspiring environment that fuels your creativity.

• Establish healthy habits: Prioritize sleep, exercise, and healthy eating for optimal performance.

• Set boundaries: Learn to say no and delegate tasks to avoid burnout.

Acquire a Supportive Network:

• Join local business communities and events: Connect with other entrepreneurs and potential mentors.

• Participate in online communities and forums: Share your experiences and learn from others.

• Seek out professional mentors and advisors: Find individuals with expertise in your field.

• Leverage social media to connect with potential customers, investors, and collaborators.

Phase 3: Launching and Growing

Develop Your Brand and Marketing Strategy:

• Create a memorable brand concept, tone and visual identity.

• Build an optimized website and establish a social media presence.

• Develop targeted marketing campaigns to reach your ideal customers.

Build a Strong Team:

• Find talented individuals who share your vision and complement your skills.

• Understand the legal difference between an employee and an independent contractor.

• Clearly define roles and responsibilities for smooth operations. Always get a signed contract with non-employee contractors before starting to work with them (you may need to consult an attorney to make sure your contracts have all necessary terms).

• Consider a Human Resources Information System (HRIS) to help you collect, process, store and manage employee data, payroll, benefits, timekeeping and performance data.

• Foster a positive and collaborative work environment.

Manage Your Finances:

• Invest in accounting software or hire a bookkeeper.

• Set up a budget and stick to it.

• Track income and expenses meticulously. Keep receipts!

• Resource: QuickBooks Small Business Guide: https://quickbooks.intuit.com/small-business/

Navigate Relationships:

• Build a supportive network: Surround yourself with mentors, advisors, and fellow entrepreneurs.

• Communicate openly and honestly: Be transparent with your team, partners, and investors.

• Practice active listening: Build trust and understanding with your stakeholders.

• Seek help when needed: Don't be afraid to ask for advice or support when facing challenges.

Phase 4: Adapt and Iterate

• Be prepared to pivot your strategy based on market feedback and data.

• Continuously learn and improve your product or service.

• Embrace challenges as opportunities for growth.

Remember, starting a business is a marathon, not a sprint. Be patient, persistent, and passionate. This checklist is your starting point, but your unique journey and determination will ultimately define your success.

Please note: This checklist is not exhaustive and may not apply to all businesses. Always consult with professionals like lawyers and accountants for specific guidance tailored to your situation.