Congratulations! You want to get started with the exciting adventure of becoming your own boss.
However, while the idea is exciting and fulfilling, it’s an adventure that can challenge you, especially considering that you have to turn your idea into something tangible.
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This is why we give you a business startup checklist with everything needed to start off your business in this post.
Let’s get started.
1. Research Your Market
Yes, you know what product or service you want to sell, but to increase your chances of success, conduct deep research of your market and audience.
First, does your product fit into the market?
Is there a gap you can fill or a demand for your product?
Second, research your target audience, their pain points, problems, and how your product or service can resolve them.
Third, research competitors. Understand why their product or service stands out, the marketing tactics they use, and take ideas for your strategies from them.
2. Outline Your Plan
A business plan becomes your guide or roadmap for how to start, manage, and grow your business. It, therefore, entails different things, including:
Company description: Details about what your company does, including problems you will solve and the audience you will serve.
Market analysis: Understand your industry, audience, competitors, trends, prevailing themes, etc.
Product or service: Describe what you plan to offer in detail, benefits of use, and product lifecycle.
Marketing plan and strategy: Explain how you plan to attract customers, engage, and retain them.
Organizational structure: Describe who will run the business and whether you want to set up a sole proprietorship, form a partnership, start a limited liability company (LLC), etc.
Financial plan and projections: Explain how you will fund your business, plus a detailed prospective outlook for the coming years.
3. Name and Register Your Business
Your brand’s name should reflect its nature. It should also be easy to spell, memorable, and unique.
Then, register your business legally based on the business structure you chose.
4. Get Your EIN and Bank Account
An EIN (Employer Identification Number) serves as the identity of your business and is mandatory for hiring employees and performing basic operations.
Then, once you have it, open an account with your preferred bank to ease the sending and receiving of funds.
5. Get Your Permits
Depending on your business type, apply for permits that help you run smooth operations.
Sounds like a lot, right?
However, if you have a checklist handy, you can always consult it to ensure you’ve not missed anything.
And guess what?
You don’t need to go anywhere for such a checklist. Just take a look at the infographic below for a detailed business startup checklist created by GovDocFiling.
Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young. He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.