You have decided to start a business, that’s great news. But let us tell you, the journey from an idea to a successful startup is pretty long and trying.
That said, a business startup checklist can be very helpful to get you started and keep you on track.
And guess what?
We’ve got just the right step-by-step business startup checklist to help you launch your business.
Here you go.
Business Startup Checklist – Things You Should Consider
Let’s take a look at the seven important steps you need to follow to get your business started.
1. Analyze the Market
Every entrepreneur should invest time into researching and analyzing the market they are going to step into. Research helps you understand your target audience, how well your product or services fit the market demand, and so on.
In the US alone, 543,000 businesses are started every month. That’s the kind of competition you should gear up for.
2. Chalk Out Your Business Plan
How are you planning to carry out your business? A business plan is quintessential to establishing and running a business successfully.
It should include a financial plan, products you are offering, marketing strategies, and so on. Your business description, vision, and mission are an integral part of the business plan.
3. Finalize a Business Name
Your business needs a name and it has to be catchy and unique. The name you choose for your company will eventually become its identity. So choose a name that’s easy to spell and remember.
Not only should this name stand for your business values but must also comply with state rules and regulations.
4. Business Registration
Once you finalize a business name, the next step in your business startup checklist should be to register your business. Depending on your requirements, you can register your business as an LLC, partnership, or sole proprietorship.
5. Get Your EIN
What do you do next in this business startup checklist?
Get your EIN – Employer Identification Number. This number serves as the identity of your business and is a must for several business activities. These include the likes of hiring employees, opening a business bank account, etc.
6. Open a Bank Account for Your Business
One of the most important steps in your business startup checklist is to open a business bank account. It is essential for all your financial transactions.
Here are the documents required to open a business bank account:
- Your ID
- EIN
- Articles of incorporation
- Ownership agreement
7. Acquiring Other Business Permits
There is a long list of permits you need to acquire while setting up your business to ensure it runs smoothly. These may vary based on the kind of business you own and the state’s laws.
Some of the important permits you might need include construction permits, environmental permits, DBA permits, health, fire department, sales tax, and much more.
To learn more about how to start your business, check out this infographic designed by GovDocFiling that contains all the details you need to start your business endeavor.
BIO:
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.
