These 29 Business Start-Up Checklist Items Are For Study and Each Is A Topic For Future Blog Posts.
This business owner’s list of 29 start-up requirements will prepare for the reality of owning a business. Use this list to avoid the unpleasant things that can happen.
The worse business experience is to run out of cash, especially in the start-up phase. Check out our other blog posting that addresses cash flow. Another bad experience can be an audit by the IRS. A bad experience is a cash fine for a product’s performance or packaging failures. Different bad experiences are happening in the many types of business ownership. For example, the accountant must be very careful of different things than the grocery store business.
Look around to find examples of bad business ownership experiences. Each industry or business type has a different mix of potential business hazards. And some of the bad experience possibilities are hazards faced by most type of businesses, like a labor dispute or safety violation.
This list of 29 Start-up requirements is meant to focus on things the business owner needs to be prepared about in order to avoid the bad experiences.
When you are starting your business is the best time to implement and design the right structure and systems.
- Select and protect the business name.
- Determine the product(s) or service(s).
- Prepare a marketing plan that includes sales materials, distribution requirements, packaging details, product specifics and a labeling description.
- Pick a legal structure and file any necessary documents.
- Buy or rent a location(s) based on an evaluation of the requirements for your business.
- Lease or purchase the equipment, inventory, or raw materials needed to start up.
- Get the necessary permits.
- Conform to the safety laws or guidelines for your product(s) or service(s).
- Find and hire competent labor.
- Meet labor laws for wages, meals, and policies.
- Obtain insurance for workman’s compensation.
- Obtain business liability insurance.
- Conform to labor safety laws and guidelines for your industry.
- Keep payroll records including hours, pay rate, Social Security and income tax withholding, disability, and unemployment.
- Keep records for sales tax purposed.
- Keep records for income tax purposes.
- Open a bank account and other accounts for federal labor withholding, for sales receipts, for cash reserves for asset purchases, and for credit lines.
- Safeguard the cash, inventory, raw materials, machinery, and assets from theft.
- Obtain professional services from a lawyer, an accountant, and an insurance agent.
- Have a plan to evaluate the performance of the business.
- Decide when you will have sales evaluations and make adjustments to the price.
- Have a way to get information about how the product(s) or services(s) meets customer’s needs.
- Learn about the customer and make a plan to attract new customers.
- Do research on the break even point for the business in order to set goals for sales.
- Follow the competition and the industry and be prepared to explain how your business is better suited in some way so you have a competitive advantage.
- Be able to obtain the money to start the business and get it going.
- Do not underestimate what is required for start up funds.
- Become an expert about your product(s) or services(s).
- Behave so the customers recognize your excellence and passion.
We will be discussing these 29 requirement in detail on later posts