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Business Startup Checklist
Starting a business is definitely not a child’s play and at the same it is not a Herculean task either. If you have a plan, adequate funding and the knowledge to set it up with appropriate marketing and business development skills – then you are on the right path! The key to setting a new business from scratch is to be organized and most importantly to “prepare a checklist”.
The Entrepreneur Checklist: Ready to start a business?
Why do you want to be an entrepreneur?
Do you possess the required business skills?
The Idea Checklist: What will be a good idea?
Make a list of your hobbies, skills, and talents.
Make a list of the business ideas you thought of or felt passionate about.
Brainstorm, narrow down and decide.
The Market Analysis Checklist: Will the idea work?
Analyze the customers.
Analyze the competition.
Analyze the opportunities
Business Plan Checklist: The final step before launch!
Choose a business name for your venture.
Prepare a short and succinct introduction about your business.
Prepare a mission and vision statement.
Write an introduction about the promoters.
Provide information about the business model.
Compile financial estimates.
Add a professional touch by creating a power point presentation for your business.
Finance Checklist: Is there money to start and sustain the business?
Will you be using your savings?
Use the resources and fund from a friend by partnering with him/her?
Will you generate funds from family and friends?
Will you seek assistance from venture capitalists, private equity firms, angel investors or others?
Will you seek bank loan?
Will you seek assistance form NGO’s or institutions that assist new business startups with seed funding?
Legal Checklist: Will you legally safe?
What business entity to choose? Know the advantages and disadvantages.
Will you require any tax registration?
Will you have to file periodic returns to government?
Will the business require trademark or copyright or patent registration?
Are there any special licenses required from regulatory authorities?
Are there any licenses or registrations required from state or central government?
Launch Checklist: Taking the first steps.
Decide on the location you wish to set up your business at.
Recruit smart and talented individuals and professionals.
Advertise your business
Receive feedbacks from customers and employees.
Dedicate time to constantly upgrade yourself with the latest market trends.
This creates a private checklist in your account.