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Startup Checklist for New Businesses

So you want to start your own business.

Being your own boss sounds incredible, but don’t underestimate the amount of work that goes into creating a successful business. To make sure you don’t miss any key steps, I’ve created a checklist for startups, based on my own experiences and some research on the web.

Keep in mind that this article isn’t intended to be the true meat and potatoes of running a business, rather, I hope this serves as the plate that they sit on.

Along with naming your company, you will also need to define if it is a sole proprietorship, partnership, corporation, limited liability company (LLC), or s-corporation.

There are important differences with each of these. In the simplest terms:

Most of my business comes via word-of-mouth referrals and I actually have to turn quite a few potential clients away because I value work-life balance … it’s one of the reasons I started my own agency.

As a sole proprietorship relying on contract labor with no full-time employees, I didn’t have to register my agency.

It is especially important to have in the event that someone, such as a customer or employee, pursues legal action against your company.

I recommend that you price out business insurance and decide for yourself if it’s something you’ll want/need. Typically if you need it you’ll wish you had it, so it’s something that’s worth investing in, since it will be a business expense you can write-off anyway.

Accounting will also play an important role in payroll for any employees you hire or if you intend to pay yourself as an employee.

Hiring an accountant or bookkeeper can be worth its weight in gold if you are not much of a numbers person or if you are not familiar with these important processes given that the legal and financial implications of mistakes can be huge.

At the very least, I recommend that you set up a separate bank account and have all of your income and expenses flow through this. This will make documenting everything for tax purposes very easy and you can be transparent should the IRS have questions.

Do your research and connect with different financial institutions to ensure that you open an account with the one that will support your business the most, especially as a startup just getting off the ground.

Some entrepreneurs will recommend getting a business credit card account where you can earn points. I feel pretty strongly that you don’t need to take on debt to start a business, and I avoid credit cards and taking any kind of debt at my agency.

Every business is different, but you’ll have so many more options to expand and grow your business if you don’t take on debt and operate as a lean business that pays cash for all of your expenses and all of your profits are yours to reinvest rather than re-payed to lenders and wasted on interest.

Again — everyone will feel differently on this topic, but I’m anti-debt and I’ve done just fine without taking on any for my business.

A commercial or business realtor will help find a commercial space to lease that best suits your business needs. For example, do you need a space meant for a restaurant or a shop? They will be able to assess your needs appropriately.

Whether you work at home or lease a space, it is important to look professional.

A well-designed office space can also motivate you and others who work there, create a sense of pride in your business (even if it’s a home business), and can help you attract talent and employees.

How will your potential customers reach you?

Along with social media, websites, and email many people still like to be able to call a business and talk to a real live human being.

For this reason, securing an affordable business phone service is another important step to starting your business.

Some businesses will require state licensing or permits depending on the state: contractors, banks, insurance carriers, physicians, appraisers, accountants, barbers, real estate agents, auctioneers, private investigators, private security, funeral directors, bill collectors, and cosmetologists.

State licenses will need to be obtained if selling: liquor, lottery tickets, gasoline, or firearms.

If you sell physical products, then you will need to get the appropriate sales tax permit for your state in order to collect sales tax and then pay sales tax at tax time.

Finally, virtually all businesses will need a business license from their city or county in order to have the authority to conduct business in that area.

If you will be paying yourself or others as employees, then it will be important to register those employees with the appropriate state agencies or get insurance that will cover workers compensation and unemployment insurance for those employees.

Sole proprietors can usually figure this out without the paperwork, which is why I’m happy I chose this route. It’s simple.

A company logo can be a great tool for looking professional and developing an identity.

From there, you can create or order promotional products with your logo such as business cards, letterhead, and miscellaneous things such as reusable bags, pens, or cups. This helps to get your name and logo out into the world, and lends credibility to your business.

Along with the aforementioned promotional products, you may need other marketing techniques to build your customer base.

A good marketing plan will be based on market research that will outline statistics such as the demographic that buys your product or uses your services, what their other interests are to help target them, where they go, what they watch, listen to, or search for, and more.

If something should happen to you (sudden illness, death, or otherwise), then your company should continue to be able to function.

Whether you train your employees to manage tasks in your stead as a backup plan, or perhaps even create detailed business manuals, this is an important step in maintaining a business.

As a sole proprietor, your business will likely live and die with you, so you should take the necessary steps to ensure that you and your family will be taken care of and provided for in the event of illness or death.

I’ve got a sizable life insurance policy which offers me and my family peace of mind, and I also have insurance to provide a regular income in the event that I become disabled and cannot continue to work.

These aren’t fun topics to think about, but they’re necessary if you’re a responsible parent, partner … even a single adult who lives on your own and wants to be able to continue living on your own without relying on family and friends to provide for you.

And there you have it, a basic checklist for starting a business that will have you well on your way. Consider this the “skeleton” of your basic startup; you will still have many other steps in running a business that will add some meat to these bones as well.

One final piece of advice I have is to consider finding other startup owners or business owners that you can get guidance from, especially if they are in your geographical area and can provide some additional information about local requirements and provide references to local contacts such as a good accountant, business realtor, and more.

I wish you the best of luck with your entrepreneurial journey!

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