While these are certainly unusual times we find ourselves in, if you have a great business idea that seems totally doable, there’s every reason to expect success. As you probably know, there’s a whole lot of planning that needs to be done when starting a business and we thought we’d help by creating the ultimate startup checklist to make sure you cover all the bases.
✔ Business plan – Every business needs to have a comprehensive plan that covers every aspect of the organization and its activities. This document should be at least 20 pages in length, covering startup and running costs, marketing, asset acquisition and profit forecasts for at least the first 3 years. This should be the first thing you do and you should not proceed until you are sure that your business plan is comprehensive and addresses every aspect of the venture.
✔ Funding – If you don’t have access to the money you need, your dream will remain in the realm of the imagination; crunch the numbers and come up with a figure that not only sees the business launched, but also can survive for the first 3 months without making a single sale. If your savings falls short, you could take out a business startup loan or search for sleeping investors who will fund the project.
✔ Business registration – Your new venture should be legally registered and there are numerous ways to do that. If you are a one-man band, sole ownership works, or if you are partnering up with others, a limited company limits your liability and the best advice is to seek out the help of a business lawyer, who will make sure you register your business in the best possible way.
✔ Business protection – This comes in the form of various business insurance policies and when you look at the workers’ compensation insurance cost from a leading US insurer, this is one of a few policies that you will need.
✔ Digital marketing – Don’t make the mistake of thinking digital marketing is an optional extra, as it is essential, regardless of your chosen business sector. Search engine optimization and social media marketing are both aspects of digital marketing that should be explored and with ongoing services from a leading SEO agency, your business will enjoy a strong online presence.
✔ Organization flowchart – It is crucial to have an organization flowchart that shows who does what in the business and with every employee fully aware of their responsibilities, the business processes are efficient. Here are a few tips for finding the best employees.
✔ Business premises – Your business must have a base; a home office might in some cases, which would certainly keep costs down, while shared office space is always available. As the business grows, you can think about expansion and office relocation when the time comes and you have the income to facilitate the expansion.
The US government fully supports startups and you might even qualify for financial support, which would really help. With a lot of planning, hard work and a little luck, your new venture will grow from strength to strength and provide you with a secure future.