Checklist for Starting a Company | help businesses

1. Starting a business is an important step that should not be taken lightly. Many startup entrepreneurs fail because they do not take the time to plan before investing in a new business. Planning involves a careful assessment of a number of important factors to determine the viability of the company.

Business purpose

2. List of reasons for starting the business. Do you want a second income? Are you trying to create a full-time business that will take the place of your work? Do you work alone or have employees?

Personal Inventory

3. Do you have the personality and temperament to run a business? Do you make decisions? Do you have the discipline and motivation to succeed? Are you willing to work long hours? Running a business requires a high level of commitment that some people simply do not. Make sure you have the right mindset before you venture capital.

Skills and experience

4. Do you know how to produce and sell products or services you offer? Most small business owners play an active role in one or more of the critical enterprise. Often the owner is the person primarily in sales. Determine what skills and experience you can contribute to the success of your business.

Market Analysis

5. Is there a viable market for your products or services? Identify a viable market by finding other companies that already sell similar products to those you intend to sell. Unless you have invented a new product, you should be able to indicate several other companies already serving the market before you decide on a niche.

Planning

6. Determine your legal business structure, and investigate the licensing and regulations governing the operation of this structure. Determine what other regulations are needed and assess the cost of compliance. Government regulation is a major cost of doing business, so it is important to determine what will be expected of your business before starting.

Financing

7. How will you finance your business? Do you have enough money to open your new business or will you need loans? If you must borrow money to visit your banker and discuss your needs and creditworthiness.

Property, plant and equipment

8. Does your business operates from a commercial site or outside of your home? Do you need to buy equipment? If yes, exactly what you need to begin operations? Can you find the used equipment or will you need to buy new items?

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