You might have a ‘eureka moment’ with a flash of business inspiration, or you simply see a lack of a product or service that you know you can provide; whatever your motivation to set up your own business, here is our comprehensive start-up checklist to ensure that nothing is overlooked.
- Solid Business Plan – The organization needs firm direction and your business plan should be comprehensive enough for a potential investor to read it and wish to fund the project. While a 3rd party investor would want to see a top drawer business plan, that isn’t the main reason to compile such a document; your plan is your guide to success and therefore, it should incorporate every aspect, including start-up and running costs, with a dynamic business plan that shows how you will penetrate your markets.
- Business Registration – Whether as a sole trader, partnership or limited company, you do need to register the business with the US government. Talk to a business lawyer before doing this and you will make the right choices, setting up in such a way to help the business expand and grow.
- Office Space – Of course, you need a base for your business, which may or may not be at your home and with managed IT services from Fort Worth provider, your office will be set up for high-speed connectivity.
- Liability Insurance – Imagine damaging a customer’s hardware floor or spilling coffee on their laptop! Taking out general business liability insurance covers you for many scenarios and as the owner, it is your responsibility to minimize risks.
- Essential Resources – You might be planning to outsource many services, which is the most cost-effective way to get things done, yet there will be assets to acquire, which should be considered carefully before making any purchases. If you are looking for branding opportunities, personalized gifts are where it’s at.
- Web Design, Construction & Administration – Of course, your new business should have a professional-looking website, as this is very much your digital shop window, so to speak. Spend time on website design and by engaging the right company, you can have all your web needs met by a single provider, who can design, create and administrate your company website.
- Organization Flow Chart – This would be a section of the business plan and would clearly show who does what within the company. Of course, all roads might lead to you if this is a one-man show and you may prefer to hire freelance rather than direct employment, which limits your liability.
- Adequate Capital – The number one reason why a new business fails is running out of money, so do crunch the numbers and make sure you are covered, even if a couple of heavy expenses emerge. You should have emergency access to funds should something arise where you need an injection of capital.
Check out the US government website with resources for those who wish to set up their own business and we hope that your venture is successful.