Use a Checklist to Start a Business Fast
The Business Startup Checklist Will Help You Build Your Business with Confidence!
In This Article:
- Why starting a business alone is hard and how to find funding and support
- 4 things to consider when starting a business
- Checklist to start a business quickly
- Links to products and helpful resources to manage your business
Starting a Business Alone Can Be Hard – and Worthwhile
Starting a business on your own isn’t impossible, but it can be a challenge. It can take all your extra time and money to manage the company, and many entrepreneurs start out while still working full-time jobs. These are some of the sacrifices a solopreneur makes when first starting a business.
But with the Internet and so many successful entrepreneur success stories out there, there’s no need to re-invent the wheel to start your business. Our checklist to start a business is easy to follow and will also help you find sources for business funding and support. There are various programs that provide startups with the necessary capital to get their businesses running. Click here for business resources and information in your state.
4 Things to Consider When Starting a Business
1. Why You Should Start Your Own Business
Starting your own business can be scary, but it’s the best way to find success. If you’re thinking about starting your own business, there are a few things you should know before you take the leap.
- There are tons of benefits to starting your own business – including but not limited to freedom, creativity, and money.
- It’s not always easy – in fact, it can be one of the hardest jobs you will ever have.
- Starting a company is not for everyone – it takes drive and dedication to succeed in this environment.
When you consider the sacrifices required to build a healthy business, you might find that maybe self-employment isn’t for you. But if you are able to make those sacrifices, owning a business can be very rewarding with a business and schedule you can mold around your personal life. You have the opportunity to set your own hours, take off when you want, and work in any field of interest that suits your passions and skill-set. These are among the top reasons why entrepreneurs start their own businesses.
2. How to Find the Right Idea for Your Business
A lot of people want to start their own business, but they aren’t really sure what kind to start. Identifying the next great business idea can be hard to pinpoint. If you have no idea which industry or market to enter, here are some tips to help you out.
- Consider your skills and interests: If you have a specific skill or interest, then it is easier for you to think of a niche in the industry. For example, if you’re an expert in gardening or pets, then specialized markets such as specialized magazines or even TV shows would be good places to start.
- Develop Your Vision: What are you looking to achieve? Why are you doing this? Who do you want to serve with your business? What is the purpose of your business? How will you measure success?
- Identify industries with higher demand: If your goal is finding a business idea that has potential for growth and success over time, then identify industries with higher demand and greater opportunities. In fact, most of these high-demand industries are also lucrative markets with considerable investment potential.
3. What is Involved in Starting a Business?
Step 1 of the Business Startup Checklist mentions selecting a business name and legal entity structure. Local, State, and Federal governments require businesses to be recognized by their entity type – Sole Proprietorship, LLC, Corporation, etc., and their unique business name.
You’ll also need to write up a business plan to submit to investors and credit lenders. Most small business plans are simple and up to 5 pages. More complex businesses may require more detailed business plans for larger loans, grants, and the like.
All Corporations and other business types that have employees require a Federal Employer Identification Number, otherwise called an FEIN or EIN. You’ll also need one to open your business bank account. MyCompanyWorks can apply for most EINs when you order one of our business startup packages.
When you receive your EIN, you can open your business bank account, apply to rent a warehouse, retail, other suitable space, and also apply for business licenses and operating permits. The checklist will help you determine which licenses and permits you’ll need to run your business. You’ll also need business insurance for things like owner protection and worker’s compensation.
Once your business is officially named, registered, and licensed, you can hire employees and prepare to open your doors! Before you do open, make sure to have your accounting set up and a record-keeping system in place.
TIP: Don’t make the mistake many entrepreneurs do when they figure they’ll get to the books and filing ‘eventually’. Every legitimate business needs accurate records, and it’s always easier to set them up properly at the beginning.
Now that you have done all the legwork, it’s time to spread the word that you are open for business! Marketing is crucial to most small businesses, so following our tips on Sales and Marketing will help you identify your customer, develop a marketing plan, and measure results to chart your success.
4. How Do I Convince Potential Investors or Lenders?
You will need to provide evidence of the demand and viability for your product or service, a clear plan for reaching customers, and a competitive advantage that will make your business successful.
Evidence of demand: It is very important to have this before looking for investors. If you want to show how many people are interested in your product or service, you can use free tools like Google Trends. You can also share the number of users on social media, testimonials from customers, or case studies from similar companies in your business plan.
Plan for reaching customers: Explain how you intend to reach customers and why your site is better than competitors’ websites. This includes not only offline marketing, but also online marketing methods such as SEO and SEM.
Competitive advantage: Having an advantage over the competition is the key to running a successful business. Lenders want to see that you can be successful with a unique angle that sets you apart from competitors.
List of All the Things You Need for Starting a Business
Starting your own business can be an exhilarating experience. It can also be overwhelming at times. If you are ready to start a business, you can start by working through our Business Startup Checklist and ordering your Business Startup package. Here’s a quick recap of what you need to start your business.
- Select a business name – Need help? Check out this free business name generator.
- Write a business plan.
- Apply for Federal Employer Identification Number or let us apply for you when we form your company.
- Open a business bank account.
- Rent operating space.
- Apply for licenses and permits for local, state, and federal compliance.
- Hire employees, set up payroll, accounting, and record-keeping systems.
- Market the business to let people know you’re open.
Conclusion:
The freedom to create your own hours, set your own rules, and live the life you want to live is very appealing, and some even find the drive and motivation to see their idea through. Making some sacrifices and taking some risks in the short term can lead to working for yourself and doing what you enjoy doing. Starting a business alone is difficult, but also completely possible with the help of some simple tools like our checklist to start a business.
Being an entrepreneur doesn’t mean you automatically know how to start or manage a business. That’s why MyCompanyWorks offers products and helpful resources so you can manage your business in one place with 24/7 access. You can also check out our blog for loads of information, tools, tips, and links to affordable business solutions.
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