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Starting your own business may sound like an undertaking of epic proportions. The truth is, with our Business Startup Checklist, it doesn’t have to be.
Yes, you’re going to have to work hard, and commit to working on it at all hours of the day, but actually getting set up is simply down to making sure you’ve “checked all the boxes,” which is exactly what this business startup checklist aims to help you do.
We’ve broken the tasks down into manageable categories and included links that will help you complete each stage of getting started. If you’d like to put yourself through a fast-paced version of the Business Startup Checklist, be sure to check out our article on Getting a Business Started in 30 Days.
You can read the steps within the checklist below, and you can download it for free by submitting the form on the right side of this page.
Every one of the tasks in our business startup checklist belongs to one of the following overarching steps:
A good business idea isn’t just one that turns a profit. It’s one that’s a good fit for you personally, for your target market, and for your location. You’re going to be in business for the long haul, so you really should pick something you can live and breathe.
The adage goes, “ideas are a dime a dozen”—but what about good ideas? How do you really know you’ve hit upon something that’s going to work on all levels?
We use the lean planning methodology to figure this out. Of course, you may also want to start by getting out and talking to real people—do they really want a fancy Basque restaurant in their neighborhood or is another donut shop going to be more to their taste?
* While we advise students and new entrepreneurs to do market research before they start, we’d like to clarify that you should not let “doing market research” hold you up if you already know your market. The reality is, the vast majority of real startups are driven by people who know their market from experience and who are ready to bet the farm on it! Market research does not have to be a part of the business planning process. According to Tim Berry, “If you know your market, move on!”
While you don’t need a 40-page business plan in order to get your business up and running, if you’re seeking funding, institutions like banks may ask for one.
In this case, you can ask if a “one-page pitch” (also known as a one-page business plan) will suffice, or if they’d like a traditional business plan with a detailed financial section (this is the part they pay most attention to).
A strong brand is the key to customer loyalty and higher sales. If you think it’s just for big business, think again; a brand is critical for businesses of all shapes and sizes.
This is where all the hard work pays off. Now you know a bit more about your target audience, you’ve got the opportunity—through your brand—to grab their attention. And of course, to have fun doing it!
Before you can open shop and comfortably start doing business, you’ve got to make sure you’ve checked all the necessary boxes. Have you registered your business name? Applied for local and state licenses? Obtained an Employer Identification Number? You are going to have to do some things “by the book.”
While not every startup needs outside funding, most businesses do require some help, at least at the beginning. If you’ve worked through your business plan and have a sound handle on your financials, pitching for funding should be a breeze, whether it’s to a banker, a VC, or your family.
* It’s worth noting at the point that not all startups need financing. The vast majority of service startups can use planning to stay on track, but don’t really need funding. If you’re a freelance writer, a designer, a management consultant, a business plan writer, or anyone else making use of a skill that doesn’t need a lot of money behind it, just get started.
You’re almost ready to go; just a few more details to work though. Once you’ve found your business location, or set up an office, and set the hiring motions in process, you’ll be ready to begin marketing.
It’s time to start getting people hyped up about your opening day. This is your opportunity to get things going with a bang! If you give yourself enough time, the press may ask to run a story on you, and of course, you’ll be able to spread the word yourself, as well as ask others to do their bit getting word out.
If you’d like more in-depth information on any of the topics listed in the business startup checklist above, check out our “Business Startup Guide” – a curated list of our articles that will get you up and running in no time!