Business Development Checklist
So you want to start your own business?
Congratulations!
Small businesses of less than 500 employees are the backbone of the American economy and account for just under 50% of the U.S. economy. They create about 67% of all new jobs and are responsible for some of the most significant technological developments ever patented. There are over 27 million small businesses in the United States and just over 300,000 in Oklahoma alone.
The following checklist is very simplified and is not meant to be all-encompassing or in perfect sequence as to address every type of business. It is general in nature to serve as a template that outlines many of the steps necessary from concept to ribbon-cutting.
The complexity of each step varies significantly. You may be well-equipped to handle the minimum accounting necessary to get started and yet completely lost in the depths of building codes. Don't be afraid to contact our offices with any question you may have. Chances are, someone has asked the very same question before. We do not have all of the answers, but our team help you find out what you need to keep going.
BASIC BUSINESS START-UP CHECKLIST:
___ Perform a self-assessment: Are you financially and mentally ready for these challenges?
___ Determine if the product or service is viable.
___ Educate yourself about the industry through coaching, training and/or experience.
___ Determine if the product or service is viable.
___ Educate yourself about the industry through coaching, training and/or experience.
___ Estimated start up and operating costs.
___ Line up investors.
___ Create a business plan.
___ Choose a name for your business and apply for a trademark if necessary.
___ Create a business plan.
___ Choose a name for your business and apply for a trademark if necessary.
___ Determine legal structure best suited for your situation.
___ Obtain a Federal Employer identification Number (FEIN)
___ Register domain name for internet presence.
___ Start relationship with an attorney to separate personal finances from business.
___ Initiate relationship with a lending institution, set up accounts.
___ Obtain software and set up procedures for accounting and cash management.
___ Consult a certified public accountant for tax advice and audit purposes.
___ Find a good location and lease space if a public-facing storefront is necessary.
___ Register domain name for internet presence.
___ Start relationship with an attorney to separate personal finances from business.
___ Initiate relationship with a lending institution, set up accounts.
___ Obtain software and set up procedures for accounting and cash management.
___ Consult a certified public accountant for tax advice and audit purposes.
___ Find a good location and lease space if a public-facing storefront is necessary.
___ Purchase insurance necessary to do business and to protect yourself from excessive liability.
___ Obtain federal, state and local licensing and permits.
___ Remodel and equip place of business as needed.
___ Plan ahead: Daily, weekly, monthly, quarterly, yearly and long-range (5+ year goals).
___ Contract for additional services as necessary or hire personnel.
___ Remodel and equip place of business as needed.
___ Plan ahead: Daily, weekly, monthly, quarterly, yearly and long-range (5+ year goals).
___ Contract for additional services as necessary or hire personnel.
___ Define you brand.
___ Develop a marketing plan for your products and services.
