The Ultimate Checklist for Starting Your Business
Starting a business can seem like an overwhelming task. Where does one start? How does one protect themselves and their business? How does one turn their idea into success? We’ve compiled a checklist to help you check every box you need to and get started the right way.
The Ultimate Checklist for Starting Your Business
Define What You’re Selling
Having a brilliant idea for a product is great, but make sure you clearly define what that product or service is, including how and what it’s made up of.
Conduct Market Research to Verify Selling Point
To verify that your idea has enough interest and will make enough profits for you to be successful conduct market research on your idea. Don’t just ask family and friends, you need honest opinions.
Define Your Target Market
Conducting market research should help you define who’s interested in your product, now thoroughly go in and define who that target group is; this includes age, gender, income, interests, location, work, etc.
Create a Business Plan
Having a business plan can make or break your business. A good business plan should contain your business goals, methods on how to obtain these goals, and a timeframe of when they’ll be completed. We have an upcoming blog post on this, stay tuned!
Register Web Domains, Complete Trademarks
In order to protect your business, it’s important to claim the web domain and trademark your name immediately to prevent future businesses from coming in and claiming the name you’re using.
Set Up Your Business Structure
Define the structure that your business will operate as. This will help decide who you need to hire immediately and down the road, as well as how these positions will operate within your business.
Create Financial Projections
Although you may be unsure of what your financial statements will look like, it’s important to make realistic projections to prepare and plan for your business’s success.
Set Up a Business Account, Obtain Business Insurance, & Register for Taxes
Before you can begin doing business, you need a business account to transfer money with and insurance to protect you and your business. Once you set up your business as a corporation, llc, or other legal entity, and obtain an EIN, you’re able to go to the bank and open a business account.
Create a Branding Book
Before you can market your business or sell your product, you need to define who you are. Design your brand by determining your logo, color scheme, and brand voice.
Create Your Website & Social Media
Once you’ve determined what your brand is, it’s time to build your website, create your social media, and design them to represent your brand. The Foster Consulting Firm helps with all of this! View our Business Startup Kit here.
Create a Marketing Plan
You can have the best product or service in the world, but if it’s not marketed properly, you won't have success. It’s important to have a diverse integrated marketing & communications plan to successfully reach your target audience. We love helping our clients create success through marketing, view our marketing & advertising plan here.
Hire Employees, Select Location, Obtain Equipment
Once you know how your business will operate & how to market it to make it profitable, you can now set up operations. This includes the hiring process, finding a home for your business, and obtaining any equipment you’ll need to get started. Equipment could include software and programs as well.
Implement Plans for Launch
Finally it’s time to put all of these plans into action! Decide a time, date, and way to launch your business and then, get set, and go!
Are you a new or small business? The Foster Consulting Firm is offering a limited time free business kit to support your business. Click here to get access now.