30 point checklist for business success
It is good to have a business checklist so that you can do all the necessary before you set up the enterprise. There are several things you are supposed to do before you can start a successful business.
Some of the things you will do are required by law, but some steps are necessary to increase the chances of making a profit. There are several other businesses out there, and you should look for a way you can beat the completion. It is possible to have a successful business if you can get all the steps right.
Here is a comprehensive business checklist you can follow to have a successful business:
- Get a mentor
In any industry you would like to start a venture, there is someone who has succeeded. Start by looking for a mentor who can guide you through the process. Working closely with a mentor reduce the chances of making errors that can get you out of business within the first year.
- Determine viability
Ask yourself whether the customers can pay for a given item at the price you are offering. Check out the neighborhood where you would like to set up the business. Check out the viability of the business before you can start.
- Get the family involved
You will have to set time aside and work away from your family. To avoid challenges that arise from incorporating family members, work closely with the family members before you start the venture. Please get to know their worries and work out to solve the issues before you hit the road. It will make your business grow quickly.
- Choose the right business name
Choose a unique name that will stick to the heads of your customers. With time you will develop loyal customers, and they would like to remember your name. A unique name is easy to get referrals. Carry out a Google search to know whether there are other businesses with similar names.
- Register the domain name
You need to register a domain name that will be closely related to your business name. Nowadays, many enterprises offer services online. Customers are embracing the online platforms. You will like to get a running website, and the domain name is the first step towards establishing your online presence.
- Come up with a business plan
Come up with a business plan. There are costs associated with your business, among other issues you will have to solve. It is essential to have a well thought out plan where you will foresee the several forces that can come into play later. Having a well laid out strategy will increase the chances of your business succeeding.
- Get the funding
You need money to run the business. Try to figure out where you will get the funding. You can opt for personal savings, get money from a spouse, loan or fundraise from friends and family.
- Figure out the legal structure
Talk with your attorney to know the benefits and the drawbacks associated with different business structures. You can have a sole proprietorship, corporation, or a limited liability company.
- Apply for an EIN
You will need an employer identification number so that you can be separated from the business enterprise. Open a business bank account so that you can manage the proceeds from the business well. The EINs are free. You can apply online anytime.
- Apply for business licenses
Depending on the nature of your business, you may need several licenses. Investigate your business’s nature then apply for the several federal and state licenses that may be required.
- Order business cards
You will be doing networking after you start the business. Apply for business cards so that you can share your contact information. They are affordable, but they will play a significant role in your networking efforts.
- Opening a business bank account
You need a bank to pay for business expenses. Take time to visit your nearest bank branch and open a business account.
- Set up an accounting system
Set up an accounting system so that you can keep track of different transactions. The system will make it easy to file tax returns. Choose a system that can work well for your given business. Choose a system like Finova that can work well for.
- Assign responsibilities
If you have cofounders, then you will have to assign responsibilities. It is suitable for each party to know his or her role. The agreement should be put in writing so that different parties will have a reference.
- Set up a website
Nowadays, many people would like to do business with a credible business. Having a website that explains your services will make it easy for other people to trust your business. Customers will visit the site to learn more about the business.
- Register social media profiles
Profiles such as LinkedIn, Facebook, and Twitter for your business should be set up. The channels are necessary when marketing the business.
- Start your revenue stream
After setting up the business, try to start the revenue stream as fast as possible. Many people make the mistake of waiting until things are perfect. They may never become perfect, but you will be making money if you activate the revenue stream early.
- Rent office space
You need space to run the business. Retail space or office location is needed. From the budget, look for the perfect location for the office. The nature of business will dedicate the business location.
- Upgrade the smartphone and select apps
An entrepreneur should be updated. Get a smartphone and install necessary business apps to make your work easy. A credit card swipe device is necessary to accept payment as well.
- Get free advice
Places such as the local SBA office can offer free advice. Visit local places that deal with startup support, and you will get free advice to get you started.
- Secure insurance coverage
A business may require insurance against liability, health insurance, workers’ compensation, among other coverage. Talk to your insurance broker, and you will get the right deals.
- Work your network
Talk to former workers and experts in the industry to get free marketing. When friends and family know about the business, there are high chances they will refer to others.
- Avoid wasting time on “partnerships”
Other people may be hard to believe in your idea. Start the business, and they will be attracted to it after you start making money. Please talk about the partnerships after you have caught their attention.
- Refine your pitch
Try to reach out to potential investors such as bankers so that they can invest in your idea. The investors will pump in more capital to expand the business.
- Refine your marketing and sales approach
Your products should be top-notch. It is easy to sell the products to other people if they are of the highest quality. Apart from offering top quality products, ensure you invest in a good marketing plan.
- Hire the first employee
Ensure you hire the right employee. You may need freelancers, third-party vendors, or interns. The employees you hire should have the skills or training to deliver the best results.
- Get suppliers and service providers
If you run a retail or a manufacturing business, then you need reliable suppliers and service providers or software like inventory management and business management applications. Compare the service provider’s then sign a contract with the best.
- File for trademarks and patents
Work with an attorney to file for patents if your business deals with innovations. An attorney will be in the best position to advise based on your work.
- Get a sales team
Many entrepreneurs start by acting as the primary salespeople. It is good to get a dedicated sales team and focus on the core running of the startup.
- Secure your IT
All businesses have sensitive data. Have in place safety measures and systems that will secure your business data. Back up the information to avoid cases where the loss of data can affect the company operation.
The above is a business checklist you can follow to run your business easily. It outlines the necessary steps to be followed for a perfect kick-off.