Business Creation Checklist
You would like to create services/products. It's a special feeling right? We've also been there. Once you get over the initial excitement, it’s time to break down the process of launching your startup into manageable chunks.
When you're setting up your business, you need to ensure that all of your bases are covered. Consider the following steps as you navigate through the business start-up phase.
Your business Idea
As human beings, we generally get fired up by 2 things: our pains and our gains. That's why an entrepreneur who aim to develop a business have to think about which issue he/she could solve. Sure! marketing strategies are designed to help companies sell whatever they produce but, that's just the iceberg's top. In fact, companies selling pencils, houses or anything else you could think of, are providing "pills" to ease or suppress the pain felt by a group of people who are their target. Here is the checklist we design just so you could make sure your business ideas are fitted to the market:
- Define the “problem” your business is solving
- Summarize the “solution” your business offers (forget not to perform a SWOT analysis).
- Define your target market (ideal customer, market size, ease to acquire customers and how much will it cost).
- Summarize your business competitive advantages (think about doing PESTEL and SPACE analysis).
- Look for the team that will help you execute your idea (define key responsibilities, and working processes).
- Develop a basic financial plan (pre-setup costs and monthly expenses).
- Validate your idea (test your initial product/service package and use customers feedback to improve your product/service package).
Prepare your finances
One of the most complex part of starting a business: planning the finance. First of all, you have to know that companies usually have 2 types of expenses on their budget:
- Operating Expenses (monthly expenses).
- Investment Expenses (pre-setup expenses and any other form of investment).
Organize your finance by:
- Estimating your startup costs
- Preparing the relevant financial statement (sales forecast, profit/loss statement, cash flow statement and balance sheet).
- Open a business bank account
- Set up an accounting system
- Develop an exit strategy
You may need one, if not several, business licenses for your startup, depending on your industry and where you are located. Before you can start doing business, you’ve got to make sure you’ve obtained the required licences. Here are the main things you'll have to do some things:
- Decide on a legal structure or business structure
- Register your business name
- Register for a domain name that matches your business name
- File for trademark protection if you will use your business name to identify a product or service
- Obtain your federal business tax ID number
Market: spread the word
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:
- Create a marketing plan
- Create your marketing materials (shop signs, shirts/uniforms, social media platforms and create a website)
- Let the press know when you’re opening
- Organize an opening day