Business Startup Checklist for New Entrepreneurs

Business Startup Checklist for New Entrepreneurs

by Madhuri Boinwad

There were over 4 million new business registrations in 2020

It’s easy to start a business. A true business startup owner knows that the work really begins when the excitement wears off.

There are a lot of things to learn and you have to make sure that you know what you’re signing up for.

Read this business startup checklist to make sure you’re fully prepared to start your business.

Figure Out the Business Basics

There is a lot of planning and research that happens ahead of starting a business. You have to figure out the type of business to start. You have to learn who your customers and competitors are.

The next step is to find out how you’ll be profitable. All of these things are covered in a business plan.

You should have at least a basic outline of your business, if not a formal business plan.

Register the Business

You have to make your business legal to operate. Register your business with your state. You may have to register the business in your town, too.

If you’re opening a retail location, you may need to have permits to operate. These items have to be on your business startup checklist.

Build Your Team

There’s a myth that entrepreneurs have to bootstrap and do everything themselves. That is going to lead to burnout faster than you can imagine.

Yes, you should learn about marketing, tax law, employment law, and insurance because you’re responsible for making business decisions.

You need to surround people who can help you learn and have the expertise to assist you. A business lawyer and accountant are two people you need to have on your team.

Depending on your business, you may need to hire employees. It’s important to be absolutely clear about their responsibilities before you hire them.

Develop Your Business Systems

You can’t rely on spreadsheets and paperwork to organize your business. That only keeps you tied to the business because you’re the only one who knows how everything works.

The most successful business owners approach a business startup like they’re going to walk away from it. How would the business operate if you let employees run the show?

That’s the critical nature of business systems. They let anyone operate different parts of the business.

Create your business systems, test them, and create Standard Operating Procedures (SOPs) for every aspect of your business. SOPs describe how functions are performed.

For example, if you have someone processing payroll, the SOP shows them how to calculate taxes and use a check stub maker for paystubs.

A Helpful Business Startup Checklist

Creating a business startup is one of the most exciting things you can do. What many entrepreneurs don’t realize is that doing business isn’t always easy.

It takes a lot of planning and work to start a business. This business startup checklist goes over the most important considerations before you get started.

If you liked learning business startup tips, you’ll enjoy the other business articles on this site. Check them out today!

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