Checklist for Starting a New Business

If you're planning to launch a new company, it's a good idea to consider using a checklist for starting a new business as a tool.

• Feasibility Study: Before you invest a great deal of time and energy in preparing to start a new business, it's essential to research whether or not there's a market for the products and/or services you plan to provide. If your new business idea proves not to be viable, you certainly need to know that early in the process. This gives you an opportunity to re-evaluate what you plan to do while you still have time to go in a different direction.

• Identify Licensure Requirements: Assuming your initial research indicates your business idea has a good chance of success, the next thing to do is find out what licensing requirements you'll have to meet to be in compliance with local, state, and federal laws. If you need to complete credentialing requirements to qualify for licensure, now is the time to take care of doing so.

• Open a Business Bank Account: It's important to keep business finances separate from your personal account from the very beginning. As soon as you decide to move ahead with your goal of opening a new business, it' time to open a checking account in the company's name.

• Build a Budget: It's a fact that starting a business takes money. Beginning a budget is one of the first things you need to do when preparing to open a new business. As you move ahead with your plans, enter line items on your budget for every expense you expect to occur. Keep track of how much money you spend during the planning process, and come up with realistic expectations of startup and operating expenses as you proceed through the research and planning process.

• Select a Legal Structure: The legal structure you choose for your business will have an impact on how you need to proceed with getting your company up and running. You'll need to decide whether or not to function as a sole proprietorship, Limited Liability Company (LLC), or incorporate. Before you make this decision, it may be in your best interest to consult with a Certified Public Accountant (CPA) or an attorney who has experience setting up small businesses.

• Apply for a Business License: No matter what type of business you plan to open, you'll likely be required to get a license to operate. The procedure for becoming licensed varies based on the city, town, or county in which your business will be located. Contact the License Commissioner's office in the municipality in which your business will be based to find out exactly how to proceed with obtaining a business license.

• Business Registration Process: The process of registering your business will vary based on the state in which you plan to operate and the legal structure you select. For example, if you'll be starting a corporation, you'll need to draft and file an Articles of Incorporation with your state. Additionally, some states require entrepreneurs to submit a formal name reservation request before or in conjunction with the articles. Contact the office of the Secretary of State in the state where your business will be located to verify the exact procedure you need to follow.

• Choose a Location: Decide if you'll operate a home based business or if you'll need to lease or purchase a physical location for your company. If you want to work from home, verify that doing so is within the zoning restrictions that apply to your neighborhood. If you need commercial real estate for your new business, look for a good commercial realtor to help you look for property and to guide you through the process of seeking a location.

The information you gather and the decisions you make while completing the checklist for starting a new business will form the basis for your business plan. If you need assistance drafting your business plan, consider seeking assistance from SCORE or a small business coach. Once you have a solid business plan, you'll be able to move on to applying for the funding you need to get your business up and running.

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