Checklist for Starting a New Business

This tool intends to walk you through all the issues you should consider in view of starting a new business. You may adapt it to reflect your business needs, type of clientele, products and services you offer.


  1. Examine your motivation for business ownership and choose a business suitable for you
  • Personal goals and motivation
  • Personal skills


  1. Evaluate the feasibility of your chosen business
  • Calculate financial projections that do not count on loans
  • Know where your living expenses will come from during the first year
  • Make sure your family is on board


  1. Consider start-up requirements and common pitfalls
  • Legal forms of organization
  • Learn permits, licenses, rules and regulations applicable to your type of business
  • Determine the steps to establish a legal business entity
  • Determine the types of records to be kept for tax purposes
  • Determine the types of recordkeeping and control systems for internal management
  • Determine professional needs: marketing, advertising, legal, accounting, tax, insurance and banking


  1. Develop your business plan
  • Create a business plan
  • Think through details
  • Revisit and adapt regularly
  • Choose a business name and set a starting date
  • Choose an adequate location/office space
  • Identify your customers and potential competitors
  • Develop a marketing plan


  1. Develop your financing request and obtain initial capital


  1. Finalize all start-up requirements
  • Legally separate yourself from your business
  • Sign contracts and lease agreements
  • Apply for and obtain a business license, pay permits and fees
  • Obtain utilities services etc.
  • Get furniture and equipment
  • Design and print business cards
  • Open a business bank account
  • Elaborate customers/providers forms and contracts
  • Set up your accounting system
  • Obtain business insurance
  • Open a website and register in social media (when applicable)