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.
- Examine your motivation for business ownership and choose a business suitable for you
- Personal goals and motivation
- Personal skills
- 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
- 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
- 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
- Develop your financing request and obtain initial capital
- 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)
