Did you know that 20% of small businesses fail within their first year of operation?
Often, new business owners don’t take the time to thoroughly research the market, create a business plan, or have any details sorted out.
You don’t want this to happen to you.
So if you’re planning on starting a business, you want to make sure you follow a new business checklist. This will help you start off right and give your business the biggest chance of success.
No time to create your own checklist? Don’t worry, because we’ve got you covered. Below is the brief and only business checklist you need before starting your new business.
Decide on a Business Idea
You want to choose a smart business idea that’s both profitable and that you’re passionate about.
If you only choose something profitable, you might not have enough drive to get you through the really tough days. But if you only choose passion, there might not be any need for your product or service in the marketplace.
Do Market Research
Next, figure out what problem your business is solving and how your business offers a solution to this problem. You also want to figure out who your ideal customer is.
Once you’ve solidified your idea, do a SWOT Analysis. This stands for strengths, weaknesses, opportunities, and threats, and helps you figure out how your idea stands out from the competition.
Take Care of Legal Requirements
One of the most important parts of business ownership is deciding on the legal structure of your business, whether that’s a sole proprietorship, a partnership, an LLC, or a corporation.
Make sure to familiarize yourself with these legal structures and consult a lawyer if you need help.
Decide on Branding
Even as a small business owner, you need strong branding to stand out and to make your company recognizable to customers.
Of course, you don’t need to do all the branding yourself. You can hire a graphic designer or use pre-built templates that fit with your branding, such as this free invoice template.
Get a Location
If you’re planning on starting a brick-and-mortar business like a dental office or a dance studio, you’ll need to find a good physical location.
Consider where your potential customers live and how they might get to your location.
Smart management also involves getting the right type of insurance for your business as well.
Create a Website and Social Media Accounts
Next, create a website with contact information that’s clear and easy to find.
And even if you don’t plan on starting any social media accounts yet, you’ll want to claim the accounts with your company name so someone else doesn’t take them.
Use This New Business Checklist Before Starting Your Business
We hope this new business checklist helped take some of the overwhelm out of starting your new business.
While starting with a checklist doesn’t guarantee your business will succeed, you’re giving your business the best starting chance at entrepreneurial success.
From taxes to insurance, we’ve got even more helpful tips and tricks on the rest of our site, so be sure to check it out!