1. Starting a Business Checklist

Starting a business is risky. Understanding the risks and reducing them through careful planning improves the chances for business success.

You should be fully aware of the implications of owning your own business.

The best advice for anyone starting or operating a business is to EDUCATE YOURSELF. The following checklist can be used as a guide as you start your business.

Do I have the desire to start and operate a business?

• Have I developed a sound business plan with specific goals and objectives?
• Have I defined the products or services that I will provide? Is there actually a need for what I will provide? Is the demand great enough to be profitable? Who are my competitors? What is my competitive advantage? Develop your marketing strategy.
• Have I developed a financial plan, including profit and loss projections, cash flow analysis, and capital requirements?
• Do I have the money needed for business start-up and initial operating expenses until I start earning a profit?
• Have I decided upon the legal structure of my business, chosen a business name, and registered my business with the appropriate local, state, and federal agencies?
• Am I aware of the personal and tax implications of starting my own business?
• Have I identified the liability risks and can obtain adequate insurance coverage?
• Have I checked with the Village, Town, and County government authorities regarding any sales taxes, property taxes, permits, licenses, and zoning restrictions affecting my business?

Next: Writing a Business Plan