Setting Up your Business Checklist

Starting up a business? Look no further. We have a set of things you should be looking into to get started.

Conduct a Market Research

• You must have your unique selling point in order to identify what separates your organization from the competitors.
• Gather data about target markets and customers: knowing them, starting with who they are and what they want.
• Helps mitigate risks when making important choices.

Create a Business Plan

• Business plan usually provides detailed information that can help improve the company’s chances of success.
• Gives insight into the steps to be taken, the tools needed to achieve your objectives and a timetable of planned outcomes.
• It helps to express the vision of the business to others and convince them to help you achieve your goals.

Fund your Business

• Your business plan will let you know how much capital will be needed to get started
• Funding serves as a fuel which powers the business.

Here are some ways to fund your Business

Venture capitalists – is an investor that either provides capital to start-up companies or finances small enterprises that want to expand.

Angel investor – provides small startups or entrepreneurs with financial backing.

Crowdfunding – It’s a way for individuals, organizations and charities to collect funds. Typically, it works for people or organizations who invest in crowdfunding projects or contribute to them in exchange for a possible profit or incentive.

Choose a Business Structure

• The requirements in registration, how much it pays in taxes, and personal responsibility will affect the legal system you want for your business.
• It gives credibility that gives suppliers and consumers a sense of trust.

Choose and Register Your Business Name

• It is not easy to choose the right name. You’ll want one that captures your spirit and represents your brand. 
• The appropriate company name will also help to distinguish you between potential investors.
• In order to claim and protect their identity, small enterprise owners need to register their company name. If the name is not licensed, then it can be asserted by anyone.

Get Licenses and Permits

• Your business should be properly approved to protect yourself, your workers and your clients. 
• If you are affected, having the correct license will ensure that your personal assets are covered as well as have protection for you.

Choose Your Accounting System

It helps to record both receivable accounts, or the money your customers owe to you the accounts payable, and the money your sellers owe.

Set Up Your Business Location

• It has always been important to decide where to locate a company. 

• Good location decisions can actually increase a business’s performance.

Get Your Team Ready

If you’re going to hire employees, now is the time to begin the process. Make sure that you take the time to describe the positions you need to fill and the job duties that are part of each position.

Promote your Business

• Promotions increase awareness of your brand and attract the interest of consumers.

• The profits will increase and the company will get more return on its investment if you have good promotion.

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