Let’s face it — starting a business is no piece of cake. There’s so much that needs to be done. That’s why a business startup checklist is essential to help you keep track of everything.
Starting a business from scratch would mean that you’d need to make a business plan, look for funding, find employees, and so much more.
That said, here’s an in-depth business startup checklist that will come in handy when you’re starting your business.
A Simple Seven-Step Business Startup Checklist
Let’s take a look at the checklist that you need to follow when you’re starting your business in the United States.
1. Do Market Research
The first thing in your business startup checklist should be market research. It helps you identify your target audience and the potential market size.
Additionally, you can find your competitors and understand your product-market fit. Finding competitors is especially important as over 4.35 million new business applications were filed last year (2020).
2. Create a Business Plan
You also need to create a business plan that talks about how you’re going to carry your business operations and scale your business. It should also cover your financial plan and projections. This will come in handy when you’re looking for funding.
3. Name Your Business
The next thing in this business startup checklist is naming your business. You need to come up with a name that’s unique, memorable, and easy to spell.
This would ensure that your audience remembers your business with ease. It must also comply with state regulations.
4. Register Your Business
Once you’ve selected your business name, you should legally establish your business. You could either form an LLC, Sole Proprietorship, Partnership, or Corporation.
Based on the type of business structure you choose, the business registration process will differ.
5. Get Your EIN
The next thing to cover in this business startup checklist is getting your EIN. It’s mandatory for businesses to get an EIN to hire employees, open a business bank account, and do even the most basic business operations.
When you start your business by leveraging our services, we’ll also get an EIN for you.
6. Open a Bank Account for Your Business
For sending and receiving funds, you must open a business bank account. This is essential to ensure that your personal and business finances are separate.
To start your business bank account, you’d typically need to provide the following:
- Your ID
- EIN
- Business formation documents
- Ownership agreements
7. Get Business Permits
The business startup checklist doesn’t end at formally establishing your business. Even after you’ve started your business, you need to get several other permits for running it smoothly.
These include health, fire department, and zoning permits, among others. The types of permits required would vary depending on the type of business you’re running.
Wouldn’t it be great if you could have a handy business startup checklist?
Check out the below infographic designed by GovDocFiling. It’s got everything that you need to get started in the world of entrepreneurship.
