Hi all, I came across this checklist of steps to take when starting a business: http://www.bizfilings.com/products/articles/business_startup_checklist.asp It looks like a good overvew of things a new business owner should cover when launching their startup. What are some other necessary steps to take when starting a business?
Step 1: Create a Life Plan As we always say, plan your life, then plan your business. Step 2: Choosing a Business Model Thanks to technology, there are more business models to choose from than ever before. Today you can start a business part-time or full-time, at home, online or in a brick-and-mortar commercial location! The key is to choose a business model that fits your Life Plan. This will ensure that you spend the right number of hours each week, take the right level of risk (some models involve more risk than others), are practical in terms of your financial wherewithal, and gain the kind of satisfaction and success you're after. Step 3: Create a Business Plan process of creating and writing a business plan is as valuable as the end product itself - a document that will provide the priorities, context and sanity you’ll need as you start up your business. Just remember that the most important audience for a business plan is YOU! You’ll be forced to be accountable to all of the statements, claims, stats and facts inside of it. Step 4: Select a Business Structure “To each his own,†as the expression goes. The same holds true for business structures—there’s no universally “right†structure for all businesses. Choosing the best one depends on the specific needs you and your business have. Before setting up your company, it’s important to understand all the options available to you—in particular, you’ll want to evaluate the advantages and disadvantages of each business formation, paying special attention to the tax implications and government formalities. Step 5: Find the Funding Money comes in many forms, from tapping credit cards and taking equity out of your home to government grants and high net worth “angel†financing. Step 6: Find Great People In a small business, the impact of a single team member can be enormous. Every person you add to your team must be a star. Is that possible? Absolutely. First, make sure you define what a star is within each role of your company. Then you can go find them. Step 7: Market and Sell This last step in our startup process is all about getting the word out about your business so customers come through your door (or perhaps to your homepage).
Research, research research...oh and research before committing an ounce of energy or one single cent to any project online.