Say goodbye to the overwhelming whirlwind of starting a business and hello to clarity with my starting a business checklist.
From that initial spark of an idea to the thrilling moment when you open your doors for business, this guide has your back every step of the way.
I’m talking practical advice from shaping your business concept to getting the funds you need, navigating legal requirements, and setting yourself up for profit.
Key Takeaways
- A to-do list like this can help you stay on track with all the things you need to do when starting a business.
- By listing out everything you need to do, you’re less likely to forget important steps or overlook crucial details.
- Start with brainstorming a business idea, then registering your business name, getting a business license, and setting up your website- there’s a lot to do!
- There’s something incredibly satisfying about ticking off items on a checklist for starting a business. It’s like winning small victories with each task completed.
- The Small Business Administration (SBA) can be the most helpful website to start a business and get all your questions answered.
Starting A Business Checklist
So, you’re thinking about starting your own business? That’s awesome! But I get it. It can feel like you’re diving into the deep end without a life vest.
That’s where a “Starting a Business Checklist” can help!
Think of it as your roadmap to entrepreneurial victory, guiding you through every essential step, from brainstorming that genius idea actually to making it happen.
Decide on A Business Idea
Every successful business has one thing in common: a killer concept at its core. But with so many possibilities out there, how do you pick the perfect one?
When it comes to choosing a business idea, it’s all about finding that sweet spot where your passion and skills intersect.
When you’re passionate about what you’re doing, it’s like pouring rocket fuel on your journey and is your starting point for your business.
Determine The Business Name
Naming your new business is like picking out the perfect outfit- it’s got to fit just right and make you stand out in a crowd.
It’s the first thing people will notice about your small business, whether you’re running a home-based business or setting up shop elsewhere.
Get those creative juices flowing, mama! Think outside the box and brainstorm ideas- here’s some starting points for different ideas:
- See if your state has guidelines for names/branding
- Connect your name with your business idea
- Consider what’s catchy- alliteration
- Use a name generator
- Check online registries/websites to see if names are already being used
- Don’t have a name too similar to other businesses
- Incorporate your business idea into a name (crafting, bookkeeping, proofreading, etc.)
Create A Budget & Get Funds For Your Business
Most businesses need cash to get started. Whether it’s for buying inventory, renting a space, or paying your team, having funds on hand is crucial.
But many people forget the first step- before you get the money, you need to create a budget to see how much things will cost and make sure whatever money you get can go the distance.
A budget also really helps to back you up when you’re getting a loan!
You can use your savings, apply for one of the Small Business Administration’s loans (SBA), or even explore crowdfunding options.
Write A Business Plan
Business plans are where the big dreams for a large or small business are made. It guides you every step of the way, from dreaming up big goals to making them a reality.
With a business plan, you’ll map out your goals, figure out how to reach them, and even plan for when things don’t go exactly as planned.
Plus, if you’re thinking of expanding and hiring employees, your business plan is where you’ll spell out your game plan for growth.
Create Your Business Brand
Branding is your distinct identity- it’s the story you tell your customers and the vibe you give off with every interaction.
Your branding includes your name, a shortened “nickname,” a logo, a catchphrase or slogan, and setting up what colors and fonts you’ll use on your business cards, websites, social media, and more.
The logo is often what people struggle the most with- keep it simple, but make sure it packs a punch and fits with the brand you want to create.
Apply For A Federal Employer Identification Number
It’s very important for navigating your business legal structure and making sure you’re on the right track to pay taxes- starting with applying for a Federal Employer Identification Number (EIN).
No matter your type of business structure, whether it’s a humble sole proprietorship or a grand multinational corporation, securing an EIN is a must.
It’s like your business’s social security number to keep track of the comings and goings between you and your customers for the government.
Open A Bank Account
Opening a bank account is necessary to keep your personal assets and business finances separate, which can make life a whole lot easier come tax time.
It will be what you use for all your business transactions, from paying bills to paying sales taxes to accepting credit card payments.
By keeping your business transactions in a separate company bank account, you’ll save yourself a ton of hassle when it comes to sorting through your finances.
Also, think of what payments you’ll accept- will you take PayPal and Venmo, or will you only accept credit card payments?
Get Other Licenses/Permits & Business Insurance
Another important step when setting up your business is getting all the right licenses and permits.
Depending on what you’re doing and where you’re doing it, you might need different licenses and permits to stay on the right side of the law.
From your basic business license to more specialized stuff like a sales tax permit or permits from the health or fire department, it’s important to dot your i’s and cross your t’s.
Small business insurance is like having a safety net for your business operations- just in case things get a bit rocky.
Small business insurance kicks in to save the day and keep your finances from taking a nosedive.
Now, the tricky part is figuring out what kind of insurance fits your business like a glove. That’s where chatting with an insurance advisor comes in handy.
Manage Your Business Finances
Managing your finances is all about staying on top of your income and expenses, making smart decisions based on your financial data, and planning for profit.
First things first, set up your bookkeeping system. Whether it’s a simple spreadsheet or fancy accounting software, find what works for you to conduct business.
If you’re planning to hire employees, you’ll need to have software to make sure you’re handling payroll and paying taxes correctly.
Lastly, don’t forget about taxes- you need to know about sales tax, property tax, and more for different businesses. Figure out what taxes you may need to pay.
Create Website & Social Media Accounts
A professional website and an active presence on social media sites and social channels can make all the difference for business startups and home-based businesses alike.
It’s a simple yet powerful way to establish and grow your business in the digital world!
Think of it as setting up shop in the busiest part of town- being online helps your company reach more customers, build trust, and boost sales.
Here are some pointers for your website/social media accounts:
- Create an engaging online presence: Regularly post updates about new products, services, special offers, or events
- Show our best sides: Use high-quality images and clear descriptions of your products or services
- Tell your brand’s story: Share the story behind your business, the challenges you’ve overcome, and what makes you unique
- Provide valuable content: Offer tips, insights, and valuable information related to your industry
- Engage with your audience: Respond to comments, messages, and reviews
- Use calls-to-action (CTAs): Encourage visitors to sign up for your newsletter, contact you, or take advantage of a promotion
- Monitor and adapt: Use analytics tools to track the performance of your website and social media
Market Your Business
Marketing your business is all about getting your awesome product or service in front of the right people at the right time.
Crafting a killer marketing plan is your ticket to sales. Start by understanding your target audience-who they are, what they need, and where they hang out.
Then, use a mix of online strategies like social media marketing and email campaigns, along with offline tactics such as networking events or local partnerships, to reach more people.
FAQs
Why should I start a business?
Starting a business is like going on a thrilling adventure- it’s full of ups and downs, but the rewards can be oh-so-sweet.
What I love about starting my business is being the boss, calling the shots, and watching my ideas come to life- it’s a pretty empowering feeling.
What business ideas are low-cost?
When you’re pinching pennies, it’s good to know there are plenty of low-cost business ideas out there. These gems don’t break the bank to get started but can still rake in some serious dough.
Think about diving into the world of blogging, where all you need is a computer and an internet connection to get started.
Or maybe flex your creative muscles with freelance writing, becoming a virtual assistant, or offering proofreading services.
What do I need to start a business?
This checklist is a great starting point to figure out the basic steps to start a business.
First things first, you’ll need a business plan to map out your path to success. This blueprint will guide you through the process and keep you on track.
Next, you’ll want to set up a business bank account so you can keep your personal and business finances separate.
Don’t forget about the legal stuff! Depending on your legal structure (like a sole proprietorship), you might need to register your business or get business licenses and a sales tax permit.
Why is a business plan necessary?
Think of a business plan as your roadmap to success in the entrepreneurial world.
It’s not just a bunch of fancy words- it’s your guidebook for making smart decisions, prioritizing projects, and winning over investors.
See, running a business is like navigating a maze- you need a plan to help you find your way through. Your business plan lays out the path ahead, helping you chart your course and stay on track.
How can I fund my business?
First up, there’s personal savings- like investing in yourself for the long haul. Then, there’s the classic business loan route, giving you a boost from the bank.
And let’s not forget about crowdfunding- rallying the troops to support your vision.
So, weigh your options and choose what works best for you. With a little creativity and determination, you’ll find the funding you need to bring your business dreams to life!
Do all businesses need an EIN?
In most cases, businesses do need an EIN for tax purposes and legal operations.
Exceptions exist, like certain sole proprietorships and freelancing gigs.
Knowing when an EIN is necessary keeps you on the right side of the law.
Is the Savvy Mama Starting A Business Checklist free?
Yes, the Savvy Mama Starting A Business Checklist is absolutely free! I’m here to support moms like you on your entrepreneurial journey every step of the way.
So go ahead, dive in, and start turning those business dreams into reality!
How do I handle business taxes and finances?
When it comes to business taxes and finances, organization is key.
- Keep your operating funds separate from personal money to track finances efficiently.
- Get familiar with filing income tax returns and managing cash flow for smooth operations.
- And remember to talk to a tax professional for help navigating the process.
Final Thoughts
You’ve got big dreams for a small business, and my checklist is your secret weapon for making those dreams a reality.
Print out the checklist, stick it on your fridge, and get ready to check off those boxes like a boss.
From brainstorming your business idea to setting up shop, we’ve got you covered every step of the way.
So, grab your favorite pen, get those creative juices flowing, and turn those dreams into your reality.
