Starting a Business Checklist

How many of us have ever thought, I would love to run my own business? I did, and from that became the Gray Law Group. So, although most look at me as a practicing lawyer, I am also a business owner. As such, I know the thoughts and experiences of a new business owner. Also, upon reflection, I wish that I had the resources to get my law firm off the ground. These two factors inspired me to write this blog. It is my Starting a Business Checklist.

Analyze Your Idea

Why do you think there is a market for your product or service? It would be a shame to launch a new business only to find out that there is not much of a buying market for what you are selling. If you find that there is indeed demand for your products or services, who is the competition? How are they getting business? What will you do differently to eat into their market share? It is a good idea to write a complete business plan as well.

Get Legal Help

Whether it is assistance with forming the entity, negotiating a lease, or developing contracts for your business, it is wise to talk to an attorney early in the venture. Do things right the first time. Or, pay later.

Form Your Entity

When I meet a client who is starting a business, we first discuss how to structure the business. The choices include a sole proprietorship, a partnership, an LLC or Limited Liability Corporation, or a corporation. I have written a previous blog that explains the differences and advantages of each entity structure.

Get a Federal Tax ID Number

Through the IRS website, you can apply for an Employer Identification Number (EIN). You will need this number to open a bank account, set up payroll for employees, and to pay your taxes.

Start-up Financial Issues

Open a business bank account. Use this for all expenses whether you fund it yourself or have investors. In my opinion, I say shop around to find a bank that meets all of your needs and has experienced bankers who deal with small businesses.

Real Estate

Unless your new business will run out of your home, you will need to find real estate. Do you need office, retail, warehouse, or manufacturing space? The best path may be to seek the services of a commercial real estate professional. Do not forget that you will most likely need Internet access, utilities, and furniture.

Licensing and Permits

Depending on your location and type of business, you may need to get a license to do business. Also, you may need special permits – depending on the nature of your business. And, you may need a sales tax permit.

Internal Systems

Determine what hardware and software you will need to operate your business. You may need a CRM, accounting software, inventory software, cell phones, computers, etc. There are plenty of IT companies that cater to small businesses.

Obtain Business Insurance

Again, depending on your business, you will need a commercial insurance policy. Talk to an insurance broker to determine what type of policy is necessary to protect you and your business.

Launch the Business

What is your marketing plan? How will you spread the word? Some things to consider are a professional website, social media campaign, advertising, networking, and media relations. You will also need to choose a name for your business. Research this first. If a name is already taken and you use it, you may have to start from scratch.

Work Hard & Succeed

This is a basic Starting a Business Checklist. While the tasks in the list apply to every new business, you probably will have questions about what is best for your particular venture. Therefore, I am happy to discuss this with you. Just give us a call! In the meantime, best of luck!