The Brief and Only Small Business Checklist You’ll Ever Need

Around 500,000 businesses opened in the US within the last year. Some of these will be start-up businesses run by seasoned entrepreneurs. But some of these business owners will be complete newbies.

They will be people who have a passion and have decided to follow their dreams.

If you’re one of them, then it’s a good idea to follow a small business checklist to ensure your entrepreneurial success. Being a small business owner is very rewarding, but there are lots of t’s to cross and i’s to dot, too.

Not sure where to begin? This simple checklist will help keep you on track as you begin your business ownership journey.

Choose a Name and Unique Selling Point

Before you sign on any dotted lines, find a great concept for your business as well as a short and snappy name.

Research your competitors so you can come up with a unique selling point (USP). What will make you stand out?

And make sure you conduct market research so you can be sure there’s a demand for your business idea, too.

Take Courses and Hire a Coach or Mentor

If you’re new to the world of business, that’s okay. But you won’t be able to do it without help.

Take finance and business courses, read books, and hire a business coach to guide you through the process. 

Create a Business Plan

This is the most important part of any small business checklist: creating a business plan!

As a future smart business owner, you know that failing to prepare means preparing to fail. Get organized and make a business plan that includes the following:

  • Structure of your business
  • Funding outline
  • Employee hierarchy
  • Marketing plan
  • Income projections

There is no such thing as a business plan that has too many details.

Organize the Finances and Legalities

You need to spend money to make money, as they say, and you need somewhere to store that money.

Take care of the following requirements to keep your business legal and your finances safe:

  • Secure private funding or investments
  • Open a business bank account
  • Form an LLC or become a sole contractor
  • Arrange business insurance
  • Register trademarks
  • Register for taxes
  • Apply for any licenses

The sooner you submit these applications, the fewer headaches you will get later.

Start Marketing Your Business

No matter what your business is, you need to let people know it exists.

Register a website domain name and open social media accounts with your business’s name. Hire an external marketing company to help if you don’t know much about it.

Hire Employees, Find a Location and Buy Tools

Whether you have a brick-and-mortar business or an online one, you will likely need tools. Invest in all the laptops, smartphones, and other tech items you need to get your business up and running.

If you need to hire employees and rent a location, then now is the time to do those, too.

Use This Small Business Checklist to Plan Your Journey to Success

This small business checklist might make starting a business look easy. It might be straightforward, but it isn’t easy!

Every one of these steps is a potential pitfall or stressor. But as long as you stay focused and put the hours in, there’s no reason why you cannot be a successful entrepreneur.

It’s also important to be on top of the latest trends when you’re a small business owner. Check out our website to read more about tech, finance, and business-related topics and news!