Business Start-up Checklist

When you start a business, you need to make sure you start on the right foot, and that means taking a few basic steps to establish a strong foundation to help ensure long-term success. 

Here is a checklist of some basic steps you should take when starting up a new business:

1. [ ] Create a business plan 

   • Before you start your business, you should have a business plan. This is essentially a layout of what your business will do, how much it will cost to set up and operate your business, and how you intend to make money. This will create a blueprint for how your business will be run each step of the way.

2. [ ] Conduct market research

   • Market research is the act of looking into the location and industry that your business is operating in, and making sure that there is demand for your goods or services. You do not want to go through the effort of starting a business, only to find that there are no customers who want what you are offering.

3. [ ] Consult a business lawyer

   • The laws about setting up and operating a business can be complicated, but a lawyer can help guide you. They can also help you at every future step to ensure you do not make serious mistakes in setting up and running your business.

4. [ ] Choose your business structure

   • Your business structure can have a major impact on how your business operates, and what risk you might face in terms of legal and financial liability. Whether you choose to establish a partnership, a corporation, an LLC, or some other type of business, you should make sure to consult with a lawyer to ensure you are making the right decision for you.  See our choosing a business structure article. 

5. [ ] File your business paperwork

   • Most types of businesses require some form of legal filing in order to begin operating as a legal business entity. This includes things like filing articles of incorporation or articles of organization for a corporation or LLC, respectively, though every type of business has their own requirements.

6. [ ] Get an Employer Identification Number (EIN)

   • When you start a business, you should make sure to get an Employer Identification Number from the IRS. This is essential for opening a bank account, hiring employees and filing taxes.

7. [ ] Get any necessary licenses and permits

   • Many types of businesses will require specific licenses or permits to operate legally. Make sure you have everything you need before you start operating, or you could face lawsuits and regulatory penalties. You may even risk having your business shut down before it has a chance to get off the ground.

8. [ ] Speak to an accountant

   • You may also want to speak to an accountant to get an idea of your potential tax liability. This can ensure you are not caught by surprise when taxes come due, and help you avoid legal problems due to unpaid taxes.

9. [ ] Register your intellectual property

   • Always make sure to register specific intellectual property related to your business. This includes trademarks for your company name, logo, and other branding, as well as any copyrights or patents associated with your business.

10. [ ] Create separate bank accounts and accounting

    • You should make sure to create separate bank accounts for your business, even if your specific type of business organization doesn’t legally require it. This can help you keep your finances separate and avoid problems that may come from intermingling personal and business funds.

If you are interested in starting a business and would like to speak with a trusted counselor and attorney, contact John Zaher at 631-310-4655 or on his mobile phone at 631-375-8770, where he can be reached 24/7/365. He will meet with you, discuss your business goals and help you develop a business structure and plan to meet those goals.