Priority Steps to Establishing a New Business
- Start with a business idea and write it down.
- Research the Internet to see how many others have the same idea using your idea’s key words. If your idea is already in play in a big way, go on to your next idea.
- Prepare a concept statement. Share what the product looks like, how it will work, and what it will accomplish or if it’s a service, what it is supposed to do and accomplish.
- Define your ideal customer or group of customers. What is their persona? What are their needs and wants? How does your product or service benefit your customers?
- Define your brand. How does it look–colors, shape and size? Is it emotionally appealing to your target customers? Check to see if the name is already registered and/or the URL is already used. If so, find one that is not used as a URL or registered with the state.Create an original logo.
- Purchase the URL’s to use to set up your website –Go-Daddy etc.
- Outline your communication and financial plans. Research these to see which route works best for your business.
- Write down how your sales and marketing plan will operate. Research and determine which strategy is best for your business.
- Tell how you plan to implement your social media plan. Learn the best way to use social media for marketing and modify it to suit your business.
- Decide on legal business structure–Sole Proprietorship, Partnership, LLC, S-Corp, Corporation or an LLC with S-Corp elected for tax purposes. Prepare your articles of organization before registering.
- Get a Federal EIN and then register your business with the state and file your articles of organization.
- If you form an LLC, finish and sign an operating agreement
- When you receive your state number go to your city offices and get a local business license
- Set up bank accounts – savings, checking (checks or online checking?) and apply for a business debit or credit card
- If doing business online set up a merchant or PayPal account
- Set up a post office box or brick and mortar business mailing address
- Set up a business phone number with sufficient lines to handle business volume. Consider a Skype account when appropriat
- Figure out how you are going to track your finances- what type of accounting, which system, who will do your taxes etc. Accountants suggest that Quicken or Quick Books are the best for new businesses.
- Set out schedules so you know when taxes, accounts, payments and purchases need to be made.
- Set up your purchasing system and register with your vendors.
- If your doing your business online, build a website and include a shopping and checkout system.
- Sign up with a shipping vendor or drop shipper if needed. This can wait until you are in production and have sufficient orders to outgrow UPS.