Checklist when starting a new business: Elements for success
Thursday May 30, 2019,
7 min Read
The Checklist is the series for a successful business. They are designed in such a format that determines that business idea is achievable. That answers to that question of the problem, one can face in converting an idea into practical life. Also, will prepare you for starting a new business. This article will talk about what are the elements one need to keep in mind while starting up a new business.
The basic initiative towards starting up a business is an idea. Think big and make short-term plans that can help your business to grow as well as renders one with the best profits. Business can be everyone's cup of tea if it is framed in a way that it will always balance your business. As there should be higher profits and fewer losses. Maintaining balance is major.
Now lets us view the essential checklist for starting up a new business.
Choose Name & type of business you want to start
Picking up a good and attractive name for the business is the foremost step for starting up a new business. The name should connect with the business one is doing. An attractive and meaningful name will always attract customers and other clients towards your business.
Types of business one can start with registrations :
- Sole Proprietorship
- Partnership Registration
- Limited Liability Company
- Corporation or S-Corporation
Well, money is a subject of matter in setting up a business .So, one should see that from where they will raise money for setting up business.whether they are investing their own money, in a partnership or taking loans from a bank or some other person.
Do register your business into various legal structures like GST registration, TAN Registration, MSME/SSI Registration and many more. The registration processes will make your business legal and ease the process of tradings. That will further benefit you in future aspects.
Create a Business Plan
As studies sat that 90% of the business fails due to lack of planning for the business. A formulated plan will always help in gaining high profits. The series to achieve them are:
- Define Your mission and visions
- Set goals & objectives for the business
- Define your short term, mid-term and long term goals
- The USP should be the foremost subject of matter
- Know Your Market
- Knowing of customers
- Set Marketing goals
- Explain Marketing strategies
Open up a business bank account
Initially look at the services of different banks and then apply for opening an account. Do contact the banks before opening an account to view that is it fulfilling all your requirements. Are they ready for opening a business checking account? As the term and conditions of a bank differ from bank to bank.
Also, look at the facilities they are providing you up for opening an account.
View the location for the office: Lease Office, Warehouse or Retail Space
The location of the offices for business does really matter as the target audience is main. Try to take office in the location where there is your neede target audience is living or present. Also, all depends on which kind of business you are doing such as retail, warehouse or office. Linking to the realtor in your location area will be supportive and helpful. Plus take care of the arrangement for office furniture and utilities.
Permission and Licenses
The Federal permissions are truly depending on the business type you are doing.
All the licencing and permits depending on the kind of business you are in. That you may need a Federal license or permit. More often business doesn't need a federal licence. But if you are involved in activities mentioned below it does necessitate the federal licence. One should communicate with the accountable Federal agency to manage the needs for doing business:
- Selling alcohol, tobacco or firearms
- Investment advising
- Ground transportation
- Drug manufacturing
- Preparation of meat products
Laws differ from state to state as the business do need State licence in those situations. If you are involved in below-mentioned professions. One should communicate with the responsible state agency to know the needs of the business.
- bill collectors
- building contractors
- insurance carriers
- private investigators
- private security guards
- real estate agents
- funeral directors
State Licenses & Permits based on products selling
Some state licensing specifications are based on the product sold. Communicate your state licensing officials to know the licensing terms and conditions of your business. For instance, most states need special licenses to sell:
- lottery tickets
Most people involved in the kinds of business that need a special State License or Permit are previously informed of the conditions. For example, An analyst is familiar with the licensing terms for analysts.
Sales Tax Permit
If your business trades physical products in the state wherever it performs business. One may have to assemble and pay sales tax. This is normally achieved by purchasing a State Seller’s Permit or Resale Permit.
Many service businesses that do not trade a physical and tangible product are not expected to raise the sales tax. Communicate with the State taxation agency for details or explanation.
Most Towns or Counties need you to get a business license.
Even if you run a home-based business. This is a license allowing the company the right to do business in that city or country.
Set the office with hiring employees
Do hire people who are actually needed for your company. To cater to the requirements of your business i.e. which types of employees you need full-time or part-time employees. Also, viewing their qualification and skills for the business. One may have to register with the certified State agencies-Workers Insurance or Unemployment Insurance. You can register with one or both.
The employees should have only one taking the level of business to heights with great reputation.
Record- Keeping system: Accounting and bookkeeping
Plan your Accounting and Record-keeping system. Read on the taxes your new business is liable for paying. Business documents usually are needed to be held for 3 years. That includes a record of:
- All partners name and address
- copies of all formation documents
- financial statements
- annual reports
- amendments or changes to the company.
All Tax and Corporate Filings needs to be recorded for at least 3 years. Now there is various software available online for Accounting and financial management. It eases your process of keeping the records.
Get Business Insurance
There are several kinds of insurance for businesses. But they are ordinarily packaged as-
- General Business Insurance
- Business Owner’s Policy
This can include everything from goods liability to business channels. A proper policy can take your level to another level and make ts secure for future losses. They do give a large additional level of security to your business. Contact the goods and top ranking companies for policies and also look at the past performance of it.
Cater to all the promoting schemes for the business
Create attractive logos for the business and that should be unique and copyrighted. Also, go for trademark registrations or get them patent.
Social media marketing is the best platform to promote your new business For print promotions give ads in newspapers or magazines. One can create their own tabloids or brochures also.
Create your own business websites creating an online promotional platform. Make your personalised Apps.
These will make your business frame an image in the market as well as establishes a professional business look.
Creating a marketing plan
Create such a marketing plan for your business products and services that targets the ideal audience.
Cater to all the checklist for a succesful business. This checklist will create a good brand name in the competative market. The more you advertise and provide products at a reasonable cost more your business will grow. The customers are of many types so target your audience according to your need.
This article is framed by Shrishti Jain a content writer in LegalRaasta.
It is one of the leading CA and CS firm that provides various professional services at a valuable cost. They render services like Patent Registration, Trademark Registration, Copyright Registration, Partnership Registration and many more.