This checklist
(available in a downloadable version here) breaks down everything you must and
should do when starting a business.
Mandatory tasks are
required under the law in order to operate a valid and compliant business.
Recommended tasks,
although not strictly required under the law, are tasks that should be
undertaken in order to grow and protect a new business.
Ideation &
Protecting Ideas
Mandatory
• Pick a company name and check any
potential trademark infringements on Trademarkiaor KnowEm.
• Determine whether your business name
needs to be trademarked, and if does Trademark it at the USPTO.
• Protect your written works and code
through the Copyright Office.
• If you are inventing or creating a
product, understand patents and register for one at theUSPTO.
Recommended
• Vet your idea with the idea
checklist.
• Protect your ideas when sharing them
with others by using an NDA.
• Search your state’s corporation and
LLC name registration database to ensure your business name has not been taken.
• Check Google, Yellow Pages, and local
directories to ensure your business name is not taken.
• Learn how to select a good business
name.
Forming Your Entity
Mandatory
• Pick a structure (Sole Proprietorship,
Corporation, S-Corp, LLC, Partnership, LP, LLP, Non-Profit) and ensure that you
comply with business formation requirements.
• Creating a corporation? File Articles
of Incorporation and Bylaws with the Secretary of State’s Office.
• Forming an LLC? File the Articles of
Organization and an Operating Agreement with the Secretary of State’s Office.
• Get the necessary licenses and
permits to operate legally.
• Apply for an Employer Identification
Number (EIN).
• If you are incorporating, appoint a Board
of Directors.
• For a corporation and LCC, you must
register a service agent.
Recommended
• Going into a Partnership? Create a
Partnership Agreement.
• Check your state government’s website
for other state-specific registration, taxation and employment rules.
• Get your DBA (Doing Business As)
which allows a business to operate under a fictitious name (this is required
for sole proprietorships that want to operate under any name other than the
name of the business owner).
• Open your company bank account.
Identity and Branding
Recommended
• Design a logo (99designs).
• Search for and register a unique
online domain name (GoDaddy, 1and1, Register).
• Create your website (Wordpress,
Intuit, Weebly, Wix, SiteKreator, GoDaddy).
• Ensure your business name is
available on a wide variety of social networking websites in order to develop
consistent branding (KnowEm).
• Create and manage your social media
presence.
• Get business cards and other physical
collateral (Vistaprint).
• List your business online with
MerchantCircle, Manta, Yelp and DandB.com.
Financing and Business
Planning
Recommended
• Prepare for and create a Business
Plan (if you need one).
• Find sources of capital— friends
& family, business bank loans, angel investment, venture capital or even
crowdfunding (Crowdfunder, Fundable).
• If seeking investors, create a
business pitch deck.
• For those issuing stock to finance
the company (corporations), use a Shareholder’s Agreement.
Operations
Mandatory
• Find a retail space, set up a
home-based office or find an office space on LoopNet,OfficeFinder or ShowCase.
• Choose a broker to help find an
adequate business space on TheBrokerList.
• For corporation, keep record of
Meeting Minutes.
Recommended
• Set up an online phone system (Ring
Central, Google Voice, Onebox) or set up a traditional land line (Verizon,
AT&T).
• Set up your computer and network.
• Pick an internal email system (Gmail,
Outlook).
• Choose an email system to connect
with customers (Constant Contact, MailChimp,Sendgrid).
• Set up a collaboration method for
business documents, spreadsheets and presentations (GoogleApps).
Financial Planning
& Accounting
Mandatory
• Choose a tax year.
• Determine which type of federal
business taxes you will be responsible for.
• Determine state tax obligations.
• Create and maintain the top 3
financial statements: income statement, balance sheet and cash flows on at
least a quarterly basis.
Recommended
• Set up an accounting system
(Quickbooks).
• Find the right accountant.
• Set a budget for the coming year.
• Create a sales forecasts and
financial projections regularly.
• Get a business credit card and
• Register with Dun & Bradstreet to
build business credit and obtain a D-U-N-S Number to accurately gauge and share
your creditworthiness.
• If a corporation, decide whether to
elect S Corporation tax status.
Business Mentors
Recommended
• Speak to entrepreneurs and leaders in
your industry and consider asking them to be your mentor.
• Ask mentors to join your Board of
Advisors (for the overall benefit of the company).
Building a Team
Mandatory
• Determine the company founders and
leadership (partnership, owners, CEO, etc.).
• Clarify who gets equity, and how
much.
• Conduct job interviews—look out for
red flags.
Recommended
• Find team members through personal
connections, recruiters or job boards (Ziprecruiter,Craigslist, Monster,
Indeed, SimplyHired).
• Run a background check on new hires.
• For one-off or task based activities,
use AmazonTurk or Odesk.
Human Resources
Mandatory
• Make sure workers are properly
classified (employee, independent contractor, part-time employee, intern,
etc.).
• Have employees fill out Form I-9 and
Form W-4.
• Familiarize yourself with the
Department of Labor laws and regulations regarding
employment.
• Put up the necessary labor law
posters to meet federal and state requirements.
• Familiarize yourself with federal
discrimination laws and heed them
• Terminate employees properly to avoid
discrimination claims.
Recommended
• Create job descriptions.
• Understand the definition of an
"At Will" employee.
• Have workers sign the proper
Employment Agreement.
• Protect the inventions employees
create for you with an Employee Non-Compete and Confidentiality Agreement.
• Give all new employees an Employee
Handbook.
• Lay out the employee benefits you
will provide (paid leave and holidays, health insurance, bonuses).
• Choose a payroll service (ADP,
Trinet, Paychex).
• Set up a system for employee
discipline.
Sales
Recommended
• Determine a pricing system for your
product(s).
• Execute the 5 Step Sales Process.
• Learn the art of persuasion.
• Hire and train salespeople.
• Use a sales management service (one
that fits your business size, from smaller to largercompanies).
• Pick a Customer Relationships
Management System (CRM).
• Make a Customer Service Plan to
standardize procedures for complaints and refunds.
• Track which products perform better,
and which have the best margins.
• Decide on possible discounts,
specials and coupons to attract new customers.
• List your products on online
marketplaces.
Marketing & PR
Recommended
• Plan your marketing strategy.
• Decide on a target market and conduct
a market analysis.
• Determine your Key Performance
Indicators.
• Get free online traffic.
• Improve SEO.
• Get paid online ads, such as Google
AdWords and Facebook Advertising.
• Master social media marketing.
• Look into relevant trade shows and
conventions to market your product.
• Print flyers, brochures or catalogs.
• Leverage current customers with email
marketing.
• Decide if you want to hire a PR
Agency.
• Go mobile and consider app
development.
• Reach out to relevant newspapers and
press.
Insurance
Mandatory
• Decide which types of business
insurance you need.
• Common: workers'
compensation, unemployment and disability insurance.
• Others: property,
liability or business overhead insurance.
Recommended
• Check any potential insurance
providers here
Legal
Recommended
• Find an attorney you trust.
• Use waivers and contracts to prevent
litigation.
• Prepare for when your company is
sued.
CHECKLIST FOR YOUR
SPECIFIC BUSINESS
Service-Based
Businesses
Mandatory
• Determine the price of your services.
Recommended
• Don’t forget to clarify the
deliverable, deadline and cost in your service agreement.
Retail/Brick and
Mortar Businesses
Mandatory
• Check zoning laws.
• Secure a lease.
• Decide on days and hours of
operation.
• Determine staffing needs (for prime
hours, slower times, closing an inventory).
• Secure the correct permits and
licenses for your city and state.
• Set up lighting and utilities.
• Acquire furniture, register, racks,
tables and wall displays, a register, etc.
• Get a state-specific Seller’s Permit
or Resale Permit to properly collect sales tax.
Recommended
• Choose a location with good foot
traffic, size and appearance.
• Speak with a commercial realtor to
get an idea of what to look for and what to expect.
• Establish agreements with your
manufacturer, distributor or wholesale supplier.
• Set up inventory tracking (understand
a Stock Keeping Unit).
• Set up your Yelp page.
Online Business
Mandatory
• Purchase computers.
• Find images for your website.
• Set up your e-commerce or online
store (Shopify, FlyingCart, Goodsie).
• Choose a shipping or delivery system
(FedEx, UPS, USPS).
• Set up a system for payment
processing (PayPal, Google Checkout).
Recommended
• Track and improve traffic through
Google Analytics.
• Determine storage options, such as
cloud computing (Box, DropBox).
• Set up a system for IT bugs and
tickets (Jira).
• If outsourced development is needed,
use Guru or Elance.
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