Owner's Checklist for Starting a New Business

Background work

• Assess your strengths and weaknesses
• Establish business and personal goals
• Assess your financial resources
• Identify the financial risks
• Determine the start-up costs
• Decide on your business location
• Do market research
• Identify your customers
• Identify your competitors
• Develop a marketing plan

Business transactions

• Select a lawyer
• Choose a form of organization (proprietorship, partnership, or corporation, for example)
• Create your business (register your name, incorporate the business, etc.)
• Select an accountant
• Prepare a business plan
• Select a banker
• Set up a business checking account
• Apply for business loans (if applicable)
  
• Establish a line of credit
• Select an insurance agent
• Obtain business insurance

First steps

• Get business cards
• Review local business codes
• Obtain a lease
• Line up suppliers (if applicable)
• Get furniture and equipment
• Obtain a business license or permit (if applicable)
• Get a federal employer identification number (if applicable)
• Get a state employer i.d. number (if applicable)
• Send for federal and state tax forms o join a professional organization
• Set a starting date