Business Startup Checklist (Part II)

4. Research the various types of business structures and choose what is best for you:
*Sole proprietorship
*Partnership
*Corporation
*“S" corporation/LLC

Decide on the number of owners of your business and how you'd like the business to be taxed; how much protection from personal liability you'll need and if you want your business to benefit from selling stocks.

Your attorney and accountant will play a key role in assisting you in this important decision.

5. Hire an attorney who is experienced with new businesses to help you get started.
Your attorney can advise you on determining the right business structure and other things such as drafting contracts, personal liability, taxes, paperwork, regulations and reviewing your lease.

6. Find a good accountant: Together with you attorney, your accountant will help you decide on the best form of ownership. The accountant can also assist you with bookkeeping, tax planning, sales tax issues and other state laws plus record keeping procedures.

7. Licenses and permits: This will depend on the type of business you will be doing and the local laws in the locality that your business is in. It is best to ask around and research for all the licenses and permits needed in your country or state. It is also good to ask for the zoning laws from your local county clerk’s office. Since laws vary by state and by type of business, be sure to check with local authorities to determine if there are any additional legal steps you need to take.

8. Capital. Research the costs associated with your business, how much money you have and how much money you’ll need and decide where you’re going to get it. If you plan to seek investor funding or financing, start writing a business plan and present it to them. Spend as little money as possible and start with good people.

In today's competitive market, it’s not enough to just catch the entrepreneurial spirit. Equip yourself with the knowledge of starting a business and have a lasting source of income that you enjoy doing.

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Business Start-Up Checklist

Here are the basic things you need to do before putting up a business.

1. Pick a venture you are interested in and have knowledge of. Research it some more. It is best if you start a business in which you already have some experience. This way you can use your knowledge about the industry, your training and skills as well as take advantage of the network of contacts that you have established for years being in that industry.

2. Market Research - The first basic step is to do a market research of your potential customer. Who will buy your product/s? Can you define your ideal customers? You have to make sure that you have a substantial market share for the product/s or service/s you are offering.

3. Business Name – Write down all the possible business names you can think of that suits your product or service. Choose the one that best describes your company in a few words. Catchy and easy to remember words are those with not more than 3 syllables in it and is easy to spell. You should also consider how it will translate to a web domain name. Make sure also that your proposed business name is not on the federal or state trademark list. The right name says a lot about your company so choose wisely.

For the availability of your business name check the ff:
• County clerk's office – if the proposed business name is on the list of fictitious or assumed business name
• Secretary of State or other corporate filing office – for corporations; and limited liability company (LLCs) where owners are called members not partners or shareholders and the number of members are unlimited and may be individuals, corporations, or other LLC's.
• Internet/domain names - for online businesses. (continued on next post)

"I made $4,259 in the first 45 days! Slow Economy? What slow economy?" Michael William, New York
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Home business Start Up

Countless numbers of businesses start up each year. You too can find ways to turn your passion into several income streams. Passion helps you to find the best start-up home business idea by focusing on what you do best and finding your niche. Connect to them and get to know your customers; their current frustrations and needs and make their lives easier. Figure out ways to package your passion into a customer- focused business. Your start-up business should fill a need. Win the hearts of your targeted market niche by creating not just a product or a service but an experience. An experience they will miss and crave.

Ask yourself the following questions when evaluating an idea for a business or a product and be realistic. What are those things that you can do and can’t do? What are the things that need to be addressed when running a small business? What are the changes involved?

One of the biggest myths that will cause a home-based business startup idea to fail is to assume that since you run your business from home, that it will not require a lot of work. It is a business, so you should run it just like any other business if you want to make it successful.

Consider all the advantages or benefits of the idea? Is there a real need for it? What is that particular customer need that will be fulfilled or the exact problems expected to be solved? Is your concept original, a “me too” or a variation of an already existing business. If then, who are your competitors? Can your company be competitive? What are the risks and limitations? Short-term and Long-term benefits, capital needed and Return of Investment (ROI). Does your idea have a commercial appeal? Is the market ready for it? Can customers afford it? These are just a few questions to ask before putting up a home business. After evaluating your ideas, take calculated risks and take action.



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"I made $4,259 in the first 45 days! Slow Economy? What slow economy?" Michael William, New York
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