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Diversity & Small Business
Small Business Start Up
Checklist: 5 Crucial Steps When Starting A Business
Every new business needs a small business start up checklist. This list will not only keep your business running smoothly, it will also help you have more organization in your company. As an entrepreneur, you might want to do things your way, but it can’t hurt to learn a thing or two from the people who have already gone through the path you’re just about to embark on. Below is the small business start up checklist compiled from different businesses.
1) Create a Business Plan.
A business plan is the heart and soul of every business. Before starting your business, you first have to know what you want to happen and how you can make that happen. Nothing spells disaster more than a business without a concrete plan.
2) Register Your Business Name.
One of the first things to tick off in your small business start up checklist would be the name of your business. You might not think that this is a big deal, but it is one of the first steps you have to take before you can start operations. Once you have chosen a name, register it with the appropriate organization. Make sure to think of two or three more names just in case the name you want has already been chosen.
3) Meet Legal Requirements.
Starting a business as an adult is not the same as starting your own lemonade stand when you were in grade school. Included in the small business start up checklist is meeting legal requirements. Now that you want to legally operate your business, you’re going to have to fill out a few documents and make whatever arrangements are necessary. This also includes obtaining the appropriate licenses and permits.
4) Choose a Bank for your Business.
When starting your own business, you naturally have to choose a bank to help you with your operations. You might need the bank when asking for a business loan or when you need to open a business account. If you have your own accountants, it is also advisable that you consult with them regarding the bank they are most comfortable and familiar with.
5) Create Risk Management.
You have to be ready for emergencies. In case plan A doesn’t work, be sure to have plans B, C and even D lined up. What are you going to do when your business doesn’t skyrocket as you predicted? How are you going to deal with a security breach? Risk management depends a lot on the type of business you want to have. However, be sure to consider insurance, backup systems and security systems, just to name a few. A small business start up checklist is mainly composed of all these things. However, it is also important for you to be meticulous. Nothing is too small to take notice of when it comes to running your own business. Your business may still be small now; but given the right management, it will soon grow to be large and prosperous.
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