• United States
  • Canada
  • United Kingdom
  • Ireland
  • Australia
  • New Zealand
  • South Africa
  • Israel
  • India
  • Pakistan
  • Sri Lanka
  • Bangladesh
  • China
  • Hong Kong
  • Taiwan
  • South Korean
  • Japan
  • Singapore
  • Malaysia
  • Indonesia
  • Philippines
  • Thailand
  • Vietnam
  • Turkey
  • United Arab Emirates
  • Iran
  • Azerbaijan
  • Georgia
  • Iceland
  • Norway
  • Sweden
  • Denmark
  • Finland
  • Netherlands
  • Germany
  • Poland
  • Czech Republic
  • Slovakia
  • Hungary
  • Slovenia
  • Croatia
  • Serbia
  • Romania
  • Bulgaria
  • Greece
  • Lithuania
  • Latvia
  • Estonia
  • Russia
  • Ukraine
  • France
  • Italy
  • Spain
  • Mexico
  • Portugal
  • Brazil

 

Business Startup Checklist

When starting a business there is a lot to think about. As such, we've provided a startup checklist to help guide entrepreneurs through the sometimes daunting steps and procedures.

Just remember, the list is not written in stone. Not all steps may be necessary and/or additional steps may be required (depending on your particular location and industry). Similarly, the sequence of steps taken may also need to deviate from the checklist, depending on your unique situation.


Business Startup Checklist

  • Write a Business Plan - A successful startup requires a detailed outline of what you plan to accomplish (goals and objectives).
  • Establish a relationship with advisors (ie. lawyer, accountant)
  • Choose the type of business organization most appropriate for your needs (proprietorship, partnership, corporation, etc.).
    • If you will operate as a partnership, draw up a proper agreement.
    • If you will operate as a corporation, register the necessary documents (articles of incorporation, shareholders agreement, etc.)
    • ensure that your shareholders agreement provides for:
      • death of one or more shareholders
      • physical or mental disability
      • outside offers to purchase the shares
      • irreconcilable conflict
      • termination of employment and resignation
      • retirement
      • key person insurance / business insurance
  • Register your firm's name, obtain a federal business number and satisfy business licensing requirements. See the The World Bank's Doing Business website which outlines the procedures, time and cost of starting a business in most nations around the world.
    • register with national tax department, social security fund, health insurance fund, etc.
    • obtain required state (provincial) and municipal licenses (at which time you will also learn how regional taxes are assessed).
  • Register your company's trademarks.
  • Protect unique inventions, processes, or designs used by your firm with patents, etc.
  • Open a bank account and discuss preliminary financial needs with your banker.
  • Insure your business against major risks.
  • Negotiate necessary contracts with franchisors, licensors, etc.
  • Negotiate lease agreements for premises and/or equipment.
  • Comply with all other legal requirements affecting your type of business.
    • development permits
    • health and fire regulations
    • transportation regulations
    • environmental legislation
    • labor laws (workers compensation, unions, etc.)
    • building permits
    • import/export permits
    • food permits and liquor licensing
  • Establish an accounts payable system.
  • Establish an inventory control system.
  • Establish a procedure for purchasing inventory, equipment and supplies.
  • Establish contracts with your suppliers.
  • Establish credit terms with key suppliers (payment terms, credit limits, discounts, finance charges).
  • Plan alternative sources of supply for major purchase requirements.
  • Establish an accounts receivable system.
  • Determine a pricing strategy that is appropriate for your market and for your costs.
  • Develop an appropriate credit policy for customers.
  • Determine a strategy and budget for promoting your product.
  • Establish a payroll management system.
  • Determine the number of qualified employees you need to start your business and how many employees need to be hired in the event of growth.
  • Familiarize yourself with labor laws and methods you will use to hire and fire staff.
  • Establish a plan for wages and salaries.
  • Establish a plan for employee benefits (pensions, group insurance, profit-sharing, etc.).
  • Develop a method for evaluating your employees' performance.
  • Established a corporate philosophy that is basic enough for your employees to follow.
  • Set objectives for the various parts of your business.
    • break objectives into achievable projects with practical timetables for completion
    • assign responsibilities for meeting these objectives to key personnel
    • set out reporting procedures that enable you to monitor progress of each objective