Did you know that 4.35 million applications to start new businesses were filed in 2020? If you are also starting a business from scratch, chances are you’ve got a lot to do. To make sure you stay focused and organized, here is a handy business startup checklist for you.
Business Startup Checklist: What You Should Know
Here’s a quick guide on how to start a business in the United States smoothly. Whether you’re starting an LLC, a Corporation, or any other business, this checklist will help you out.
1) Do Some Market Research
Once you have a business idea in mind, you should invest time in market research. It enables you to understand your target market and audience. You will also get a better idea on what is working for your competitors and what isn’t.
2) Create a Thorough Business Plan
Your business should have details on how you want to run your business and where you see it heading in the next few years. Along with your vision and mission, it should have detailed financial projections as well. A thorough business plan can help you identify potential roadblocks before you encounter them.
3) Choose a Business Name
The next step is to come up with a business name. It’s a simple step but an important one. The name you choose will affect your brand perception.
Ideally, you should come up with a business name that is:
- Easy to pronounce
- Compliant with state rules and regulations
4) Get Your Business Registered
To formally establish your business, pick an entity type that is suitable for you. The paperwork and processes required to establish each entity type are different. Also, keep in mind that your tax arrangement and ownership structure will change depending on the entity type you choose.
For the rest of the steps required to establish your business, check out the infographic below by GovDocFiling. It lists all the requirements in an easy to understand manner.
Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young.
He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.