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A Short Lesson On New Small Business Basics


To start a small business, use this checklist.

- Conduct a feasibility study of your business idea.

In this you will describe your product and your customers plus even who will be sourcing your productsWhat will you charge for your product? How will you market your product? These are just a,few of the questions you need to answer.
- Write a complete business plan.
Do this using the information you gathered from your feasibility
study. This is vitally important and often an overlooked step that
needs to include a description of your company, its goals,
competitors, market, financial information, and of course, how you
intend to meet your goals.

Get your financing in place.
There are many ways to finance your business, from your own
savings to personal credit cards to bank loans. If you need credit,
know your business plan from front to back and maybe even
sideways.

Decide what kind of structure your company will have.
From a legal standpoint, there are three basic choices, sole
proprietorship, partnership and incorporation, each with
advantages and disadvantages.

- Choose a name for your company and check on name
availability.
Naming your company is highly individual, but it’s the first thing
associated with your business, so choose your name carefully.
You'll need to do a NUANS (Newly Upgraded Automated Name
Search) report, which checks your name choices for uniqueness
against a database of other business names. A reserved name is
valid for 90 days.

- Determine whether there are special permits or licenses that
your business will need. Check with county court house or your
local tax collectors office for the proper forms.

- Set up your business bank account and record-keeping system.



Your banker will need to see your business documents, and you

may want to set up more than one account so you can keep

track of your finances better. Record-keeping is required, and can

be done manually or with a computer program.



- Purchase insurance.



There are many different types of insurance, but most probably

your company will need at least one. For example, if you’re going

to have employees, you need to have workers compensation

insurance.



- Decide where your business will be located.



Lease your business’ space. Alternatively, you could choose to

start your business from home if it’s feasible. There are

advantages and disadvantages to starting your business from

home. You have tax write-offs for example, but sometimes your

image suffers.



- Purchase supplies and office equipment. You'll need too many

things to list here, and of course, each business has different

needs. You might need a fax machine and printer. You'll probably

need a computer. You'll definitely need paper, pens, pencils and a

calculator.



Being armed with the facts and information you need from the

beginning is a giant step towards ensuring the success of your

small business. So take your time and do your research.



Look for another lesson soon!

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