Checklist for Starting a Small Business
You need a unique selling point (USP). It’s important that you define what makes your business different to the competition. Try to sum it up in two sentences – and memorize it. You'll use it every time you pitch to investors and potential customers
- Find a business mentor
Whether it's a business advisor or a financial guru, find someone who will give you honest feedback about your business. Contact Small Business Associations or Small Business Development Centers.
- Create a business plan
- Register web domains and trademarks
You'll need a website, so check for suitable domain names and register them. Think about trademarks too – talk to your lawyer about this.
- Set up your business structure
Choose a legal structure that works best for you. An accountant can help you here.
- Ensure that your business will eventually be profitable
Can you make a profit from your business? Use accounting software to run profit and loss forecasts. Ask an accountant or financial advisor for their opinion.
- Set up a business bank account
Don't use your personal account, even if you're just starting out. It’s always wise to keep your business finances separate. A credit card and PayPal account could be useful too.
- Arrange business insurance
Even the smallest companies need insurance. Talk to a broker to find the best package for you.
- Register for taxes
Organize tax IDs and register with the tax office. It’s best to get this paperwork done right at the start.
- List the items that can be tax deductible expenses
Office rent, equipment costs, internet costs – all of these may be offset against tax so make sure you talk to your accountant.
- Create your website
Use the website domain name you've already registered if possible. Services like Squarespace, Wordpress, Moonfruit and