Startup Checklist

Maybe you're just starting up in business... maybe you've been in business for a long time. In either case, there are a number of steps that need to be taken to set your business on a firm foundation.

Below, we offer a checklist of things most businesses should do (or should have done) to get off on the right foot, including links to some helpful websites you may want to consider perusing. 

 

LEGAL, TAX, ENTITY FORMATION & INSURANCE

Step 1.  Learn about applicable laws, permits, taxation, and other requirements

https://www.sba.gov/starting-business/business-licenses-permits

https://www.sba.gov/starting-business/learn-about-business-laws

http://www.dol.gov/compliance/guide/index.htm?cm_sp=ExternalLink-_-Federal-_-DOL

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Filing-and-Paying-Your-Business-Taxes

https://www.sba.gov/starting-business/filing-paying-taxes

 

Step 2.  Choose the business entity best for your business

https://www.sba.gov/starting-business/choose-your-business-structure

http://www.legalzoom.com/business/business-formation/compare.html

https://www.rocketlawyer.com/business-structure-comparison.rl

 

Step 3.  Establish legal business entity

Business Name and Trademark

Business Entity Filing

Business Licenses, Permits, and Other Filings

Federal and State Tax IDs

 

Talk to a local lawyer specializing in business formation

http://www.legalzoom.com/business/business-formation/compare.html

https://www.rocketlawyer.com/business-structure-comparison.rl

 

Step 4.  Create and execute legal documents and agreements

Contracts

Operating Agreements and Organizing Documents

Non-Compete Agreements

 

Talk to a local lawyer specializing in business formation

https://www.legalzoom.com/legalforms/

https://www.rocketlawyer.com/legal-documents-forms.rl

 

Step 5:  Seek and obtain required or necessary insurance coverages

http://www.iii.org/publications/insuring-your-business-small-business-owners-guide-to-insurance/small-business-insurance-basics

 

Talk to a local insurance agent, with a specialty in business insurances for your industry

Obtain insurances you need for your business

 

 

ACCOUNTING

Step 1:  Evaluate Available Accounting Software Packages

Ask other business owners in your industry:

What accounting package do you use? 

How do you like it?

 

In many cases, Quickbooks may be the package they use. 

It is available in both desktop and online versions.

http://quickbooks.intuit.com/

 

Various other accounting packages are also available. 

Perform your own online word search “small business accounting software.”

 

Step 2:  Choose an Accounting Software Package, Buy, and Install It

 

Step 3:   Take (and Ace) Accounting Training Course(s)

THIS IS ESSENTIAL BUSINESS MANAGEMENT TRAINING/SKILL FOR ALL OWNERS AND BOOKKEEPERS. YOUR BUSINESS SUCCESS IS HEAVILY DEPENDENT UPON SOUND ACCOUNTING PRACTICES, AND YOUR ABILITY TO MAKE WISE DECISIONS BASED ON YOUR FINANCIAL RECORDS.  DO NOT NEGLECT OR SKIP THIS STEP.

Find course(s) at a local community college: http://www.aacc.nche.edu/Pages/CCFinder.aspx

Perform your own online word search “accounting training course”

Choose accounting training course(s) that best fit your needs, availability, and budget

Diligently complete accounting training course(s) with these ending skills as your goal:

 

OWNERS: learn key principles of accounting, which financial statements matter to you and why, how often to review them; and how to read, interpret, and make wise decisions from them. 

 

BOOKKEEPERS: learn key principles of accounting, how to correctly record all accounting entries your business will encounter, and how to produce the financial reports that are essential for the business owner to review on a regular basis.

 

Step 4: Get Training in the Accounting Software You Use

(may be combined with Step 3 in with some training course)

 

OWNERS: in your particular accounting package, learn how to access and produce all important financial reports necessary to the support wise decision making

 

BOOKKEEPERS: in your particular accounting package, learn how to correctly record all accounting entries your business will encounter, and how to produce the financial reports that are essential for the business owner to review on a regular basis

 

Step 5: Get Moderate to Advanced Training in Your Spreadsheet Program

BOOKKEEPERS or OWNERS: in your particular spreadsheet program, learn how to use formulas, link cells, create tables and use all functions necessary to produce worksheets including but not limited to:

Budgets

Bid Sheets or Job Estimates

Future Cash Flow Projections

Inventory Lists

Any Statements, Records, or Projections Not Well-Handled in Your Accounting Package

 

LEARN HOW TO PERFORM WELL IN BUSINESS AND STAY ON TOP

At PERFORMIDABLE, that’s our specialty! We invite you to read and use our free materials and tools, blog and services. We recommend you start with our 5-Minutes to a Performidable Business Model Test (use this easy tool) and by planning or setting your revenue and profit targets using our tools here.