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.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
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.
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.