Starting a business can be overwhelming. Our starting a business checklist includes all the tasks you need to get going.
All businesses start with an idea. But you’ll need more than an idea to make your business dream a reality. Planning, skills, resources, time – and a little luck – are all important.
This list will guide you through the early stages of your business. Use it as a roadmap for building and running your new business.
Get your new business up and running with our 17-step checklist.
You need a unique selling point (USP). It’s important that you define what makes your business different from the competition. Try to sum it up in two sentences – and memorise it. You’ll use it every time you pitch to investors and potential customers.
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 centres.
When you create a business plan, you’ll need to summarise your business as it is now, and map your vision for how it will be in the future.
You’ll need a website, so check for suitable domain names and register them. Think about trademarks too – talk to your lawyer about this.
Choose a legal structure that works best for you. An accountant can help you here.
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.
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.
Even the smallest companies need insurance. Talk to a broker to find the best package for you.
Organise tax IDs and register with the tax office. It’s best to get this paperwork done right at the start.
Office rent, equipment costs, internet costs – all of these may be offset against tax so make sure you talk to your accountant.
Use the website domain name you’ve already registered if possible. Services like Squarespace, WordPress, and Onepager will get you online quickly. You can always refresh and improve your site at a later date.
Different businesses have different social media needs. You might need a Facebook page and a LinkedIn profile – or you may only need a Twitter account. Do some research on competitors or ask your mentor to see what will work for your business. Look at companies that you aspire to be like for inspiration.
Contact members of your social networks. Tell them about your new business and ask them to share the link to your website with the people in their networks.
Hiring the right employees is important. While you may only be able to hire one or two employees to start with, it’s still vital that you hire well and choose the right ones.
Nearly all companies use technology. Think about whether you need laptops, tablets, smartphones – or all of these. Talk to local IT firms if you’re not sure.
Software is getting more powerful and intuitive. If possible, choose online applications for your work. These include Google Docs and Microsoft 365. That way you can access your valuable data online from anywhere at any time.
Companies that lose data also lose business. Use cloud-based software for peace of mind.
Successful entrepreneurs keep going when other people would give up. That inner drive is what defines a successful business owner. Your attitude will help determine whether your business succeeds or fails. So keep going and the hard work will pay off.
The steps in this starting a business checklist are all important. But they don’t guarantee success. Only you can do that, with hard work, intelligent decisions and great employees. Stay nimble, be prepared for challenges – and go for it!
Accountants, bookkeepers and business advisors have helped us put together a complete guide on starting a business. It includes beginner’s tips on things like testing ideas, writing business plans, doing forecasts and budgets, setting prices and more. Check out How to start a business.
Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.
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