1. Examine your motivation for business ownership and choose a business suitable for you
-
- Personal goals and motivation
- Personal skills
2. Evaluate the feasibility of your chosen business
-
- Calculate financial projections that do not count on loans
- Know where your living expenses will come from during the first year
- Make sure your family is on board
3. Consider start-up requirements and common pitfalls
-
- Legal forms of organization
- Learn permits, licenses, rules and regulations applicable to your type of business
- Determine the steps to establish a legal business entity
- Determine the types of records to be kept for tax purposes
- Determine the types of record keeping and control systems for internal management
- Determine professional needs: marketing, advertising, legal, accounting, tax, insurance and banking
4. Develop your business plan
-
- Create a business plan
- Think through details
- Revisit and adapt regularly
- Choose a business name and set a starting date
- Choose an adequate location/office space
- Identify your customers and potential competitors
- Develop a marketing plan
5. Develop your financing request and obtain initial capital
6. Finalize all start-up requirements
-
- Legally separate yourself from your business
- Sign contracts and lease agreements
- Apply for and obtain a business license, pay permits and fees
- Obtain utilities services etc.
- Get furniture and equipment
- Design and print business cards
- Open a business bank account
- Elaborate customers/providers forms and contracts
- Set up your accounting system
- Obtain business insurance
- Open a website and register in social media (when applicable)
