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    Is It A Good Time To Start a Business During a Pandemic?

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Checklist for Starting a Business

Checklist for Starting a Business

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This checklist is intended to walk you through all the issues you should consider in view of starting a new business. You may adapt it to reflect your business needs, type of clientele, products and services you offer.

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)

Download this as a PDF Checklist

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