WHAT TO DO WHEN STARTING A NEW BUSINESS

CHECKLIST
The checklist below shows some of the many things that have to be done when starting a new
business – before the start-up, once the business is in operation and on an ongoing basis thereafter.

BEFORE START-UP
Choose management advisers – an accountant, an START-UP
attorney and a banker.  Establish prices for your goods and services
Develop a business plan, including cash flow  Promote the business’ opening through:
projections 1. Press releases to local and national media
Using the business plan, establish a relationship 2. Advertising
with a banker. Possible bank services include: 3. Direct-mail announcement
1. Credit-card merchant account 4. Other: (This depends on the target market
2. Business checking account defined in the business plan. For example, a
3. Working capital loan restaurant or store might send special
4. Equipment loan coupons for discounts to local residents or
5. Lock-box services present a grand opening event and send
Select the legal entity and yearend invitations to prospective customers, or a
Find a location for the business manufacturer or supplier of office supplies
Negotiate a lease might offer special discounts to local
Design the layout of the facility businesses.)
Prepare all the necessary legal documents, as  Seek, interview and make offers to job candidates
applicable:  Select and implement a financial recordkeeping
1. Partnership agreements system. (While this can be either manual or
2. Articles of incorporation and first computerized, it must be implemented
organizational minutes consistently. If the business records a particular
3. Bylaws type of transaction one way at the start, such
4. Federal identification number (SS-4) transactions must continue to be recorded in a
5. State and local license applications similar manner to avoid confusion.) Aspects of
6. Sales tax identification number recordkeeping include:
7. State unemployment number 1. Accounts payable
8. Industry-specific license 2. Accounts receivable
 Obtain quotes for and then order office furnishings 3. Inventory Tracking
and equipment 4. Order entry
 Order office supplies ONGOING OPERATIONS
 Order business cards and business stationery  Develop personnel policies and procedures
 Order office telephone number  Prepare quarterly payroll returns and verify timely
 Purchase adequate insurance: tax deposits
1. Health  Prepare quarterly or monthly financial statements
2. Malpractice  Perform yearend tax planning, at least one month
3. Liability before the yearend
4. Workers’ compensation  Prepare annual federal, state and payroll returns
5. Life  Develop employee job descriptions
6. Fidelity bond  Review existing insurance coverage at least one a
7. Computer and equipment year
8. Umbrella  Prepare and maintain personnel files
9. Employee dishonesty  Establish a petty cash fund and policy
 Register the business name with local and state  Establish answering mechanism for after hours
authorities  Join industry associations and groups
 Verify listing in the yellow pages of area phone
directories
 Register trademarks (word, name, symbol or
device) that indicate a unique identity on which
your business is building