STARTING A BUSINESS 101 FROM .DOCSTOC DUE TO DOCSTOCK ACQUISTION BY INTUIT THE DOCUMENTS ARE NO LONGER AVAILABLE BUT THIS IS A GREAT CHECK LIST TO STARTING A BUSINESS ...LINKS WILL BE ADDED SHORTLY...........
This checklist breaks down everything you must and should do when starting a business.
(ALSO CHECK THE US CHAMBER OF COMMERCE WEB SITE FOR ADDITIONAL FREE INFORMATION)
Mandatory tasks are required under the law in order to operate a valid and compliant business.
Recommended tasks, although not strictly required under the law, are tasks that should be undertaken in order to grow and protect a new business.
Ideation & Protecting Ideas
Mandatory This checklist (available downloadable here) breaks down everything you must and should do when starting a business.
Mandatory tasks are required under the law in order to operate a valid and compliant business.
Recommended tasks, although not strictly required under the law, are tasks that should be undertaken in order to grow and protect a new business.
(ALSO CHECK THE US CHAMBER OF COMMERCE WEB SITE FOR ADDITIONAL FREE INFORMATION)
Mandatory tasks are required under the law in order to operate a valid and compliant business.
Recommended tasks, although not strictly required under the law, are tasks that should be undertaken in order to grow and protect a new business.
Ideation & Protecting Ideas
Mandatory This checklist (available downloadable here) breaks down everything you must and should do when starting a business.
Mandatory tasks are required under the law in order to operate a valid and compliant business.
Recommended tasks, although not strictly required under the law, are tasks that should be undertaken in order to grow and protect a new business.
Ideation & Protecting Ideas
Mandatory
o Pick a company name and check any potential trademark infringements onTrademarkia or KnowEm
o Determine whether your business name needs to be trademarked, and if does Trademark it at the USPTO
o Protect your written works and code through the Copyright Office
o If you are inventing or creating a product, understand patents and register for one at the USPTO
Recommended
o Vet your idea with the idea checklist
o Protect your ideas when sharing them with others by using an NDA
o Search your state’s corporation and LLC name registration database to ensure your business name has not been taken
o Check Google, Yellow Pages, and local directories to ensure your business name is not taken
o Learn how to select a good business name
.
Forming Your Entity
Mandatory
o Pick a structure (Sole Proprietorship, Corporation, S-Corp, LLC, Partnership, LP, LLP, Non-Profit) and ensure that you comply with business formation requirements
o Creating a corporation? File Articles of Incorporation and Bylaws with the Secretary of State’s Office
o Forming an LLC? File the Articles of Organization and an Operating Agreement with the Secretary of State’s Office
o Get the necessary licenses and permits to operate legally
o Apply for an Employer Identification Number (EIN)
o If you are incorporating, appoint a Board of Directors
o For a corporation and LCC, you must register a service agent
Recommended
o Going into a Partnership? Create a Partnership Agreement
o Check your state government’s website for other state-specific registration, taxation and employment rules
o Get your DBA (Doing Business As) which allows a business to operate under a fictitious name (this is required for sole proprietorships that want to operate under any name other than the name of the business owner)
Open your company bank account
.
Identity and Branding
Recommended
o Design a logo (99designs)
o Search for and register a unique online domain name (GoDaddy, 1and1, Register)
o Create your website (Wordpress, Intuit, Weebly, Wix, SiteKreator)
o Ensure your business name is available on a wide variety of social networking websites in order to develop consistent branding (KnowEm)
o Create and manage your social media presence
o Get business cards and other physical collateral (Vistaprint)
o List your business online with MerchantCircle, Manta, Yelp and DandB.com
.
Financing and Business Planning
Recommended
o Prepare for and create a Business Plan (if you need one)
o Find sources of capital— friends & family, business bank loans, angel investment, venture capital, or even crowdfunding (Crowdfunder, Fundable)
o If seeking investors, create a business pitch deck
For those issuing stock to finance the company (corporations), use a Shareholder’s Agreement
.
Operations
Mandatory
o Find a retail space, set up a home-based office or find an office space on LoopNet, OfficeFinder, or ShowCase
o Choose a broker to help find an adequate business space on TheBrokerList
o For corporation, keep record of Meeting Minutes
Recommended
o Set up an online phone system (Ring Central, Google Voice, Onebox) or set up a traditional land line (Verizon,AT&T)
o Set up your computer and network
o Pick an internal email system (Gmail, Outlook)
o Choose an email system to connect with customers (Constant Contact, MailChimp, Sendgrid)
Set up a collaboration method for business documents, spreadsheets and presentations (GoogleApps)
.
Financial Planning & Accounting
Mandatory
o Choose a tax year
o Determine which type of federal business taxes you will be responsible for
o Determine state tax obligations
o Create and maintain the top 3 financial statements: income statement, balance sheet and cash flows on at least a quarterly basis
Recommended
o Set up an accounting system (Quickbooks)
o Find the right accountant
o Set a budget for the coming year
o Create a sales forecasts and financial projections regularly
o Get a business credit card and review an updated guide whichcompares the pros and cons of all business credit card options (not just a select few), and includes financial advice from experts in the field.
You can view the guide, here: https://www.creditcards.com/business/
CreditCards.com’s research, stories, tools and video are used by leading news outlets such as the Associated Press, Yahoo, MSNBC, NASDAQ.com, Forbes.com, TheStreet.com and Google news. I am confident this guide could be helpful to your readers as well.
o Register with Dun & Bradstreet to build business credit and obtain a D-U-N-S Number to accurately gauge and share your creditworthiness
o If a corporation, decide whether to elect S Corporation tax status
.Business Mentors
Recommended
o Speak to entrepreneurs and leaders in your industry, consider asking them to be your mentor
o Ask mentors to join your Board of Advisors (for the overall benefit of the company)
.
Building a TeamMandatory
o Determine the company founders and leadership (partnership, owners, CEO, etc.)
o Clarify who gets equity, and how much
o Conduct job interviews—look out for red flags
Recommended
o Find team members through personal connections, recruiters or job boards (Ziprecruiter, Craigslist, Monster,Indeed, SimplyHired)
o Run a background check on new hires
o For one-off or task based activities, use AmazonTurk or Odesk
.
Human Resources
Mandatory
o Make sure workers are properly classified (employee, independent contractor, part-time employee, intern, etc.)
o Have employees fill out Form I-9 and Form W-4
o Familiarize yourself with the Department of Labor laws and regulations regarding employment
o Put up the necessary labor law posters to meet federal and state requirements
o Familiarize yourself with federal discrimination laws and heed them
o Terminate employees properly to avoid discrimination claims
Recommended
o Create job descriptions
o Understand the definition of an "At Will" employee
o Have workers sign the proper Employment Agreement
o Protect the inventions employees create for you with an Employee Non-Compete and Confidentiality Agreement
o Give all new employees an Employee Handbook
o Lay out the employee benefits you will provide (paid leave and holidays, health insurance, bonuses)
o Choose a payroll service (ADP, Trinet, Paychex)
o Set up a system for employee discipline
.
Sales
Recommended
o Determine a pricing system for your product(s or services)
o Execute the 5 Step Sales Process
o Learn the art of persuasion
o Hire and train salespeople
o Use a sales management service (one that fits your business size, from smaller to larger companies)
o Pick a Customer Relationships Management System (CRM)
o Make a Customer Service Plan to standardize procedures for complaints and refunds
o Track which products perform better, and which have the best margins
o Decide on possible discounts, specials and coupons to attract new customers
o List your products on online marketplaces
.
Marketing & PR
Recommended
o Plan your marketing strategy
o Decide on a target market and conduct a market analysis
o Determine your Key Performance Indicators
o Get free online traffic reports
o Improve SEO
o Get paid online ads, such as Google AdWords and Facebook Advertising
o Master social media marketing
o Look into relevant trade shows, confernces, and conventions to market your product
o Print flyers, brochures or catalogs
o Leverage current customers with email marketing
o Decide if you want to hire a PR Agency
o Go mobile and consider app development
o Reach out to relevant newspapers and press
.
InsuranceMandatory
o Decide which types of business insurance you need.
o Check any potential insurance providers here
.
Legal
Recommended
o Find an attorney you trust
o Use waivers and contracts to prevent litigation
o Prepare for when your company is sued
.
CHECKLIST FOR YOUR SPECIFIC BUSINESS.
Service-Based BusinessesMandatory
o Determine the price of your products or services
Recommended
o Don’t forget to clarify the deliverable, deadline and cost in your service agreement
.Retail/Brick and Mortar Businesses
Mandatory
o Check zoning laws
o Secure a lease
o Decide on days and hours of operation
o Determine staffing needs (for prime hours, slower times, closing an inventory)
o Secure the correct permits and licenses for your city and state
o Set up lighting and utilities
o Acquire furniture, register, racks, tables and wall displays, a register, etc.
o Get a state-specific Seller’s Permit or Resale Permit to properly collect sales tax
Recommended
o Choose a location with good foot traffic, size and appearance
o Speak with a commercial realtor to get an idea of what to look for and what to expect
o Establish agreements with your manufacturer, distributor or wholesale supplier
o Set up inventory tracking (understand a Stock Keeping Unit)
o Set up your Yelp page
Online Business
Mandatory
o Purchase computers
o Find images for your website
o Set up your e-commerce or online store (Shopify, FlyingCart, )
o Choose a shipping or delivery system (FedEx, UPS, USPS)
o Set up a system for payment processing (PayPal, )
Recommended
o Track and improve traffic through Google Analytics
o Determine storage options, such as cloud computing (Box, DropBox)
o Set up a system for IT bugs and tickets (Jira)
o If outsourced development is needed, use Guru or Elance
.Check out a free and comprehensive online course on starting your business here.
Mandatory
o Pick a company name and check any potential trademark infringements onTrademarkia or KnowEm
o Determine whether your business name needs to be trademarked, and if does Trademark it at the USPTO
o Protect your written works and code through the Copyright Office
o If you are inventing or creating a product, understand patents and register for one at the USPTO
Recommended
o Vet your idea with the idea checklist
o Protect your ideas when sharing them with others by using an NDA
o Search your state’s corporation and LLC name registration database to ensure your business name has not been taken
o Check Google, Yellow Pages, and local directories to ensure your business name is not taken
o Learn how to select a good business name
.
Forming Your Entity
Mandatory
o Pick a structure (Sole Proprietorship, Corporation, S-Corp, LLC, Partnership, LP, LLP, Non-Profit) and ensure that you comply with business formation requirements
o Creating a corporation? File Articles of Incorporation and Bylaws with the Secretary of State’s Office
o Forming an LLC? File the Articles of Organization and an Operating Agreement with the Secretary of State’s Office
o Get the necessary licenses and permits to operate legally
o Apply for an Employer Identification Number (EIN)
o If you are incorporating, appoint a Board of Directors
o For a corporation and LCC, you must register a service agent
Recommended
o Going into a Partnership? Create a Partnership Agreement
o Check your state government’s website for other state-specific registration, taxation and employment rules
o Get your DBA (Doing Business As) which allows a business to operate under a fictitious name (this is required for sole proprietorships that want to operate under any name other than the name of the business owner)
Open your company bank account
.
Identity and Branding
Recommended
o Design a logo (99designs)
o Search for and register a unique online domain name (GoDaddy, 1and1, Register)
o Create your website (Wordpress, Intuit, Weebly, Wix, SiteKreator)
o Ensure your business name is available on a wide variety of social networking websites in order to develop consistent branding (KnowEm)
o Create and manage your social media presence
o Get business cards and other physical collateral (Vistaprint)
o List your business online with MerchantCircle, Manta, Yelp and DandB.com
.
Financing and Business Planning
Recommended
o Prepare for and create a Business Plan (if you need one)
o Find sources of capital— friends & family, business bank loans, angel investment, venture capital, or even crowdfunding (Crowdfunder, Fundable)
o If seeking investors, create a business pitch deck
For those issuing stock to finance the company (corporations), use a Shareholder’s Agreement
.
Operations
Mandatory
o Find a retail space, set up a home-based office or find an office space on LoopNet, OfficeFinder, or ShowCase
o Choose a broker to help find an adequate business space on TheBrokerList
o For corporation, keep record of Meeting Minutes
Recommended
o Set up an online phone system (Ring Central, Google Voice, Onebox) or set up a traditional land line (Verizon,AT&T)
o Set up your computer and network
o Pick an internal email system (Gmail, Outlook)
o Choose an email system to connect with customers (Constant Contact, MailChimp, Sendgrid)
Set up a collaboration method for business documents, spreadsheets and presentations (GoogleApps)
.
Financial Planning & Accounting
Mandatory
o Choose a tax year
o Determine which type of federal business taxes you will be responsible for
o Determine state tax obligations
o Create and maintain the top 3 financial statements: income statement, balance sheet and cash flows on at least a quarterly basis
Recommended
o Set up an accounting system (Quickbooks)
o Find the right accountant
o Set a budget for the coming year
o Create a sales forecasts and financial projections regularly
o Get a business credit card and review an updated guide whichcompares the pros and cons of all business credit card options (not just a select few), and includes financial advice from experts in the field.
You can view the guide, here: https://www.creditcards.com/business/
CreditCards.com’s research, stories, tools and video are used by leading news outlets such as the Associated Press, Yahoo, MSNBC, NASDAQ.com, Forbes.com, TheStreet.com and Google news. I am confident this guide could be helpful to your readers as well.
o Register with Dun & Bradstreet to build business credit and obtain a D-U-N-S Number to accurately gauge and share your creditworthiness
o If a corporation, decide whether to elect S Corporation tax status
.Business Mentors
Recommended
o Speak to entrepreneurs and leaders in your industry, consider asking them to be your mentor
o Ask mentors to join your Board of Advisors (for the overall benefit of the company)
.
Building a TeamMandatory
o Determine the company founders and leadership (partnership, owners, CEO, etc.)
o Clarify who gets equity, and how much
o Conduct job interviews—look out for red flags
Recommended
o Find team members through personal connections, recruiters or job boards (Ziprecruiter, Craigslist, Monster,Indeed, SimplyHired)
o Run a background check on new hires
o For one-off or task based activities, use AmazonTurk or Odesk
.
Human Resources
Mandatory
o Make sure workers are properly classified (employee, independent contractor, part-time employee, intern, etc.)
o Have employees fill out Form I-9 and Form W-4
o Familiarize yourself with the Department of Labor laws and regulations regarding employment
o Put up the necessary labor law posters to meet federal and state requirements
o Familiarize yourself with federal discrimination laws and heed them
o Terminate employees properly to avoid discrimination claims
Recommended
o Create job descriptions
o Understand the definition of an "At Will" employee
o Have workers sign the proper Employment Agreement
o Protect the inventions employees create for you with an Employee Non-Compete and Confidentiality Agreement
o Give all new employees an Employee Handbook
o Lay out the employee benefits you will provide (paid leave and holidays, health insurance, bonuses)
o Choose a payroll service (ADP, Trinet, Paychex)
o Set up a system for employee discipline
.
Sales
Recommended
o Determine a pricing system for your product(s or services)
o Execute the 5 Step Sales Process
o Learn the art of persuasion
o Hire and train salespeople
o Use a sales management service (one that fits your business size, from smaller to larger companies)
o Pick a Customer Relationships Management System (CRM)
o Make a Customer Service Plan to standardize procedures for complaints and refunds
o Track which products perform better, and which have the best margins
o Decide on possible discounts, specials and coupons to attract new customers
o List your products on online marketplaces
.
Marketing & PR
Recommended
o Plan your marketing strategy
o Decide on a target market and conduct a market analysis
o Determine your Key Performance Indicators
o Get free online traffic reports
o Improve SEO
o Get paid online ads, such as Google AdWords and Facebook Advertising
o Master social media marketing
o Look into relevant trade shows, confernces, and conventions to market your product
o Print flyers, brochures or catalogs
o Leverage current customers with email marketing
o Decide if you want to hire a PR Agency
o Go mobile and consider app development
o Reach out to relevant newspapers and press
.
InsuranceMandatory
o Decide which types of business insurance you need.
- Common: workers' compensation, unemployment and disability insurance
- Others: property, liability or business overhead insurance
o Check any potential insurance providers here
.
Legal
Recommended
o Find an attorney you trust
o Use waivers and contracts to prevent litigation
o Prepare for when your company is sued
.
CHECKLIST FOR YOUR SPECIFIC BUSINESS.
Service-Based BusinessesMandatory
o Determine the price of your products or services
Recommended
o Don’t forget to clarify the deliverable, deadline and cost in your service agreement
.Retail/Brick and Mortar Businesses
Mandatory
o Check zoning laws
o Secure a lease
o Decide on days and hours of operation
o Determine staffing needs (for prime hours, slower times, closing an inventory)
o Secure the correct permits and licenses for your city and state
o Set up lighting and utilities
o Acquire furniture, register, racks, tables and wall displays, a register, etc.
o Get a state-specific Seller’s Permit or Resale Permit to properly collect sales tax
Recommended
o Choose a location with good foot traffic, size and appearance
o Speak with a commercial realtor to get an idea of what to look for and what to expect
o Establish agreements with your manufacturer, distributor or wholesale supplier
o Set up inventory tracking (understand a Stock Keeping Unit)
o Set up your Yelp page
Online Business
Mandatory
o Purchase computers
o Find images for your website
o Set up your e-commerce or online store (Shopify, FlyingCart, )
o Choose a shipping or delivery system (FedEx, UPS, USPS)
o Set up a system for payment processing (PayPal, )
Recommended
o Track and improve traffic through Google Analytics
o Determine storage options, such as cloud computing (Box, DropBox)
o Set up a system for IT bugs and tickets (Jira)
o If outsourced development is needed, use Guru or Elance
.Check out a free and comprehensive online course on starting your business here.
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GM SYSTEMS
631-269-3820
Long Island, N.Y.
Contact us at GM Systems