At WealthBudget Executive Partners LLC, we understand small businesses and the challenges they face. Because we want to be your partner from the very beginning, we thought it would be helpful to have a checklist you could use as you take these very early steps towards your dreams.

During the critical, early weeks and months you will make decisions and take actions that affect your business and lives for years to come. Each step you take must be carefully considered, especially in the areas of your business where you are not an expert. I am sure you will agree that you cannot be the pro in marketing, banking, accounting, legal, customer service, collections, financing, insurance, etc. Am I correct? You can be an expert where you have extensive experience, but you should find talented, experienced, partners and employees to help you with the rest.

This following checklist is designed to give you a broad view of just some of the items you need to consider. It is not all-inclusive. Make changes. Consult with experts in each area. Remember, you are building your future right now.

1. Background Work: Do Research! This is often overlooked, but may be the most important item on the list.
• Assess your strengths and weaknesses as an entrepreneur
• Establish business and personal goals
• Assess your financial resources and identify potential sources of funds
• Identify the financial risks
• Determine the start-up costs
• Decide on your business location
• Do a thorough market research
• Identify your customers
• Identify your competitors
• Develop a marketing plan

2. Business Transactions:
• Select a lawyer and an accountant
• Choose a form of organization (proprietorship, partnership, or corporation, for example)
• Create your business (register your company’s name, incorporate the business, etc.)
• Prepare a business plan
• Select a banker and set up a business checking account
• Apply for business loans and grants (if applicable)
• Establish a line of credit (if possible)
• Select an insurance agent and obtain business insurance

3. First Steps:
• Prepare corporate brochures
• Build a website
• Set-up corporate email accounts
• Get business cards
• Obtain a lease
• Line up suppliers (if applicable)
• Get furniture and equipment
• Obtain business licenses or permits (if applicable)
• Get a federal employer identification number (if applicable)
• Get an employer ID number (if applicable)
• Send incorporation papers for federal and state/province tax forms
• Join a professional organization
• Choose a starting date
• Prepare and deploy your communication/marketing strategy

Note: Since laws vary by state and by type of business, be sure to check with local authorities to determine if there are any additional legal steps you need to take. Also, not every small business will have to complete each step. For instance, you may decide not to register your trademark with state or federal officials. Or, you may not be required to publish a notice of intend to do business.

Need more help starting your business? Call (757) 692-3210 or email at gkouzman@wealthbudget.com.

WealthBudget Executive Partners LLC provides SMALL BUSINESS ADVISORY AND FINANCE MANAGEMENT SERVICES. Our cost effective solutions improve your profitability and help you grow!