Business Startups Checklist

Are you starting new business ? then you must read this article.



We suggest before you take any decision of leaving your full time high paying job to take a plunge and start your own business, ask yourself if you have the traits and caliber to get down on ground and do the job?  Do you have it in you to be an aspiring entrepreneur? Starting a business is not a simple task and at the same it is not a Rocket science task either. If you have a plan, adequate funding, knowledge and passion to set it up with appropriate marketing and business development skills – then you are on the right path! The key to setting a new business from scratch is to be organized and most importantly to “prepare a check on yourself”.





Business Need check: Are really ready to start a business?

When asked, most entrepreneurs are clueless and do not have a concrete answer to the question “why do you want to start your own business”? The clarity or the lack of vision to start a business will make or break your business. Your vague idea of starting a business or a clear vision will make your business a failure or massive success. So the first question you need to put down on your checklist is:
  • Reason behind starting entrepreneurship?
    • “I hate my boss, I want to be my own boss, I hate my job” so on and so forth are some of the clichéd answers to the question asked. Does this reason keep you going succeed in business. This is where you need to pause and rethink- Do you have enough fire, passion within you to become an aspiring entrepreneur?
  • Do you possess the required business skills? 
    • When you ask yourself this question you will need an analysis about yourself.
    • Do you know your strengths, weakness and personal skills.
    • Have you done SWOT about yourself – identify your strengths, weakness, opportunities and threats.

Idea & Market Checklist: What will be a good idea?

Once you have decided to become an Entrepreneur and launch a business, follow this checklist to brainstorm and narrow down on a business idea.
  • list down your skills and talents.
    • List out your skills, talents, educational background, expertise and experience. Find businesses wherein your existing skills or experiences could be used to provide a competitive edge and valuable business services.
  • Make a list of the ideas you thought of or felt passionate about.
    • Figure out what you will make you excited to get up everyday and follow your passion.
  • Narrow down and decide.
    • Brainstorm ideas with friends, family, co-workers, etc., and narrow down a business and business model. Make your final decision based on what best suits you.

Business Plan Checklist: Putting everything on paper

The business plan checklist is your chance to put down everything you have learnt so far about the market and your business plan. This step is often forgotten by Entrepreneurs; but, if done properly it can help you quickly find customers, obtain bank loan to build a successful business.
  • Choose a business name for your venture.
    • Ensure the business name is inline with the company or LLP naming guidelines and get the business name trademarked.
  • Prepare a short introduction about your business.
    • Keep it short. prefereably less than five lines.
  • Prepare a mission and vision statement.  
    • This step is important and the mission and vision statement should be written down.
  • Provide information about the business model.
    • The problem your business is trying to solve.
    • How your business will solve the problem.
    • How will your business make money?
    • Operational strategy and marketing strategy.
  • Compile financial budget.
    • This is mandatory and important step in establishing a new business. Prepare cash-flow statements with the amount of money the business will generate, the estimated expenditure, etc., It is important to plan for funding wherever there is a shortfall in funds.
  • Add a professional touch by creating a power point presentation for your business.
    • This will help you immensely while raising funds for your startup.

Legal Checklist: What compliances are required ?

Once the money is available, talk to an myCAfilngs.com expert about setting up the business and the required business registrations. Know the answers for the following questions to ensure your are legally established and safe.
  • What business entity to choose? Know the advantages and disadvantages.
  • Will you require any tax registration?
    • Is your business required by law to have a GST registration
  • Will you have to file periodic returns to government?
    • What are the due dates for filing of returns and other compliance work?
  • Will the business require trademark or patent registration?
  • Are there any special licenses required from regulatory authorities?
    • For example:- Business that involved food would require FSSAI Food Business License.

Finance Checklist: Is there enough money to start and sustain the business?

Once the business plan is ready, focus on funding your business and having the cash necessary to start and sustain your business for atleast a year. A well drafted business plan will be vital in this step for the success of your startup. Think about the following points and have answers:
  • Will you be using your savings?
  • Use the resources and fund from a friend by partnering with him/her?
  • Will you generate funds from family and friends?
    • Will you be paying them back in cash or kind?
    • If cash what percentage of interest will you add to the money borrowed while returning?
  • Will you seek assistance from venture capitalists, private equity firms, angel investors or others?
  • Will you seek bank loan?
    • Do you known the process to apply for a bank loan?
  • Will you seek assistance form NGO’s or institutions that assist new business startups with seed funding.

Final Launch :- Taking the first steps.

So once the money is available and you have a basic understanding of the legal requirements. Take the plunge and don’t stop.
    You might have a brilliant idea or the required funding to set up the business but that will not help in you becoming your own boss. For an entrepreneur to succeed it is important for him/her to follow the process step by step. The key to starting up a new business is to prepare a checklist and follow it stage by stage.
If you are not certain of preparing a checklist up to the mark then seek expert assistance from IndiaFilings. Experts from myCAfilings.com can guide you step by step in establishing your new business.

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