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BUSINESS STARTUP CHECKLISTYour exclusive checklist for starting your own business. Check the boxes as you complete the tasks.ASSESSING THE OPPORTUNITY?Determine why you want to start a business.?Decide whether you want to provide a product of a service; build an online business or bricks and mortar.?Conduct a SWOT analysis.?Assess how much capital you have to risk and how long it will last.?Discuss your plans with family members to ensure they are behind MITTING TO YOUR BUSINESS?Understand the problem your business will solve.?Identify successful businesses that already exist in your market.?Identify risks and develop contingency plans.?Define the market you want to pursue and your target customer.?Conduct market research.?Conduct competitive analysis.?Create a financial plan, identifying costs and forecasted sales.SETTING UP YOUR BUSINESS?Select your business name (conduct research to ensure the name is not already in use) and design a company logo.?Register the company’s name.?Research and apply for funding (start-up loan, crowdfunding, etc.).?Decide on a legal structure (e.g. sole proprietorship, partnership, LLC).?Build a website and set up social media accounts.?Establish an accounting plan: open a company bank account; set up an accounting and record-keeping system.?Organise business insurance.?Prepare business cards.?Download useful business apps to your smartphone.PLANNING FOR YOUR BUSINESS?Create a Business Plan.?Create a Marketing Plan.?Build a Financial Plan (budget, cash flow forecast, break-even analysis, projected profit, etc.).SETTING UP TO OPERATE?Lease office/retail space if not home-based or online business.?Identify staffing needs and associated costs. If applicable recruit, hire and train employees.?Set up any required technologies or systems (e.g. CRM, payment systems, etc.)?Identify suppliers and create accounts.?Identify distribution partners.?Acquire any required equipment.MARKETING YOUR BUSINESS?Develop and refine a company brand.?Create an Elevator Pitch for your product or service. ?Begin distributing or displaying marketing materials (e.g. brochures, signs, etc.) ?Begin online marketing via blogs, social media channels, driving traffic to company website, etc.?Choose a market launch date.?HAVE FUN! ................
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