If you have planned to start-up your own business then there may be many things wandering in your mind like all the things you require to start it and how to go through it. For this reason, we have a checklist for you so that you can make sure that nothing goes missing. Once you go through a particular point, make sure you have done with that and move to the next one.
1. How can you research your business topic
• Firstly you have to get a rough idea on how much investment you need and what returns will it make. Also, the amount of time for return matters in this context. What will be the estimated reputation of your product and how much will people pay for you product.
• You need to go through a complete market research regarding the demand of your product. You also need to decide the target customers.
• Some initial research on the suppliers and distributors of products similar to your business idea. You can take help from Google and make a few phone calls to get in touch with suppliers and distributors. They can also help you with research on the areas and target customers.
• You need to have more than three Unique Selling Points (USPs) atleast. As having them will help you in competing with the already established companies.
• Do you have the sufficient funds required for the establishment and start-up of the kind of business you have planned for?
• A thorough research on the competitors you have in the market.
• Try to get an estimate of the cost people will pay for your product. Also make a rough plan for your business model.
• You can also go for selling some sample products online to get an idea of how the market is responding to your product.
2. What kind of business should you step into: You can have various ideas for starting up a business
• Take up a franchise of some companies.
• Take dealership of some established company.
• Take a part-time business into consideration, if required.
• Take license for some established company.
• Are you considering starting up on your own? Or do you want to have some partnership?
• Are you considering being a freelancer or trying something of your passion.
• If you are having a brand new plan or idea for your business, then consider idea protection.
3. Plan out your business on paper
This idea can seem boring and uninteresting to you at first, but it lets you rethink about your idea. It gives you an idea about the possible problems you may encounter and the finance and backup you require before stepping into the field.
• Firstly, write up your business plan properly.
• Your business plan should act like a live document and should have scopes for amendments and considerations.
• Once you have written out your business plan properly, make a particular plan with decided dates for accomplishments of your short term targets.
• Refer various advices that are available online for business plans.
• Decide a place from where you want to start your business. Whether it will be operated from home or you will need a commercial premise. Also consider the prices and charges of the place that you have chosen. Consider this price in your budget.
4. Preparations including skills, support and training
• Get registered with some course or training which may help you with your work.
• Refer some business books regarding your sector of work and understand the way of operation of similar businesses.
• Search for a mentor if you are able to find one and take all the possible suggestions and advices from him/her.
• Read some online journals and articles on the skills and support required for your potential business.
5. Get appropriate employees for your business
• Analise your skills and area of expertise and get some people employed for your help and assistance. Do not appoint any extra employees which are not really required. This will help you keep the cost as low as possible.
• Get an accountant for your business if you don’t have one.
• Make sure to have full support from your family and friends because you will need it later.
6. Financing your business
• Find and hire an accountant and take consultation from him.
• Plan out your property, investment, mortgages, savings and income. Be sure that you do not indulge all off your savings and investments on the business. You should always be ready with a strong backup.
• Discuss the possible loaning with your bank manager. Discuss about all the available options and solutions.
• Re-frame your business plan according to the possible financial input that you can provide.
7. Getting a proper name for your business
• You need to brainstorm to get all the possible names for your kind of business. Pen it down, and shortlist 10 to 15 names from it. Then select one from the shortlisted names.
• You can take help from various online tools and sites which help you with the suggestions and also check for the availability of a particular domain name.
• Check the associated web name for your site with its availability. If the name is not registered by any other person or company, then book the domain name for you instantly.
8. Get your business registered
• If you are setting up a business, get yourself registered with Companies House.
• Choose the correct structure for your business. You can also take help and advice which is available on various sites.
9. Build a website
• For doing this, firstly you need to buy the domain name for your desired website name.
• You can take help from various web designers to build your website’s pages.
• Get an idea on how much should be paid for creating a website.
• Consider the data protection act and understand its norms to keep yourself protected legally.
10. Set up a shop
• Find the correct place for your business. If it is at your home, prepare it accordingly.
• If you are searching for a premise for your company, make sure that you get it at reasonable prices.
• Arrange for all the required things in your office like furnishing, equipments, phone lines, etc.
• Apply for a business bank account and keep it separate from your personal account.
11. Make contacts with suppliers and distributors
• Take advices online for selecting the perfect distributors and suppliers for your business.
• Make contacts with the possible suppliers and also keep some more suppliers in your contact to have a backup.
• Take credits from as much as possible from suppliers because it will help you in cutting down the total cost of starting up your business.
• Get ideas regarding the capacity of distributors and suppliers to scale up their work. Get the right suppliers which have the capacity to increase their work according your plan of growth for your company.
Lastly, you need to get all the legal procedures done and also get an idea regarding the possible legal complications that can arise in your kind of work. Now you are all set to start working for your business.