If you’re an entrepreneur, chances are you have a lot on your plate. To ensure that you don’t miss out on any necessary step, here is a comprehensive business startup checklist for you. Take a quick look and keep ticking things off the list to make sure you are on the right track.
Table of Contents
Business Startup Checklist: Don’t Miss Out On These Steps
Here is an overview of all that you need to do to start a business in the USA. Some of the steps mentioned in this business startup checklist may vary based on your location and industry.
1. Conduct Market Research
Before you get started with business formation paperwork, make sure you have done your homework. Invest time in understanding what your target audience needs and what your competitors are upto.
2. Create a Business Plan
After you’ve done your research, it’s time to get started with the actual business plan. Jot down your business vision, mission, financial projections, and other relevant details. In the future, when you need funding, your business plan is what you’ll need to present to the investors. With a strong and comprehensive business plan, investors and banks will be more likely to offer you a line of credit for all of your start-up expenses.
3. Pick a Relevant Business Name
Choose a unique business name that represents your business values and mission. Make sure it is easy to remember and isn’t similar to any other competitors’ names. If you want to ensure that nobody else uses the same name, you should get your chosen name trademarked.
4. Register Your Business
To get your business legally registered, the first step is to choose an entity type. Based on your operational requirements, ownership arrangements and taxation requirements, you should choose one that is best suitable for you. Depending on your entity type, your registration process and documentation will differ.
5. Apply For EIN
The next required step in the business startup checklist is to apply for an EIN. If your business wants to hire employees and open a separate bank account for your business, it is necessary to have an EIN.
6. Open a Separate Business Bank Account
As an entrepreneur, it is always a good idea to keep your personal and business transactions separate. To open a business bank account, you will need the following things:
- Business formation documents
- Your ID
- Ownership agreements
7. Get Relevant Business Permits
Depending on the type of business you are starting and your area, you’ll need different types of permits to legally establish your business. Make sure you know what are the requirements for your business.
Want more details on what you should do to start a business in the USA? Please check this infographic designed by GovDocFiling:
Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young.
He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.