New Business Startup Checklist

START-UP CHECKLIST OUTLINE

INTRODUCTION Personal Development Mentor

COSTS

LEGAL STRUCTURE 

NOT-FOR-PROFIT PROBLEMS

DBA

TAX ID

SALARIES REGISTRATION & COMPLIANCE

3RD PARTY CONTRACTOR VS EMPLOYEE

INSURANCE

SALES TAX

BOOKS AND DOCUMENTS

INTRODUCTION

There are a few fundamentals that many business must have in order to control as a business. First and primary is the fact that your primary objective is turning a profit. Possibly the IRS takes the position that if all you do is continually generate losses they will consider your “business” a hobby and disallow your losses. There not only needs to be a profit motive but a profit generated. This might seem to be like a no-brainer for you but in my 30+ a lot of experience I have seen quite a few startup make nothing but expenses and there are some good reasons for what I actually will cover next.

Prior to quitting your day job to spread out your 1st business I would recommend checking off on a few items of importance. The first item on your list is to have a product or service that folks will actually pay for. Not really something you think they will purchase because in the end it will not matter what you think, it’s what “they” think. That’s the plain, simple truth. If you’re not sure about this then before you spend a lot of cash and bankrupt yourself do some testing. Use your circle of friends and family and then their circle of friends and family. It’s important to be able to get individuals who don’t already know, like and trust you to buy. When you can show that without a darkness of a doubt that you have something that will generate earnings continue reading. If not the remaining of this article is of no value to you.

BUDGETS

Once you determine that you have a product or service that will generate earnings these are the next steps you need to take and why:

1: Put together a monthly personal charge budget.

You need to determine how much you need to generate in distributions from your business to meet your each month outlay. Unless you are already out of work without other income options you may need to keep paying your bills. Don’t just quit your job unless of course you have at least a year’s worth of savings to carry you through.

The reason for this is the simple fact without a cushion you will certainly feel the stress of having to earn a living. Pressure clouds our judgement and drains our energy. You always need to be in tip-top condition in your mind and physically. You’re heading to have enough disturbances and obstacles to commence with and don’t need to add any personal imposed burdens on yourself. Additionally, knowing what you require is 1, 000 times better that operating in the dark. Knowing your quantities is essential if you need to run an excellent enterprise.