You do not need to have a college degree, business experience, or a lot of money to start a business. While these aspects may play an important role when you are starting an enterprise, what you need the most is a robust plan. Many aspiring entrepreneurs, however, make a huge mistake of failing to have a strategy in place when starting a business due to the sheer amount of advice suggested by start-up experts.

Here, we have gathered a checklist that will steer you towards the right direction when looking to start a business:

First Thing’s First

When starting a new venture, preparation is the key. You do not want to start something that will end up failing or a venture that will not provide you with a good return on investment. Therefore, it is important to consider the viability of the business first. Ask yourself whether customers will pay enough to cover your immediate overhead and provide you with a profit.

Create a Plan

Many entrepreneurs overlook a business plan, but having one before you establish a venture can mean all the difference. A business plan will always remind you of your goals and keeps your initial objective breathing, which ultimately allows you to adapt accordingly. Creating a sustainable business plan can be the difference between a failing business and a thriving one. Preparation and planning are vital to the success of your business.

Prepare your Finances

Before you consider a financing option, figure out whether your capital can keep your business growing. Either way, always open a business bank account and have an Employer Identification Number (EIN). This allows you to separate your business finances from your personal finances.

Choose your Startup Name and a Corresponding Domain Name

Your business name should be something that customers can easily remember and can be easily associated with your particular niche. Make sure that the name is unique otherwise you may find yourself with legal issues related to the ownership right. Open a website with a corresponding domain.

Figure Out the Legal Structure

Determine the legal structure (corporation, sole proprietorship, or partnership) that best suits your business. You can protect your start-up by incorporating the business but consult an attorney to know the structure that fit your particular business circumstances.

Get a License

Depending on your startup, you may need licenses and permits from local authorities. Whether it’s the municipal council or city council, federal and other local authorities in your area, you will want to be sure that you are operating your business legally.

Choose a Good Business Location

You need to be a little careful when choosing a business location, especially if you are opening a retail business. When determining the best place to start your business, consider your target market, costs, restrictions from the government and personal preferences. If you will be opening a retail store, pay attention to the foot traffic and any other factor that may inhibit people from visiting your business.

Create a Page on Social Media Platforms

Most startups that make up the top tier of success utilized social media in their initial stages. Social media allows you to have a good marketing foundation that will enable you to quickly launch your business. A training guide such as PLF 2019 can show you how to effectively launch a product online.

What you Can do After Launching your Startup

One the business is established consider adding the following on your checklist:

Consult your Insurance Agent

Consider consulting your insurance company depending on the type of business you are operating. In some jurisdictions, you may be required to have liability insurance, health insurance or worker compensation.

File Trademarks and Patents

If you need patents on your business, consult a lawyer to know everything about patent rights and laws and why you might need one.

Secure a Good IT System

If you have sensitive data on your devices that need to be protected, then you need a good security system. If your business grows, you also need other systems to manage your data accordingly.

Have a Salesperson on your Team

At the initial stages of the start-up, you are probably going to the chief salesperson, but as you grow, you should consider having a dedicated sales function team alongside you who will focus on business development.

Once you start your business, you will realize that there is a lot more to do than you may have expected. The problem is getting started, and this checklist can help you with that. It ensures that you have covered your bases early on in the best possible manner. Laying your foundation on these items will bring your new venture to life before you even realize it.