Business Startup Checklist

1. DECIDE YOUR REASON (WHY?) BEHIND THE BUSINESS

• Determine why you want to start your own business.

• Conduct a SWOT analysis to identify your strengths and weaknesses, potential opportunities and threats.

• Decide whether you want to sell a product or provide a service.

• Assess how much capital you have to invest into your business.

2. COMMIT TO YOUR BUSINESS

• Make a list of business ideas that fit your strengths and interests.

• Understand the problem(s) your business will solve.

• Define your target customer.

• Validate your idea by talking to potential customers about it- call it a market research.

• Create a quick financial plan, identifying costs and forecasted sales to see if additional funding is required.

3. SET UP YOUR BUSINESS

• Decide on your business name and search the web to make sure it’s not already in use. See if a domain with your business name is available for purchase. You can search domains on Go Daddy.

• Register a domain name and secure social media profiles for your new business.

• Decide on a legal structure of the business: Company, Trust or a Sole Trader.

• Get your website up and running. There are many easy to customise templates available in Wordpress, Wix,Squarespace and Shopify. Alternatively, if you have funding, engage a professional website designer/developer to build a website for you.

• Register your business with the Australian Tax Office to obtain an Australian Business Number (ABN).

• If you are not planning on using your own name for your business, you need to register a business name with ASIC

• Engage an accountant and choose your preferred accounting program.

• Select insurance policies relevant to your business: public liability, public indemnity and cyber security.

• Open a business bank account.

• Start networking where your ideal clients hang out, online and face to face.

4. FINANCIAL PLANNING

• Estimate how long it will take for your business to acquire paying customers.

• Itemise your business expenses for the first year.

• Itemise how much capital is required to launch the business before profitability.

• From this, determine how many months of savings or investment you need to break even.

• If outside investment is required beyond the founders’ savings, complete a business plan.

5. SETTING UP TO OPERATE

• Find your perfect business location, even home offices need good design.

• Dependent on your business legal structure, identify your staffing needs and the profile of an employee or a Contractor. Being a sole trader, you can outsource roles that would normally be filled by staff.

• If your business includes a team rather than being a one man band, recruit, interview, hire, and train your employees.

• Identify and set up relevant technology: Email, Phone, CRM, Billing and Payment systems

• Ensure your technology systems are secure with your information or customer information.

• Identify and partner with right suppliers.

7. MARKETING AND SALES PLAN

• Create a Marketing and Sales Plan that includes your launch plan, pricing, how your business will generate leads, and close new business.

• Develop consistent branding for your company and its products or services.

• Create and fine tune your Elevator Pitch for when you introduce your business to others.

• Grow your digital presence through social media, blogs, newsletters and SEO strategy to drive traffic to your web site.

• Hire a salesperson or a sales team.

• Let the local press know you are opening/open for business.

• If you have a bricks & mortar business, organise an opening day or plan a launch event.