Business Startup Checklist: Helping Entrepreneurs Succeed
Starting a business can be one of the most exciting, yet daunting experiences for entrepreneurs. After all, there’s a risk involved with running a business that doesn’t often come with a guarantee of success. That’s why it’s important to have a checklist in place that’ll help guide you through the entire process from start to finish.
Having a business startup checklist ensures that you don’t miss any steps and are prepared for any surprises along the way. You’ll be able to plan out the most important decisions and to-dos you’ll need to succeed.
With that in mind, in this article we’re taking a look at the kinds of steps you should consider during the startup process, as well as discussing how to create a startup founders agreement. Read on to learn how to maximize your chances of success with a business startup checklist.
How to Create a Business Startup Checklist
The first step in creating a business startup checklist is to determine your company’s purpose, products, or services. This includes deciding what type of business you’re going to run and its primary mission.
Once you’ve figured out your business‘s mission and direction, you can then start to detail out the specific action steps you’ll have to take. This includes everything from finding a business name, to hiring employees, to setting budgets and more.
Here’s a shortlist of some of the more important items you should include in your business startup checklist:
Business structure
Choose a business name: Research potential names and register the entity with the state.
Create a professional logo.
Get a website domain.
Register your business: Obtain a business license, obtain a taxpayer ID number, and any other permits or registrations required by your state.
Open a business bank account.
Find an accountant or bookkeeper.
Hire help. This may include hiring employees, freelancers, independent contractors and/or a lawyer to help with legal documents.
Marketing and Operations
Develop a marketing plan.
Create a website and online presence.
Set up a payment processing system.
Develop processes for production and distribution.
Set up business systems such as accounting, customer relationship management, and inventory management.
Set up a daily or weekly operational schedule.
Develop customer service and other policies.
Create a budget and forecast.
Legal Requirements
Register copyrights and trademarks
Obtain insurance coverage
Include terms and conditions on your website
Create a privacy policy
Set up employee contracts or a founders agreement.
Create a plan for taxes.
By having a comprehensive business startup checklist in place, you’ll be able to define each step of your startup process, identify your legal requirements, and ensure you don’t miss out on any important tasks.
A Good Founders Agreement is a Necessity
Along with having a business startup checklist, entrepreneurs should also have a founders agreement. This is an essential legal document that helps to define each founder’s rights and responsibilities.
A founders agreement should include the following five components:
Company’s Business Structure: This includes who are the founders and what percentage of equity each of them owns in the business.
Vesting: This outlines how and when each founder will receive a share of the company (usually through stock grants).
Roles, Responsibilities, and Authority of Founders: This outlines who is responsible to take care of certain tasks within the business.
Termination and Exits: This defines how and when founders will be able to leave the company.
IP: This outlines who owns any intellectual property that may be created during the course of running the business.
A business startup checklist and founders agreement are two items that every entrepreneur should have in place. Taking the time to properly create and define them will help ensure you’re prepared to take on any roadblocks or challenges that come along with running a business. This will help you maximize your chances for success and ensure a smoother journey from startup to success.
