- Ann Lim
Checklist for New Business Set Up
Updated: Aug 28, 2019
When you start your own business, there are a whole lot of things to take care of. A check list helps to keep you on track and gives you a quick visual status of your progress. Here is a list that I have found useful, based on recommendations from the SBA as well as my own experience when setting up Sweetspires. I will write about particular categories in future blogs. Hope this helps you and do let me know if you have found other items that are necessary. I will acknowledge your contribution if I add it to this list – thanks!
BUSINESS PLAN
☐ Create an initial business plan – what is your product/service, who is your target customer, why is your offering better than your competitors
BUSINESS ESTABLISHMENT
☐ Pick location for the business
☐ Choose business structure
☐ Choose business name – check with your state registry and domain name providers
☐ Register domain name
☐ Set up business email
☐ Get Federal Tax ID or EIN
☐ Register with your State
☐ Get business licence
☐ Open business bank account
☐ Get business insurance – depends on your business. For mine, I require general liability, profession and worker’s compensation insurance
FINANCIALS
☐ Choose Accounting software – to link to your bank account, to track expenses and invoice clients
☐ Use Financial Projections template
MARKETING
☐ Design logo
☐ Build website
☐ Create business card
☐ Create flyer/brochure
☐ Social Media – LinkedIn, Twitter
SALES
☐ Set up CRM
☐ Create proposal template
☐ Create contract template
EMPLOYEES
☐ Create job description
☐ Create a compensation plan : salary, benefits – health insurance, 401K, holidays, bonus
☐ Register as an employer with the state
☐ Get worker’s compensation insurance
☐ Set up health insurance
☐ Set up 401K plan
☐ Set up payroll platform – automatically deduct Fed, State, unemployment insurance
☐ Create job offer letter
☐ Report new hire with the state. Your payroll provider might also be able to do this for you
☐ Onboarding : Employees to fill I-9, Federal withholding W4, State Witholding and Direct Deposit forms
