STARTING A BUSINESS: WHAT TO CONSIDER
Starting a business can be a wonderful adventure, yet it can also be scary and very complicated.
Once you have made the decision to get started, here area few items to take into consideration:
1. Has a Business Plan been written?
2. Who will be the professional advisors?
3. Will you be selling a product or a service?
4. Will you be manufacturing anything?
5. What will you name the business?
6. Is this a brand new business, or will you be acquiring or merging with another business?
7. What type of Business Entity will you use or set up?
8. Who is our primary competition?
9. Will you have employees?
10. Will you have partners or shareholders?
11. Who will manage the day-to-day business operations?
12. Are special skills required for this business?
13. How will employees be trained?
14. Where will the business be located, in your home or does it need an office, a storefront, or possibly a warehouse?
15. Does the business require any special licensing, professional, city, county?
16. Will the business have proprietary information that must be protected?
17. What type of insurance will the business require?
18. Will you need to carry insurance on any of the partners or shareholders?
19. As an owner, will you personally need to take out additional insurance or have an umbrella policy?
20. Will the owners require a buy-sell agreement in the event of the death or retirement of an owner?
21. When and how will the business be taxed, is it a calendar year or a fiscal year?
22. Will the business carry inventory?
23. What type of accounting method will be used?
24. What type of marketing will be needed, for start-up stage and on-going?
25. Has a budget been developed analyzing start-up costs, as well as on-going projections for income and expenses?
26. How much start-up capital will be necessary?
27. What will be the sources of capital: investors, loans, grants, owner capitalization?
28. How much time will be required to get the business operating, are you committed to being available for that much time?
29. Will owners continue to work other jobs?
30. What is the long-term goal of the entity; where do you expect the business to be in 1 year, 5 years, 10 years?
These are just a few of the item that should be considered in starting a new business.