The only time you can start the whole process of investing and establishing a business is after the thorough feasibility study. It is essential to put together the business plan first, outlining your goals, mission and objectives. Then, you may use the list to remind you of the things you need to perform.
- Choose a product or service that coincides to your skills and interests.
- Choose a business name and verify the use of it
- Register the business name and get a business certificate
- Consider the location of the business properly; see if there is a market for your product
- Get any required business licenses or permits
- File partnership or corporate papers and reserve corporate name if you will be incorporating
- Install business phone lines and have business cards and stationery printed
- Check into business insurance needs
- Get tax information such as record keeping requirements, information on withholding taxes if you will have employees, information on hiring independent contractors, facts about estimating taxes, forms of organization, etc.
- Apply for employee identification number, and check labor laws and workers compensation if you will have employees
- Open a bank account for the business
- Purchase equipment like receipt printer, POS system and other supplies needed
- Order inventory, signage and fixtures
- Advertise
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