Here is a helpful checklist based on ideas from Empire State Development's Division for Small Business ...
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Have you talked to an attorney and an accountant?
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Do you know which business structure is right for you? Sole proprietor? Partnership? C Corp? S Corp? LLC?
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Do you know how much money you will need to get your business started?
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Do you understand cash flow and what it will take to carry the business until it turns a profit?
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Have you realistically calculated income and expenses for the next three years?
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Do you know how much money of your own you can put into the business?
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Do you know how much credit you can get from your suppliers?
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Do you know where to borrow the rest of the money you need to start your business?
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Have you figured out what net income per year you can expect to get from the business?
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Have you counted your salary and profit into the money you put in the business?
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Do you need a partner to help finance your idea?
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How much of the business are you willing to share with an outside investor?
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Have you found a good building for your business?
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Will you have enough room when your business grows? If not, what's the next step?
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Does the zoning conform to the kind of business you are planning to do?
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Do you know what equipment and supplies you will need?
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Have you found suppliers who will sell you what you need at a good price?
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Have you compared the prices and credit terms of different suppliers?
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Have you planned a records system to track your income and expenses?
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Have you worked out a way to track inventory so you're not under or oversupplied?
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Have you figured out how to handle billing, payroll and taxes?
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Have you decided whether or not to let your customers buy on credit?
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Do you know what financial statements and tax reports you will need to prepare?
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Do you know what licenses and permits you will need?
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Do you know what federal or state regulations governing your business you need to obey?
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Have you talked to an insurance agent?
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Do you have a marketing plan in place?
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Do you know who your competitors are?
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Are you researching product and service innovations in your industry to remain competitive?
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Have you gone to the SBDC or SBA for good advice?
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