When you’re getting ready to start a business, you need to plan, and creating a startup checklist is a great way to do just that.
Planning will help you know what you need to do to be successful in your business and is something that you can always come back to if you’re ever unsure of what to do next.
Here’s what you need to do before you become an entrepreneur.
1. Check Profitability
The first and most important part of the startup checklist is to make sure that your business idea is profitable. Just because you want to train hamsters for a living doesn’t necessarily mean that you can make money doing so.
Before you move on, make sure that people want what you’re selling. You can turn your passions into profits, which sometimes means getting creative.
2. Know Where Your Startup Money is Coming From
Starting a business costs money. Although over 60 percent of recently-surveyed business owners reported starting their business for less than $10,000, you need to make sure you know where that money is coming from for your business.
Some other things to consider are living expenses. How will you cover your living expenses while waiting for your business to turn a profit?
3. Know Your Rights
LLC, corporation, and sole proprietorship. There are so many ways to incorporate your business to protect your personal assets that it may be hard to know which is right for you.
If necessary, get legal advice before you jump in to make sure you’re ready for what goes into your business from a legal perspective.
4. Pick a Name
Your business name needs to let people know what your business is about and should be one that’s easy to remember. It’s also one of the most important parts of the startup checklist.
Make sure you check for other businesses with the same name before you get too attached to it. You also want to get a website domain name that matches your business name.
5. Create Your Website
As soon as you’ve got your perfect business and domain names, you can start to create a website online. Fortunately, there are many tools available to you that make this process simple and easy.
Your website will be what drives your business, so take time to make sure it looks professional without obsessing too much over small details like font or colors. These are things you can always go back and change later.
6. Get on Social Media
Once your website is up and running, create a profile for your business on a couple social media sites. Do some research to determine which sites would be the best place to reach your target customer and sign up for just those.
Unless you’re planning on hiring a social media manager, it’s best to just stick with a couple of sites at the beginning that you can manage yourself without them being too much extra work. You can always add more profiles later.
Done with the Startup Checklist?
If you’ve gotten everything done on the list, then check out my step-by-step guide to getting your online business off the ground so you can start making money online today.
If you have any questions or comments on this startup checklist that you would like to share. Please share them in the comments section below. If you are looking for a way to turn your passion into profit…
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