So you have decided to start that business you have always talked about. Entrepreneurship can be a big scary place, but, it can be the most rewarding thing you set out to accomplish. You just may not be sure how to get started or what comes first. You can do it, you just need a little bit of guidance. Let’s take a look at a few key steps you should take in order to make sure your business venture is successful. We have created an Entrepreneur Checklist to guide you.

 Step 1: Business Planning

It is essential that you must start with a business plan. It is a necessity to ensure success. A sound business plan will predict the route that the business intends to take. Some key items that must be included are:

• Executive Summary-A snapshot or summary of your business plan, including your company profile and company goals.

• Company Description-An outline of what your services or products are.

• Market Analysis-The data from any market research. This should include research conducted about the business industry and your competitors.

• Organization-The organization and management structure of your business.

• Services/Products-What do you intend to sell? What are your services?

• Marketing & Sales-Include your marketing plan. How will you achieve obtaining customers?

• Financial Information-Where and how will you gain funding? Include any information you need to obtain funding.

 Step 2: Legalities

Business License-Business licenses are required by most jurisdictions. The business activity and location determine the type of license requirement. In most cases, licenses are issued at the state and municipal level.

Incorporation-An important decision you will have to make as a business owner will be should you incorporate your business into a legal business entity. If you choose to incorporate your business you will then have to decide which type of entity is best for you. Regardless if you form your business as a corporation, S corporation, or limited liability company (LLC) there are advantages you should be aware of. Here are some general advantages:

• Asset Protection - One important advantage if not the biggest, is asset protection. When you incorporate your business your personal and business assets are separated. Thus, protecting your personal assets from any type of legal action against the business.

• Credibility - By incorporating your business into a legal structure you gain credibility. This is an attractive feature to potential investors, partners, and prospective clients.

• Tax Benefits - As an incorporated entity you are afforded certain tax benefits. Whether you choose to form a corporation or an LLC there are tax benefits to both type of structures.

Employer Identification Number (EIN) - Most businesses apply for an EIN when they begin business. It is used to identify your business entity. Most financial institutions require that a business has an EIN before they will conduct business with you.

 Step 3: Financial Aspects

Obviously when you start a business there are financial decisions that must be made. You must have a bank account to deposit the business transactions into. Some key questions to ask are:

• What bank caters to small business?

• What are the requirements to open a bank account? Will your type of business require merchant credit card processing?

• What is a good vendor to use for this? What will the fees be?
No matter which financial institution you use, the bank will want to see your business license. If you choose to incorporate or form an LLC for your business, you will need the documentation, for example, Articles of Incorporation, or Articles of Organization, and the EIN for the business.

Entrepreneurs, now that you have checked everything off of your list. It’s time to become successful business owners. Good Luck!

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