Startup CHECKLIST

[digitalentrepreneur]

Hi all,

We have just published our startup checklist and have tried to think of absolutely everything - we like checklists.

1) Set yourself a personal goal the business will help you to achieve. (Try actually writing it down and pinning it on the wall)
2) Choose a name for the business and check for an available domain name.
3) Choose a legal structure (Limited Company, Sole Trader and so on)
4) Register the domain name and hold until ready.
5) Write a business plan including marketing plan.
6) Determine the financing you require as part of the business plan.
7) Arrange a meeting with a local bank and create an account.
8) Find out exactly what records you should keep. This is a legal requirement.
9) Setup a relationship with an accountant.
10) Setup a relationship with a lawyer. (If required)
11) Get licenses and permits. (If required)
12) Obtain premises, office space or shared office space.
13) Plan for risk and insure where possible. (Often a legal requirement)
14) Design and Produce your website
15) Setup a basic record-keeping system with eCommerce platform. (If required)
16) Setup a simple profit and loss account.
17) Hire employees. (If required)
18) Develop a day to day management plan.
19) Publish your website.

Also note, PAYE and VAT Registration if required.

Any comments, additions or amendments - please let me know.

Duncan

 

[Cobby]

You've inserted expense activities before actually making a business plan. Arguably the most important step. Also, are you counting 'research your market thoroughly' in the business plan section?

Consider adding "Ask any professional friends to review your business plan objectively".

 

[digitalentrepreneur]

Hi Cobby, good points - making money is of course the main aim but out of the first 4 items only one of them costs money and that is to register the domain name. (I felt I had to put this in just in case someone overhears a conversation and pips you to the post by registering a domain name ahead of you. I get domain names down to about £10 for 2 years so consider this an acceptable cost ahead of the business planning stage)

Yes, I have included research and development as a critical part of the business planning stage (including using forums such as this) - Natwest do a good piece of software that helps, businesslink also provide a good online questionnaire/checklist.

I included asking friends and family as part of research and development.

 

[estwig]

This sorta rubbish gets my goat!!!!!!

Where is, make money??

Find customers, sell them your products or services.

Everything you've written is utter rubbish without knowing how you plan to make money.

 

[14A]

I wouldnt agree those are in the right order.

Surely no.1 is to have an idea and research it and no.2 is complete a 'proper' business plan (Not just for finance reasons).

 

[Gillie]

How on earth can you choose a legal structure without chatting to the accountant first? Did someone make you an expert in this field when you decided to startup?

 

[estwig]

OP I can't believe you have the nerve to tout yourself as some kind of business startup guru.

Shocking!!

 

[digitalentrepreneur]

This sorta rubbish gets my goat!!!!!!

Where is, make money??

Find customers, sell them your products or services.

Everything you've written is utter rubbish without knowing how you plan to make money.

Step 5 - Write a business plan including marketing plan - this is your plan to make money! Amongst other things, the business plan will help you to see if there is a market for your proposed products or services and if you can create/offer the product/service at a better rate than what you are selling it for etc...

You might agree, especially if you are an online business that you need a domain name, business name and so on before you can find customers, sell them your products etc... Technically speaking, if you don't you are a sole trader by default anyway.

I will leave the checklist as is.

 

[Stroh]

As a 'checklist' to go through to set up a business, I highly recommend (as do others on Amazon):

Start your business week by week - Steve Parks

http://www. amazon .co .uk /Start-Your-Business-Week/dp/0273694472/ref=sr_1_1?ie=UTF8&qid=1299677007&sr=8-1

5 star rating, from 22 reviews

 

[14A]

I still think the list is flawed - Business name, domain etc isnt as important as HOW you will make it a business.

 

[estwig]

Step 5 - Write a business plan including marketing plan - this is your plan to make money! Amongst other things, the business plan will help you to see if there is a market for your proposed products or services and if you can create/offer the product/service at a better rate than what you are selling it for etc...

You might agree, especially if you are an online business that you need a domain name, business name and so on before you can find customers, sell them your products etc... Technically speaking, if you don't you are a sole trader by default anyway.

I will leave the checklist as is.

The marketing plan comes first, how to make money before everything else. How can you choose a business name and domain name, if you don't know what your selling or who to??

You have the potential to do someone serious financial damage, give it up, you don't know what your talking about.

 

[Gillie]

You might agree, especially if you are an online business that you need a domain name, business name and so on before you can find customers, sell them your products etc... Technically speaking, if you don't you are a sole trader by default anyway.

What????

Me thinks you are now confusing the issue of sole trander and limited company with business name!!

 

[digitalentrepreneur]

I like your point here, the accountant relationship was not to discuss the legal structure of the business, more from an accounting and book keeping perspective. I will amend point 2 to include a reference to help from an accountant when deciding.

 

[digitalentrepreneur]

Hi all,

We have just published our startup checklist and have tried to think of absolutely everything - we like checklists.

1) Set yourself a personal goal the business will help you to achieve. (Try actually writing it down and pinning it on the wall)
2) Choose a name for the business and check for an available domain name.
3) Choose a legal structure (Limited Company, Sole Trader and so on)
4) Register the domain name and hold until ready.
5) Write a business plan including marketing plan.
6) Determine the financing you require as part of the business plan.
7) Arrange a meeting with a local bank and create an account.
8) Find out exactly what records you should keep. This is a legal requirement.
9) Setup a relationship with an accountant.
10) Setup a relationship with a lawyer. (If required)
11) Get licenses and permits. (If required)
12) Obtain premises, office space or shared office space.
13) Plan for risk and insure where possible. (Often a legal requirement)
14) Design and Produce your website
15) Setup a basic record-keeping system with eCommerce platform. (If required)
16) Setup a simple profit and loss account.
17) Hire employees. (If required)
18) Develop a day to day management plan.
19) Publish your website.

Also note, PAYE and VAT Registration if required.

Any comments, additions or amendments - please let me know.

Duncan

3) Choose a legal structure (Limited Company, Sole Trader and so on) (An accountant can help with this, note that some offer a free consultation that could help you make the right decision)

 

[Gillie]

I like your point here, the accountant relationship was not to discuss the legal structure of the business, more from an accounting and book keeping perspective. I will amend point 2 to include a reference to help from an accountant when deciding.

What???

You have some pretty distorted views of service providers and how best to use them as a start up!!

As a startup I would want to have a chat with an accountant and one of the first things on my mind, is sole trader or limited company, vat registered or not .... I am not interested in the bookkeeping, until I have to be - and this statement coming from a woman who runs a bookkeeping business!!

 

[Billmccallum]

Interesting that someone who teaches start-up has a web site without the legal information that it is supposed to display.

 

[digitalentrepreneur]

What???

You have some pretty distorted views of service providers and how best to use them as a start up!!

As a startup I would want to have a chat with an accountant and one of the first things on my mind, is sole trader or limited company, vat registered or not .... I am not interested in the bookkeeping, until I have to be - and this statement coming from a woman who runs a bookkeeping business!!

I agree and have included in point 3 - not point 2 as I previously mentioned, that an accountant can help you decide on the legal structure of the business. I do believe however that the bookkeeping should remain on the checklist.

 

[estwig]

I agree and have included in point 3 - not point 2 as I previously mentioned, that an accountant can help you decide on the legal structure of the business. I do believe however that the bookkeeping should remain on the checklist.

Your making this up as you go along!!

Thought you where some kind of business guru??

 

[S-Marketing]

I have a better list

1- Get a decent marketing plan sorted.
2- Let everything else naturally fall into place when needed.

 

[HFE Signs]

My feeling is you can’t bottle up and sell business, first of all you need to be a true entrepreneur who is also a grafter, and if you are one, you will make a success of business eventually, you will find a way of making things work. If you can’t you’ll realise your mistakes and move on to something else, this is how entrepreneurs are programmed. In my experience I would say its 50% idea & skills and 50% drive, ambition & commitment. Followed by continuous good decision making and calculated risk taking.

Business plans are very good, but without a good idea and most importantly the multitude of skills required to run a successful business, the best plan in the world will fail…

 

[digitalentrepreneur]

Sure but a good plan helps maintain focus and direction so I got keep it in.

 

[14A]

Sure but a good plan helps maintain focus and direction so I got keep it in.

Atleast then you can realise you DO NOT have a good plan and all your doing is confusing/misleading.

I would'nt class a plan as a checklist either.

 

[HFE Signs]

True, but business is forever changing and so must your plan.. so re-visiting your plan is also important…

A plan is a good thing to show the banks if you're after funding... but its not the way I work.

 

[longleaf1]

I have been laughing out loud reading this! For myself who knows naff all about business theory really, I can safely say I think OP needs to go back to the drawing board!

Follow OP's checklist = FAIL!