The Central Virginia Small Business Development Center recommends that entrepreneurs develop a written, well-conceived business plan prior to starting the business. The following Checklist is provided for research purposes during the planning process. The Checklist is not intended as a substitute for a business plan.
Checklist for Starting a Business
This checklist provides a guideline for preparing to operate a business. As each individual business is unique, the path to starting each business requires slightly different steps. Your SBDC consultant can help identify these important tasks on the way to starting a business.
Creating a Business Plan
- Developed a product or service that the target market needs
- Researched market competition
- Identified business location
- Developed marketing strategy
- Researched operational needs; staffing and support
- Projected startup expenses
- Created projected financial statements: cash flow, income statement, balance sheet
- Projected statements for the next 2-3 years
- Projected 3 scenarios: worst case, realistic case, best case
- Met with an SBDC consultant
Establishing and Opening the Business
- Identified personal income tax implications and liability issues related to the business
- Evaluated and created a legal business structure
- Acquired a Doing Business As (DBA) certificate
- Acquired an Employer Identification Number (EIN)
http://www.irs.gov/businesses/small/article/0,,id=98350,00.html - Identified requirements for federal self-employment taxes, Social Security, withholding for employees http://www.irs.gov
- Identified requirements for necessary permits, zoning requirements, applicable local business taxes
- Identified requirements for occupational safety/health plans
http://www.dli.state.va.us/ - Identified requirements for worker’s compensation insurance
- http://www.vwc.state.va.us
- Identified requirements for unemployment insurance
http://www.vec.state.va.us - Identified requirements for state business taxes, withholding
http://www.tax.virginia.gov/ - Opened appropriate business accounts
- Identified sources of capital (Equity, debt)
- Set up credit terms, relationships with suppliers
- Set up bookkeeping system
- Acquired appropriate property/reviewed lease with attorney
- Prepared property for business use
- Acquired property insurance
- Acquired appropriate equipment
- Prepared equipment for business use
- Acquired equipment insurance
- Acquired raw materials/merchandise from suppliers
- Implemented marketing plan
- Hired employees to staff business
- Filed new hire report
https://newhirereporting.com/va-newhire/default.asp