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5 Step Venture eMentoring Program™

Session 5: Business Launch and Monitor Progress

Module 5b: Business Readiness Checklist

Business Readiness Check List

The Business Readiness Check List will help you to identify the various issues you must be aware of, and on top of, before you can actually start your new business.

Instructions: Carefully review the following Business Readiness Check List to identify the issues you need to plan for. Check the choices that best represent your status. Create an action plan for each item requiring attention.

REGISTRATIONS AND REGULATIONS

1. Establish a business location

  • Licenses, permits - Check with the local town or city hall regarding permit, zoning, and licensing requirements for your specific business and location

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  • Lease or rent agreements - Read carefully before you sign any applicable agreements - seek legal advice where necessary

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  • 2. Select a name for your business

  • Business name - Choose a name that will be easy for customers to remember and that stands out from your competition

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  • URL - Consider how your business name may translate into a name for your website

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  • 3. Choose a business structure

  • Review "Types of Business Entities" in BUZGate FAQ's to understand the types of business formations available for establishing your venture. For additional advice on which type to choose, consult with your accountant or attorney

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  • 4. File for an Employer Identification number (EIN) with the IRS

  • This must be completed if you plan on having employees work for you and is useful for a variety of other purposes. Visit "Obtaining a Tax ID" section in BUZGate FAQs for an EIN application

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  • 5. Business Law

  • Do you know which business laws you must obey?

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  • Do you have a lawyer that can help you with your business law needs? Go to the American Bar Association and locate an appropriate lawyer in your area (http://www.abanet.org)

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  • INSURANCE

    1. Determine your business insurance needs

  • What insurance will you need to protect yourself and your business? Review the listing in the prior section

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  • Work with a qualified professional and purchase an appropriate policy - do not hesitate to interview more than one provider - three is a good reference - You want someone that you can trust and depend on to help you

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  • RECORD KEEPING

    1. Plan a system for recording important financial information

  • Seek the advice of an accountant or consultant to understand how to set up a bookkeeping system and provide for regular reports, filings, and review

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  • Do not start your operation until you have a bookkeeping system in place!!

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  • 2. Plan a system for recording and paying taxes

  • Work with an accountant or consultant to determine what taxes you must pay and when - check the IRS website: http://www.irs.gov/businesses/small/article/0,,id=176080,00.html

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  • If you plan to have employees, you will need a system for deducting taxes - consider a payroll service

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  • 3. Plan a system for recording and tracking inventory levels

  • Determine what level of inventory is needed to operate the business and use a tracking system

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  • 3. Plan a system for planning, recording and tracking employees time

  • Set up a planning and tracking system to make sure that all important tasks are covered - Check BUZGate Free Tools for tracking tools

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  • ADVERTISING

    1. Advertise your business and location

  • For physical locations choose a sign that is easily read by passing customers and attracts attention (make sure you check local sign ordinances)

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  • Internet presence - for a web-based business (or any other), work with a professional to develop a functional website that serves your business purposes

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  • Website visibility - Work with a professional to implement a website awareness campaign; search engine optimization, reciprocal link strategies (see the Web Marketing article)

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  • Select and promote your opening date - plan how to advertise to your target market

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  • UTILITIES

    1. Make arrangements for needed utilities

  • If home-based, select telephone and Internet service that well support the business use - and is separate from your home use - Shop around!!

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  • If operating out of a location other than your home, you will need to arrange for utilities (heat, electricity, phone, etc.)

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  • EQUIPMENT and SUPPLIES

    1. Decide and purchase necessary equipment, technology and supplies

  • Determine what equipment, and related systems you will need, and choose a reliable vendor

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  • Build a relationship for repeat orders and support

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  • Choose your computer vendor carefully - you may well need set-up support and ongoing service, so make sure you are not just getting a great bargain - make sure that they have references and are reliable as well

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