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Business Startup Checklist
- Consider what self-employment means to you and your family and how they can help you
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- Research your target market, the potential for growth and the competition
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- Identify your Unique Selling Point and define your goals
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- Finalise and market test your business idea
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- Check that you and any key personnel have all the skills needed and if external consultants could fill any gaps
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- Decide whether to start from scratch, become a franchisee or buy an existing business
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- Choose where to locate your business
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- Work out your costs and selling prices
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- Employ a good accountant - can friends or colleagues recommend someone?
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- Find any other professional advisers you will need
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- Decide whether to trade on your own, form a partnership or set up a limited company
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- Protect your business idea, for example with a patent application
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- Locate your premises - identify the costs, staffing requirements and the equipment needed
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- Check the regulatory requirements, including planning permission
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- Review HSE advice and register if necessary
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- Finalise production methods and operating practices
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- Plan your marketing and sales operations
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- Find your suppliers, negotiate terms and apply to set up accounts
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- Prepare your business plan including Profit and Loss and Cashflow Forecasts to establish your funding requirement
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- Talk to a bank about opening a business start up account
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- Decide whether to buy or lease your equipment - we can advise on asset finance
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- Sort out telecoms, computer systems and insurance
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- Order business stationery, promotional literature and stock
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- Have your website created
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- Put your marketing campaign into action
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- Arrange all relevant insurance cover
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- Hire and train staff and set up record-keeping systems
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- Notify the authorities and obtain from HMRC their Employers Start Up Pack
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Business Startup Checklist
