Business Startup
Checklist
Starting your own business may sound like an undertaking of epic proportions.
The truth is, it doesn’t have to be.
Yes, you’re going to have to work hard, and commit to working on it at all hours of
the day, but actually getting set up comes down to making sure you’ve “checked all
the boxes,” which is exactly what this startup checklist aims to help you do.
How to use this startup checklist:
● Review the full checklist so you have an idea of what you’re getting into.
● Take it one step at a time and check off items as you complete them.
● Visit the linked resources to learn more about each step.
● Customize this checklist to suit your needs: Add comments, highlight sections, etc.
● While this is an ordered list, feel free to jump between sections as you get up and
running.
1. Find a good business idea
A good business idea isn’t just one that turns a profit. It’s one that’s a good fit for
you personally, for your target market, and for your location.
You’re going to be in business for the long haul, so you really should pick
something you can live and breathe. Take the following steps to find a business
idea that you love and that can work as a real business.
Conduct a SWOT analysis: Identify your strengths and weaknesses
Come up with a business idea: Focus on your strengths, experience, and passions.
Define what success looks like for you: It doesn’t have to be millions of dollars in growth.
Do your research: What are popular businesses today?
⭐️Pro tip: Not sure if your business idea will work? Create a quick one-page plan in
30 minutes with LivePlan’s AI-Powered Assistant.
2. Test your business idea and do market research*
The adage goes, “ideas are a dime a dozen”—but what about good ideas?
How do you really know you’ve hit upon something that’s going to work on all
levels?
We recommend using the growth planning methodology—plan, forecast, review,
revise—combined with a one-page business plan to figure this out.
Of course, you may also want to start by getting out and talking to real
people—do they really want a fancy Basque restaurant in their neighborhood or is
another donut shop going to be more to their taste?
*Disclaimer: While we advise new entrepreneurs to do market research, we’d like
to clarify that you should not let “doing market research” hold you up if you already
know your market.
Market research does not have to be a part of the business planning process. The
reality is, the vast majority of startups are driven by people who know their market
from experience and who are ready to bet the farm on it! According to Tim Berry, “If
you know your market, move on!”
If you do need to conduct market research, follow these steps:
Define the “problem” your business is solving
Summarize the “solution” your business offers
Define your target market and ideal customer
Figure out the best place to set up shop
What advantages does your solution have over your competitors?
Outline the team that will help you execute your idea
Create a basic financial plan (estimate your basic expenses and forecast sales)
Map out business milestones or goals and when you plan to achieve them
Validate your idea: Interview potential customers to ensure they have a problem
you can solve, that they like your solution, and are willing to pay for it.
⭐️Pro tip: Access professional market research for less with LivePlan's built-in
industry benchmarks and financial data.
4. Seeking funding? You may need a more traditional
business plan
While you don’t need a 40-page business plan in order to get your business up
and running, if you’re seeking funding, institutions like banks may ask for one.
In this case, you can ask if a “one-page pitch” (also known as a one-page business
plan) will suffice, or if they’d like a traditional business plan with a detailed financial
section (this is the part they pay most attention to).
Complete each of the plan’s sections, as listed below:
Write your executive summary
Write the company overview
List your products and services and the problems they are solving or needs they are
fulfilling
Flesh out your target market details
Create a marketing and sales plan
Outline key milestones and metrics
List your management team
Create a financial plan
Include an appendix
Create an elevator pitch
5. Brand your business
A strong brand is the key to customer loyalty and higher sales. If you think it’s just for
big business, think again; a brand is critical for businesses of all shapes and sizes.
This is where all the hard work pays off. Now that you know a bit more about your
target audience, you’ve got the opportunity—through your brand—to grab their
attention. And of course, to have fun doing it!
Complete each step to brand your business:
Choose a name for your business you know you can trademark
Decide on your “brand message,” (unique value proposition)
Develop a tagline
Identify your brand’s “tone of voice”—the heart and soul of how
you communicate
Define what your brand looks like (choose a color scheme and fonts)
Create a logo
6. Make it legal
Before you can open up shop and comfortably start doing business, you’ve got to
make sure you’ve checked all the legal boxes.
Have you registered your business name? Applied for local and state licenses?
Obtained an Employer Identification Number?
You are going to have to do some things “by the book.” Keep in mind, it may be
better to check off specific legal needs as you set up other areas of your business.
For example, if you decide on a business name, don’t wait to register it and claim a
web domain.
Here are some legal steps you may need to take:
Decide on a legal structure or business structure
Register your business name
Register for a domain name that matches your business name
File for trademark protection if you will use your business name to identify a
product or service
Obtain any federal and state licenses or permits that you need
Obtain your federal business tax ID number (also called your Employer
Identification Number)
Find an attorney if you think you may need help
7. Get financed (only if you need it)
It’s worth noting at this point that not all startups need financing.
The vast majority of service startups can use planning to stay on track, but don’t
really need funding. If you’re a freelance writer, a designer, a management
consultant, a business plan writer, or anyone else making use of a skill that doesn’t
need a lot of money behind it—just get started with your own financing for now..
If you do require help and have a sound handle on your financials, pitching for
funding should be a breeze, whether it’s to a banker, a VC, or your family. Before
you go out and pitch, just be sure to check off the following boxes.
Estimate your startup costs
Decide whether you will use personal finances, loans, investor money,
money from friends and family, crowd-sourced finances, or perhaps
something alternative
Prepare the relevant financial statements
Sales forecast
Profit and loss statement
Cash flow statement
Balance sheet
Refine your elevator pitch for investors
Apply for financing
Open a business bank account
Set up an accounting system
Know your exit strategy
⭐️Pro tip: You can crunch these numbers yourself in spreadsheets, but LivePlan makes
calculating your numbers much easier with automatic financials, charts, and graphs.
8. Set up shop
You’re almost ready to go; just a few more details to work though. Once you’ve found
your business or office location and set the hiring motions in process, you’ll be ready
to begin marketing.
Keep in mind, even if you’re not opening a physical location, you will likely need to
complete most of these steps.
Find a business location
Decide whether or not to extend credit to your customers
Purchase insurance (the type of insurance you’ll need will vary depending on your
business)
Workers’ compensation insurance
General liability insurance
Property or casualty coverage
Life insurance
Disability insurance
Define your staffing needs (do you need full-time, part-time, or freelance employees?)
Draft job descriptions
Post advertisements for the jobs
Interview and hire employees
Set up your technology
Point of sale (POS) systems
CRM
Billing and payment systems
Accounting
Email
Phone systems
⭐️Pro tip: Not sure what milestones to track? Our video guide shows you which
ones matter most.
9. Market and launch your business
It’s time to start getting people hyped up about your opening day. This is your
opportunity to get things going with a bang! If you give yourself enough time, the
press may ask to run a story on you; of course, you’ll also be able to spread the word
yourself, as well as asking others to do their bit getting word out.
Create a marketing plan
Network, network, network (talk to people!)
Create your marketing materials
Shop signs
Stationery, invoices, and PowerPoints
Brochures and flyers
Create a website
Register a domain name
Purchase hosting
Build your site
Get your site listed on key directories
Get set up on social media platforms
If necessary, create t-shirts or uniforms
Let the press know when you’re opening
Organize an opening day
Chase your dreams
with confidence
LivePlan has everything you need to go from idea to successful business:
Write your business idea quickly
Use LivePlan’s AI-powered LivePlan Assistant to
instantly generate complete ideas, quickly improve your
writing, and adjust your tone.
No more spreadsheets
Figure out what it would financially take for your
business idea to turn a profit without touching a
spreadsheet or crunching numbers. Build out a complete
forecast with LivePlan, including automatic charts and
graphs, and AI-suggested forecast categories.
Get expert guidance and support
Worried about getting stuck? We have a team of experts
standing by: Chat with our LivePlan experts in app, ask
your toughest business planning questions to our panel
of experts in webinars, get inspiration from 550+ sample
business plans, and use LivePlan’s AI-powered Assistant.
