Business checklist

Business Basics Checklist: A Basic Guide to Starting a Business

Congratulations!

You have either already started a business or want to start a business.

Starting a business is a lot of work. Most people start a business because they know the tactical piece of the business puzzle.

They are a (fill in the blank) and decide to start a business. The blank can be HVAC repair man, plumber, hairdresser, dentist, doctor, accountant…or any other profession. Running a business and knowing how to do the tactical piece are very different.

The Business Basics Checklist has the basic elements you need to start a business. This is not meant to be an exhaustive list. It does not address industry specifics. When it comes to certain aspects of your business, you should rely on the experts to ensure you do it right.

If you are starting a business, this will help you with some of the basics.

If you have a business, this will help you look to see if you have the components in place for the business basics.

At the end of the day, you want to make sure you set up your business so that you can scale and grow without having to go back and “redo” the work.

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Foundations to Creating Your Business The first step in establishing a business is basic research and understanding what you are offering. You need to know the product or service you are selling, an understanding of your competition, and what business name you are going to choose! Additionally, you need to research domain names and social media handles. You don’t want your business name to be too closely aligned with an already established business. These first steps are almost done simultaneously.

Business Name Establishing a business name can feel daunting, but it doesn’t need to be. You do want to make sure that you have a few things in place prior to making a final decision.

Research domain names. You want to purchase a domain name for your website that coincides with the business name or is closely aligned with it. You want to make it easy for your customers to find you. You can purchase domain names on GoDaddy, NameCheap, and others.

Establish your social media handles. First, check out all social media channels you may want to be on and see if the name you want is available. Look at Instagram, Facebook, Tik Tok, LinkedIn, Twitter, and any other obscure social media sites out there. Then decide which social media channels you want to be on and capture the handles for your business.

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Choose the right business structure for your business.

In this step, you want to seek the advice of your CPA or Business Lawyer. Your CPA, if they act as a business advisor, can help you make the best decision based on your business plan and funding structure (you may be a sole prop, LLC, corporation, etc). Register your business with the appropriate government agencies ( state, county, and city documents). If you are a sole prop, you will need to complete a DBA (Doing Business As) Obtain an Employer Identification Number (EIN) for your business. An EIN is a unique nine digit number assigned by the IRS to business entities. Think of this as a business social security number. Go to Apply for an Employer Identification Number (EIN) Online to apply for your EIN.

Business Insurance is a must.

The cost of this will depend on your industry. Seek out an insurance professional who can ensure you are covered in case of any issues in your business.

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Finances Understanding finances and managing cash flow are essential components for any business. It's crucial to be aware of your financial status and tax responsibilities to ensure the sustainability of your business. Here are some fundamental aspects you should establish when starting your business.

Establish a business bank account when you start your business. Maintaining a clear separation between your business and personal assets is extremely important.

Create a tracking system for finances. The best option is to use Quickbooks or another online accounting software. You can create a simple excel spreadsheet to start but we don’t recommend you stay with that method for long. Make sure to track revenue, monthly expenses, one-time expenses, and tax obligations at a minimum. The type of financial tracking system you will need will depend on your industry.

Decide how you are taking payments. Decide if you are going to use Paypal, Quickbooks, Stripe, Square or another payment portal. There are a variety of merchant services available. The one that works best for you will largely depend on your industry and if you are taking payments in person versus online. If you are taking payments online, ensure the payment option integrates with the other systems you are using.

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Business Purpose After you have established the business foundations, you need to define the business purpose. Why does the company exist? What do you do? What are the values of the organization? These are all components that allow you to make decisions that align with who the company is. These components will be helpful in hiring (and firing), adding new services or products, as well as shape your future business plans.

Establish your Vision Statement. This is your big “why,” the north star of your business. It should be a little audacious, like Microsoft’s first vision statement “a computer on every desk in every home.” In 1980, this was a bold vision. The vision statement should align the organization towards a common vision for the long term.

Write out your Mission Statement. This is what you do, how you do it, and who you do it to. The Mission Statement serves as a concise and impactful declaration that outlines what the business desires to achieve. It provides a guiding framework for its activities and aspirations.

Decide on the organization's core values. The organization's core values are the guiding beliefs and principles that are the basis for a company and its employees. The core values create the organization's culture. Make them actionable so that they mean something to the organization.

Here is an example from a client: Choose to be Courageous: Life is meant to be lived full out.

We take calculated risks and do what needs to be done.

When we step outside of what is known and have the courage to try something new, we are all better for it. Dream big. Take action. Act courageously.

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What technology do you need?

Technology can play a crucial role in improving various aspects of your business, leading to increased efficiency, productivity, and overall performance. When it comes to technology, you want to find the software and systems that work for your business.

Hardware and Software Decide what type of computers you and your staff need to be successful. Your team may need desktops to be successful, but in other organizations they may need laptops.

There is no one size fits all so think through the best option for your business.

Productivity Suite. You know the OG, Microsoft Office. It has gone through many facelifts since the beginning.

Whichever one you choose, make sure it is software that is easy to use. There are many cloud based options, including Google Workspace and Microsoft 365.

Customer Relationship Management, commonly referred to as a CRM, is a way to manage customer interactions and relationships. There are simple to more robust CRMs, as well as industry specific CRMs. This software allows you to have a database of clients, potential clients, email marketing tools, various automations and more.

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Communication Tools Email is still one of the best modes of communicating with customers. If you are a business, you do not want to have a @gmail or @yahoo account. Set up your email with your domain. You can use webmail or you can integrate it with Google Workspace or Microsoft 365.

Instant messaging for collaboration. Text message is fine, but having a tool to use with your staff for communication is important. Slack, teams, Google Chat, etc are all good options. This allows you to have one place to review previous conversations with staff as well.

Video conferencing is here to stay. Use the tool that integrates best into your business for both your team and your customers. This can be Google Meet, Microsoft Teams, Zoom, or any other platform.

Project Management Tools Project management software is designed to help businesses track projects, tasks and schedules. Depending on how your business is set up, this is a great way to be able to track client or project progress. It is also a great way to assign tasks to employees where everyone can see what has been accomplished and what still needs to be done. Some potential tools to use include ClickUp, Asana, and Trello.

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Business Branding and Marketing We live in the digital age where you must have an online presence.

Which means you have to brand yourself. Don’t get too far in the weeds here, but here are the basics to get started.

Create a logo. You can pay someone to do this or you can create a simple one in Canva. If you are starting a business with capital, then go the professional branding route. If you are boot strapping your business, then Canva may be the way to go, for now.

What makes you different? Think through how you want to communicate your offering. If you use platitudes like everyone else, you will blend in. Think through your market dominating position so you stand out.

Website- The digital age we live in requires a website or landing page. People need to be able to search for your business online and it show up for credibility.

Along with the domain name, you will need website hosting.

This can be purchased through the same place you purchased your domain, but there are other options.

Building a website is a task you can do on your own but hiring someone may be better use of your time.

Claim your Google Business Profile (and other search engine profiles). When you claim your Google Business Profile you can have your happy customers leave reviews. You can also post photos and offers that help your ranking organically on Google.

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This is just the beginning of running your business!

Running a business is not a sprint but a marathon. Once the business is up and running, take the time to work on your business and not only in your business.

If you have staff, you’ll want to develop an org chart, job descriptions, interview process and questions, hiring and onboarding process, as well as an employee value proposition. You want to write down policies and procedures and create systems to help with productivity. You will want to propel your business forward with various lead generation and marketing tactics.

If you have a thriving business but are running into roadblocks, sign up for your Business Accelerator Call. It is the first step to see if working together can propel your business forward.

www.germanbusinessconsulting.com

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