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A START UP GUIDE CHECK LIST FOR ENTREPRENEURS
| ONE (1) YEAR BEFORE START UP |
SIX (6) MONTHS BEFORE START
UP |
Choose the right business for you:
1. Start to use notebook and clip
articles
2. List businesses that appeal to
you
3. Weigh choices against your
experience
4. Weigh impact on personal and family
goals.
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Determine what business you will be in:
1. Know what product/services you
will offer
2. List strongest competitors
3. Visit businesses similar to yours - in
and out of your competitive range
4. Start writing your business plan |
Test your assumptions
1. Visit businesses
that interest you
2. Check out trade publications
3. Involve your librarian
4. Discuss idea with family and
friends
5. Get basic SBA literature |
Decide who your customers should be:
1. Interview prospective
customers' target market
2. Determine your competition's
target market
3. Talk with trade sources and
advisors |
Improve your business management skills:
1. Take SCORE/SBDC
pre-business workshop
2. Check out local business
programs |
Know your
industry thoroughly:
1. Conduct
research at library
2. Contact trade associations
3. Involve SBDC counselors
4. Maintain a notebook |
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Find best location for your business |
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1. Get demographic information from
planning commission, SBDC, library
2. Talk with realtors, bankers and
Chamber of Commerce
3. Research trade association's site
suggestions
4. Check locations for fit with image,
clientele
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| FOUR (4) MONTHS BEFORE START UP |
THREE (3) MONTHS BEFORE START UP |
Decide best location for business:
1. Weigh costs - direct and
indirect
2. Review lease with lawyer
before signing
Establish business contacts:
1. Join Chamber of Commerce
2. Join trade organization |
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Establish rough financial objectives
1. Get industry statistics
2. Ask banker and accountant for parameters
Establish pricing strategies:
1. Check current market
2. Figure your probable costs
3. Look for ways to increase perceived
value
4. Check with trade sources |
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Expand your
own information base:
1. Take business skills courses
2. Make appointments with professional advisors |
Prepare marketing plan:
1. Maintain competitor files
2. Review non-financial objectives
3. Review sales forecast
4. Determine image, PR, other promotion
plans |
Choose proper business form:
1. Consult a lawyer and accountant
2. Determine office equipment needs
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Establish a rational sales forecast:
1. Research trade information
2. Check with SBDC counselors
Establish personnel plan:
1. Prepare list of jobs
2. Research salary levels |
Determine capital needs:
1. Consult with SBDC and
accountant
2. Prepare cash flow statement
3. Review cash flow |
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Prepare income statements and
balance sheets
Prepare a personal financial statement
Select your business' name:
1. Make a list of possible names
2. Have list reviewed by outside advisors
3. Chose name
4. File fictitious name registration
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| TWO (2) MONTHS BEFORE START
UP |
ONE (1) MONTH BEFORE START UP |
Establish banking relationship to
secure financing:
1. Set up appointment with banker
2. Review business plan and financial
information with banker
Prepare for opening
1. Open bank accounts
2. Make arrangements for accepting credit
cards
3. Meet with insurance agent to secure
coverage
4. Get ID numbers (EIN, sales tax)
5. Set up bookkeeping system
6. Take IRS seminar
7. Order opening inventory
8. Establish advertising and promotional
plans
9. Schedule leasehold improvements
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Start hiring the right people:
1. Prepare job descriptions
2. Seek applicants; place ads
3. Begin hiring and training |
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Make sure all systems are working:
1. Fine-tune financial statements
2. Set up office, display, sales area
3. Make final legal and licensing check
4. check all utilities, improvements,
etc.
Get ready for opening:
1. Send announcements (include
Score 193)
2. Implement plans for promotion |
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