Business Startup Checklist
Handy startup checklist
This checklist may help you collect and evaluate essential information about yourself and the business you would like to start. You may wish to complete this before starting with your business plan using a PlanMagic Business Plan Program.
About yourself
List the reasons you want to go into business for yourself:
……………………………………………………………………………………………………….
Are you willing to work long hours even if the business doesn’t make money immediately?
[ ] YES [ ] NO
Have you ever worked in a similar business?
[ ] YES [ ] NO
Have you ever worked as a manager?
[ ] YES [ ] NO
Have you taken any business courses?
[ ] YES [ ] NO
Products
Describe what you plan to sell in one or two sentences:
……………………………………………………………………………………………………….
Describe your typical customer:
……………………………………………………………………………………………………….
Consumer sales
Age: ………………..
Sex: ………………..
Family income: ………………..
Geographic location: ………………..
Buying habits: ………………..
Frequency of product use: ………………..
Business sales
Industry: ………………..
Purchasing/decision maker: ………………..
How big is the market? ………………..
Is the market growing, static, or declining? ………………..
How much of the market can you reach? ………………..
In which geographic areas are those kinds of businesses and/or consumers located?
……………………………………………………………………………………………………….
How will you get your products or services to them, or how will the customers get to you?
……………………………………………………………………………………………………….
Competitors
Who are your competitors?
……………………………………………………………………………………………………….
How well are they doing? ………………..
How will you distinguish your products or services from theirs?
……………………………………………………………………………………………………….
Price: ………………..
Performance: ………………..
Quality: ………………..
Strength: ………………..
Speed: ………………..
Size, color: ………………..
Other: ………………..
Need of business
Is there really a need for another business like yours?
[ ] YES [ ] NO
Advertising
How will you advertise your business?
……………………………………………………………………………………………………….
Who will prepare your ads?
……………………………………………………………………………………………………….
How do other businesses like the one you are considering get customers?
……………………………………………………………………………………………………….
Pricing
Do you know how to price the products or services you plan to sell?
[ ] YES [ ] NO
Do you know what other businesses are charging for products and services like those you plan to sell?
[ ] YES [ ] NO
What have you done to find out what your potential customers really want to buy?
……………………………………………………………………………………………………….
Supplies
If you will be selling products, do you have a system devised for tracking inventory and determining when to reorder?
……………………………………………………………………………………………………….
Where will you get your product if you are selling a product?
……………………………………………………………………………………………………….
Sales
Who will actually do the selling?
……………………………………………………………………………………………………….
Do you have any sales training, or have you studied books on salesmanship?
……………………………………………………………………………………………………….
Do you like selling?
[ ] YES [ ] NO
Investment budget
How much money do you have now to put into this business? $………………..
How much money do you need to start this business? $………………..
Where will you get the rest of the money you need to start this business? (list sources and amounts)
……………………………………………………………………………………………………….
……………………………………………………………………………………………………….
How much credit will you be able to get from suppliers? $………………..
How much money do you expect to make per year from this business? $………………..
What is the minimum amount of money you need per year to meet living expenses? $………………..
Have you discussed business loans with a banker or an accountant?
[ ] YES [ ] NO
Will you need a partner to supply money or business know-how?
[ ] YES [ ] NO
Formation
If you need a partner, do you know someone who would be appropriate?
[ ] YES [ ] NO
Have you investigated the pros and cons of working on your own, with a partner or as a corporation?
[ ] YES [ ] NO
Have you discussed your plans with a lawyer?
[ ] YES [ ] NO
External factors
Are most businesses in your community doing well?
[ ] YES [ ] NO
Are other businesses like the one you want to start doing well in your area?
[ ] YES [ ] NO
Are other businesses like the one you want to start doing well in the rest of the country?
[ ] YES [ ] NO
Where will you find employees if you need them?
……………………………………………………………………………………………………….
Are other businesses in you area having difficulty finding qualified help?
[ ] YES [ ] NO
What salary will you have to pay to get reliable help? $………………..
How will you train your employees?
……………………………………………………………………………………………………….
Cashflow
Do you know how long it normally takes to get paid in your line of business?
[ ] YES [ ] NO
Will you accept credit cards?
[ ] YES [ ] NO
Have you investigated the requirements of credit card companies and the benefits and drawbacks of accepting credit cards?
[ ] YES [ ] NO
Other
Could you make more money working for someone else?
[ ] YES [ ] NO
Are you sure you will have the support of your family?
[ ] YES [ ] NO
Do you read trade journals or other sources of information about new ideas and products in your field?
[ ] YES [ ] NO
