So, you’ve got this brilliant idea bubbling in your mind, and you’re all set to dive into the entrepreneurial world. But hey, before you go rushing off to conquer the business universe, let’s have a look at “Starting a Business Checklist” the chat about what you really need and what you can totally do without, at least for now.
Table of Contents
Things You Can Skip from Your Checklist for Starting a Business
Let’s start with the “5 Things You Can Actually Skip to Start Your Small Business“:
#1. An Office
The beauty of modern times? Your home can double up as your office space. You should always try to make things minimal and well categorized. You can established a well managed business/startup by skipping a physical office setup from your Checklist for Starting a Small Business. So embrace the cozy comfort of your pajamas while you work wonders from your living room. Plus, who doesn’t love the commute from the bedroom to the kitchen?
#2. A Formal Business Plan
Well, to start your small business you need not to make a formal business plan but it is essential to have some informal planning, preparations, organizing, and maintaining a well decorated checklist prior to start. Always keep in minds that your brain is a powerhouse; just let those ideas flow.
This article of WSJ can help you to explore more.
#3. A Formal Business Structure
It is not mandatory to have a formal business structure on your Small Business Checklist. Don’t get bogged down with LLCs and S corps just yet. Start as a lone ranger, a sole proprietor. No need for fancy registrations; just focus on making your dream a reality. We’ll save the paperwork for another day.
#4. A Loan or Outside Money
Focus on you idea and build a strong base on your idea. Do not think about loan or outside money invest what you have. After finding a way you can think about it. Start small, think big. Your personal funds can kickstart your business journey. And hey, if you need supplies, see if your suppliers are up for a little trade credit dance.
#5. Employees
From your Checklist for Starting a Business you can make a cross mark on this point. It’s just you, your vision, and a whole lot of hustle. Skip the HR headaches and hire independent contractors if you need an extra hand. Plus, you can totally pretend they’re your business squad. It’s like having coworkers, minus the drama.
Things You Can not Skip
Now, onto the “What you definitely need these” essentials…
#1. A Business Name, Address, and Phone
Establishing a business identity involves including your business name on your Small Business Startup Checklist.
Remember, a well-chosen business name can leave a lasting impression and contribute significantly to your brand’s recognition and success.
Choose a name that makes you proud, grab an address (home sweet home or a trusty PO Box), and get yourself a phone line. Who knew your personal cell could be a hotline to success?
#2. A Business Checking Account
Ensure that your personal and business finances remain distinct. It’s not only about maintaining organization; it’s also about demonstrating your commitment to professionalism. Moreover, when tax season arrives, you’ll appreciate the clarity provided by adhering to your Small Business Startup Checklist.
#3. A Business Registration with Your Locality
Time to make things official. Take the necessary steps to formalize your business by registering it with your local authorities. Think of it as granting your venture its own official birth certificate. Consider this moment akin to a proud parent’s joy.
#4. An Accounting System That’s a Piece of Cake
Don’t let numbers scare you. Embrace the wonders of online accounting or recruit a bookkeeper wizard. Say goodbye to last-minute tax scrambles; this year, you’ll be prepared.
#5. Business Advisors
No business journey is complete without a trusty sidekick. Enlist the help of financial gurus and tax wizards to navigate the murky waters of entrepreneurship. And hey, having a local attorney on speed dial? It’s like having a superhero in your corner.
Remember, Rome wasn’t built in a day, and your empire won’t be either. But armed with a sprinkle of humor and a dash of determination, there’s no limit to what you can achieve. Now go forth, conquer, and don’t forget to enjoy the ride!