Small Business Start Up Checklist

So you are thinking of starting your own small business.

Welcome to the new small business start up club. I wish you every success in your new venture. I hope it will be both rewarding and a financially sound for you and provide you with a bright future. To assist you with setting out on your new path the checklist below is provided to help you with your new business venture. Best wishes.

• Read the E Myth Revisited. A valuable book
• Are you suited to this type of business?
• What will be the structure of the business (sole trader, partnership etc?)
• Do you have family support?
• Talk to similar business outside your intended area. You could learn a lot from this exercise and there will be a lot you can learn from them.
• Staff or no staff. Hire smart - Create a job description for employees
• Location. Will your location work for or against you? Home or Premises
• Licensing, Local Government and legal requirements
• Insurance cover. Cover required. Costing and future costing.
• Cash flow. Are there sufficient funds to carry you through the start up period? Create a cash flow forecast
• Is there room in the market for yours to be included? Given you will be a new player.
• Analyse your target market demographics (Who are your customers, where do they live)
• Your business name. There are a number of important issues here.
• Analyse your competitors
• Develop your business plan. A vital tool. I have created the "7 page Business Plan" This is set out to allow you to create a plan that will be easy to read (you can have it set out on the wall) It is not challenging to compile yet will contain the core information that will shape your business. In all a valuable document and you can respond by email - smallbusinessdoc@bigpond.com to obtain this system.
  The components are:
  • Business Overview
  • Marketing Plan
  • SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) 2 pages
  • Goals to Action
  • Action Plan
  • Cash flow forecast (Compile this in conjunction with your accountant)

Business Systems (ref E Myth Revisited)

• How you will conduct your business & stock management
• How you will manage the paperwork
• How you will be paid
• Time management
• Record keeping system
• Contingency - What happens during sickness & holidays?

Determine your Unique Selling Proposition. This is your point of difference and how you use this to set yourself apart from your competitors.

Computers: However you will use a computer ensure that you backup regularly.

Your Marketing: As well as your business cards. How will you reach your new customers effectively?

Set the date

Customers - How do I make my business customer friendly?

Hire staff wisely. Remember people are much easier to hire than to dismiss

Revisit your business plan.

Opening - Remember this is just the beginning of your journey

Measure & Manage.

I wish to pass on my best wishes for your new venture and challenges ahead.

Call now to enquire how the 7 Page Business Plan can help you set a path to plan the future of your business. For just $795 you can work through the plan together with me to learn the strategies of creating your successful future. Your involvement is important to gain the skills ready to take the reins and develop your plan as a live ongoing document. This plan is easy to compile in this format and will remain a useful tool by being in a layout that can be posted on the wall. Another useful function is the Action Plan can be used as the wallpaper on your computer screen. Where better to have your deadlines set out than right in front of you. This plan template is a simple yet powerful document and will remain a growth tool into the future.