There are at least sixteen critical steps that you should take in the start-up of a new business. They include:
1. Complete a self-assessment to determine if you are willing to commit the time and resources to be successful. Are you a self-starter?
2. Prepare a complete Personal Financial Statement
3. Determine if you are credit-worthy. What is your Credit Score?
4. Define in detail the nature of the business you plan to start.
5. Who will be your three strongest competitors and what are their strengths and weaknesses?
6. Document why your business will be unique among your
7. Define exactly how you will price your products or services.
8. Plan how you will advertise and promote your business & the cost.
9. Determine how you will maintain your needed accounting records.
10. Identify all licensing, tax and regulatory requirements.
11. Prepare a six month schedule of start-up costs.
12. Determine the legal form for your business
13. Decide on a name for your business.
14. Determine your business insurance requirements.
15. Carefully determine if your financial assets are adequate.
16. If ALL of the above is a "GO," develop a Business Plan.