EVALUATE THE FEASIBILITY OF YOUR BUSINESS IDEA
10-12 months prior to start
Assess your strengths and weaknesses.
Use a break-even analysis to determine if your idea can make money
Determine the start up costs
License & Registration fees
Web hosting fees
Stationary/ business cards
Raw materials/ Inventory
Assess your financial resources
a. Check your credit record and know your credit score
b. Are you interested in debt financing or equity financing?
c. What percentage of total costs will come from you?
CONDUCT BACKGROUND RESEARCH
9-10 months prior to start
Research the various types of ownership structures
Limited Liability Company
Research your insurance needs
Liability on vehicles
Liability on business premises
Research and register your business name with the Dept. of Financial Institutions.
You will receive tax and employee information upon registering.
Decide on your business location
Research the zoning restrictions and business permits for your business location
Do market research
a) Identify your competitors
b) Identify your consumers
c) Industry trends
Select a Lawyer
CREATE YOUR BUSINESS BLUEPRINT
7-9 months prior to start
Write a business plan
Write a marketing plan
Prepare organizational paperwork
Obtain a sellers permit for retail sales from the Dept. of Revenue