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Small Business Startup Checklist

Before you start your new business here are some important checks to make to ensure that you fully prepared before putting your plans into action.

Why am I starting a small business?

What do I want to achieve with the business for me and my family?
Do I have the dedication to persevere when there are problems?
Do I have the right personality?
Do I have the right skills?
Am I able to make decisions on my own?

What type of business?

A retail outlet - perhaps a franchise
Provide a service - perhaps a franchise
Wholesale distribution
Manufacture a product

What form of business?

Sole trader
Partnership - have I checked that my partners will be an asset to the business?
Limited Company

Have I taken advice from business advisors?

Have I taken the best legal, financial and business planning advice that I can find.

Have I researched the market correctly?

Does the market already exist or is it a new market?
Is the market large enough to support my business?
Who are my potential customers?
Who are my competitors?

Have I checked out whether it's best for me to buy an existing business or start a new one?

Why is the existing owner selling his business?
Am I paying too much for it?
Will it cost less to start a new business?

Have I organised all of the capital that I will need to start the business?

Do I have the cash?
Have I checked that a bank loan or overdraft is available?

Have I fully planned the organising of premises, equipment, material and goods?

Are suitable premises available - do they need conversion to suit my business?
Have I checked the delivery times/ availability of equipment, raw materials or goods?

Is my annual sales forecast achieveable?

In financial terms
In sales terms

Have I budgeted for all the costs and expenses that will be incurred in the first year of trading to achieve the planned level of sales?

The cost of buying the materials, goods, staff salaries, services
My salary
Money to invest in expanding and developing the business
The cost of replacing damaged or worn out equipment.