This checklist is intended to walk you through all the issues you should consider in view of starting a new business. You may adapt it to reflect your business needs, type of clientele, products and services you offer.
1. Examine your motivation for business ownership and choose an idea suitable for you.
- Personal goals and motivation
- Personal skills
2. Evaluate the feasibility of your chosen idea.
- Calculate financial projections that do not count on loans.
- Know where your living expenses will come from during the first year
- Make sure your family is on board
3. Consider start-up requirements and common pitfalls
- Legal forms of organization
- Learn permits, licenses, rules and regulations applicable to your type of business
- Determine the steps to establish a legal entity
- Determine the types of records to be kept for tax purposes
- Determine the types of record keeping and control systems for internal management
- Determine professional needs: marketing, advertising, legal, accounting, tax, insurance and banking
4. Develop your business plan
- Create a plan
- Think through details
- Revisit and adapt regularly
- Choose a business name and set a starting date
- Choose an adequate location/office space
- Identify your customers and potential competitors
- Develop a marketing plan
5. Develop your financing request and obtain initial capital
Generally, you will need to provide:
- A detailed project description
- An explanation of the benefits of your project
- A detailed work plan with full costs
- Details of relevant experience and background on key managers
- Completed application forms when appropriate
Most reviewers will assess your proposal based on the following criteria:
- Significance
- Approach
- Innovation
- Assessment of expertise
- Need for the grant
Some of the problem areas where candidates fail to get grants to include:
- The research/work is not relevant
- Ineligible geographic location
- Applicants fail to communicate the relevance of their ideas
- The proposal does not provide a strong rationale
- The research plan is unfocused
- There is an unrealistic amount of work
- Funds are not matched
6. Finalize all start-up requirements
- Legally separate yourself from your business
- Sign contracts and lease agreements
- Apply for and obtain a business license, pay permits and fees
- Obtain utilities services etc.
- Get furniture and equipment
- Design and print business cards
- Open a business bank account
- Elaborate customers/providers forms and contracts
- Set up your accounting system
- Obtain business insurance
- Open a website and register in social media (when applicable)