Comprehensive list of things to open a business. Carefully review the two lessons on Types of Business Ownership and Small Business and Entrepreneurship
Assume you are creating a small business selling a product or service in New York City. You need $50,000 for your startup. Create a comprehensive/descriptive list of things you have to do to open your business. Here are some questions you would need to ask: What kind of business are you starting? What type of ownership? What is your product or service? How to set up a business entity in NYS? What forms to fill out? Do you need a business plan to get $50,000? What would you put in your business plan? What’s the cost associated with your business?
A business plan is a written description of your business’s future. That’s all there is to it–a document that describes what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you’ve written a plan or at least the germ of a plan.
Business plans can help perform a number of tasks for those who write and read them. They’re used by investment-seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.
So what’s included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you’ll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even.
A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business.
Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you — or investing in your company — is a smart choice.
There’s no right or wrong way to write a business plan. What’s important is that your plan meets your needs.
Most business plans fall into one of two common categories: traditional or lean startup.
Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. They tend to require more work upfront and can be dozens of pages long.
Lean startup business plans are less common but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically only one page.
Carefully review the two lessons on Types of Business Ownership and Small Business and Entrepreneurship
1. Select a Name and Legal Structure
2. Write a Business Plan
3. Obtain your Federal Employer Identification Number (FEIN)
4. Open the Company Bank Account
5. Lease Office, Warehouse, or Retail Space (if not home-based)
6. Obtain Licenses and Permits
7. Hire Employees (if applicable)
8. Set up an Accounting and Record-Keeping System
9. Obtain Business Insurance
10. Systemize and Organize
11. Develop a Business Identity
12. Get the Word Out (Marketing)