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Tips on how to start a business: Part 3:5 Checklist for Starting a New Business


In part one and two of this business series, we have covered entrepreneurial skills required of you to be a successful business person and we have covered steps you should take before you set up your new business.

In this segment, we have put together a comprehensive checklist that will guide you in the process of starting a new business. Following through all the steps in the right order will ensure that no mistakes are made and you build your business on a solid foundation. Good luck!

• Assess your current skills and desired skills to successfully run the business.

• Personal SWOT (strengths, weaknesses, opportunities and threats) Analysis.

• Business Idea.

• Business Research

. • Get a business lawyer.

• Business Structure (LLP, LLC, PLC etc.)

• Create Business Plan inclusive of a marketing and financial plan.

• Choose Business name.

• Business Registration (get licenses or business permits)

• Get domain name for your website before it is taken.

• Get a business email address and set up your potential business on social media.

• Register trademark or copyright.

 • Register for unique tax number and find out all the information about business taxes.

• Get funding.

• Open a corporate account.

• Get business location.

• Get insurance.

• Print business cards and pre-launch handbills.

• Hire staff.

• Order stock or inventory or office supplies.

• Start selling your business by word of mouth and advert placements.

• Set your launch date.

Now that you know the winning formula and you can run with it and achieve great business success.

Author: Chinwe Azikiwe

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Tips on How to Start a Business: Part 1:5 Must have entrepreneurial skills
Tips on how to start a business: Part 2:5 Things to consider before you set up your business
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