If you have big dreams, you’ve come to the right place.
Business Planning Checklist
Creating a business plan
For any business, the first step is to turn your basic idea into a written, viable plan of action. A well thought out business plan is necessary for obtaining loans and is a model for your success.
Decide on your business structure and register your business name
Be sure to carefully consider the management, structural and tax implications of your decision
Find funding to kick it off
You should have a clear understanding of the amount of money (or capital) you need to start and run your business. If you need to raise or borrow money, there are options available:
- Bootstrap- starting a business with little capital using person savings or credit
- Borrow money- get funding via an external lender, such as a bank, building society or credit union
- Crowdfund- this offers a finance options through donations of money from the public through crowdfunding sites like Kickerstarter
Define your business structure
Choosing the legal structure- sole trader, company or partnership- that best suits your business type is a top priority
Obtain the necessary tax information
Taxation for small businesses may be simple or complex, depending on the size and structure of your business. The tax liability for each business will be different.
Consult you legal advisor and accountant regarding comprehensive tax planning
Secure the rights to your business
Once you’ve chosen a name and structure, its time to register it so you are ensured you get to keep it
Learn about employer reporting requirements and responsibilities and sources of finance
Learn more about how to register as an employer, unemployment insurance, worker’s compensation insurance and any funding you may be eligible for.