Business startup foundational checklist

Determine the legal structure of your business (sole proprietorship, partnership, LLC, corporation, etc.)

Obtain necessary business licenses and permits

Apply for an Employer Identification Number (EIN)

Establish a business bank account

Set up accounting and bookkeeping systems

Determine if you need to register for sales tax

Obtain necessary insurance coverage (general liability, professional liability, etc.)

Set up a legal framework for contracts and agreements (consult with an attorney, if necessary)

Determine the initial startup costs and create a budget

Research and explore potential sources of funding (loans, grants, investors, personal savings, etc.)

Develop a business plan and financial projections

Seek out potential investors or apply for loans/grants

Assess your personal financial situation and create a contingency plan

Conduct market research to identify your target audience, competitors, and industry trends

Define your unique selling proposition (USP) and develop a competitive advantage

Analyze pricing strategies and determine your pricing model

Develop a marketing plan, including branding, advertising, and promotional activities

Create a sales strategy and determine distribution channels

Determine the location and physical infrastructure requirements (office space, equipment, technology, etc.)

Set up necessary utilities and services (internet, phone, electricity, etc.)

Establish relationships with suppliers and vendors

Develop operational procedures and processes

Hire and train employees, if necessary

Create a project management system or workflow

Determine the technology requirements for your business (hardware, software, applications, etc.)

Set up a secure network and data backup system

Develop a website and establish an online presence

Implement a customer relationship management (CRM) system

Explore e-commerce solutions, if applicable

Familiarize yourself with local, state, and federal regulations relevant to your industry

Ensure compliance with labor laws and regulations

Develop policies and procedures to maintain legal and ethical standards

Stay updated on changes in regulations and make necessary adjustments

Develop short-term and long-term growth goals

Identify strategies for customer acquisition and retention

Explore expansion opportunities (new markets, product/service lines, partnerships, etc.)

Continuously evaluate and adjust your business strategies to stay competitive

Seek out networking and collaboration opportunities within your industry

Remember to customize this checklist based on your specific business needs and industry requirements.