Business Startup Checklist
When you're working on starting a business on your own, there are key steps to ensure a smooth kick-off and to be as prepared as possible for any trouble down the road.
You can use this check-list to get your feet on the right path:
- Create a business plan that explains the objectives and goals of your business to investors, suppliers, employees, management, and customers in a concise and clear way
- Choose a business structure suitable for your unique idea. Remember to consider tax implications, liability, and financing requirements. If you need legal advice with setting up the right business structure for your business, please contact us
- Map your steps for raising finances for your business
- Choose a business name, logo, and branding
- Make sure you are complying with all regulatory and legislative requirements for the type of business you are starting. For example, medical doctors need to be incorporated as a professional corporation under the Ontario Business Corporation Act. Make sure you have applied for any business licenses or permits you may need
- Determine whether you will be operating your business virtually or from a brick-and-mortar location
- Determine whether you are hiring employees or independent contractors
- Have agreements with suppliers, distributors, logistic providers and consumers. To protect against liability and to ensure the performance of the contract
- Make sure you have a strategy for marketing and advertising. Beware of the pitfalls and rules with social media marketing, website, mobile apps, and online advertising
- Make sure you protect your intellectual property (IP) whether it is copyright, trade name, trademark, industrial design or patent
- Be sure to have insurance for your business. At minimum consider having the following types of insurance coverage: general liability; business property; errors and omissions; and fiduciary liability.
Please contact us for legal, accounting and HR services with any of the items listed above. We are happy to support and guide you through your entrepreneurial journey. For a more complete checklist, please visit our Education Program for entrepreneurs.
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