Topics Checklist for Starting Your Own Business

If you are considering starting your own business there are questions that will need to answered during your consideration. This article shows a checklist of topics to be thought through and discussed with your business advisor(s).

Why do you want to start a business?

• Characteristics of an entrepreneur / motivations

• Prices to be paid (not just money, but time, worry, etc.)

• What business do you want to start?

Organization types and taxation:

• Proprietorship

• Corporation – “C”

• Corporation – “Subchapter S”

• Partnership – General

• Partnership – Limited

• Limited Liability Company

Licenses and registrations:

• State

• County

• City

• Zoning limitations

• Business name

• IRS

Payroll and payroll taxes:

• Employees vs. contract labor

• Payroll taxes:

1. federal withholding

2. social security

3. medicare

4. state withholding

5. local tax

6. federal unemployment

7. state unemployment

• Employee benefits / total employment costs

• Estimating total personnel costs

Bookkeeping:

• For business management

• For taxes

• Systems

• Alternatives

• Financial reports and what they tell you

Revenues:

• Sources

• Estimated amounts

• Market research / Marketing program

• Sales Taxes

Direct expenses:

• Definition

• Types

• Equipment

• Relationship to revenues

• Calculating estimates

• Finding sources

Overhead expenses:

• Definition

• Categories

• Facilities

• Estimating

Financing Sources:

• Personal funds

• Family and friends

• Banks

• Angel investors

• Venture capitalists

• Through cash flows

Putting a formal business plan together:

• Mission

• Markets

• Marketing plan

• Equipment and fixed assets

• Organization

• Revenue

• Personnel

• Direct Expenses

• Overhead

• Funding requirements