Business Building Checklist
Hi all,
I've built 4 small businesses over the past 4 years, some successful, some not so successful. However, in building these businesses, I've developed a checklist for what I would need to do to build the business properly. I call it my Business Building Checklist. I will be using it, adding to it, and refining it with each new business that I create.
The thing is, I haven't yet created any new businesses or actually followed this checklist as a guide. I'd like to see if I'm missing anything important first, which is why I am posting this now.
Below you will see the list. Please let me know what you would add to the list or take off of the list. The list isn't in perfect order, so feel free to move around the items as necessary. Also, some of the items in the list may be unnecessary, i.e. getting a dedicated telephone number, P.O. box, picking a partner, etc., but they are options that should be on the list so that the business builder doesn't forget to consider them.
So here is the rough draft:
Business Building Checklist
- Get a partner to split the work with. It makes the process more fun and a lot easier.
- Pick a name for the business
- Write a business plan
- Pick a team: accounting, legal, marketing, sales
- Consult an accountant to determine proper entity type etc.
- Decide and elect/file how the entity is to be taxed - form 8832 for c corp, form 2553 for s corp(single-member llc's are automatically disregarded entities by the IRS and are taxed like sole proprietorships; dual member llcs are taxed like partnerships.)
- Consult an attorney to determine proper entity type etc.
- Register the new entity (i.e. as an LLC, dba, etc.)
- Apply for an Employer Identification Number (EIN), aka Federal Tax Identification Number (FTIN) to distinguish your business financial data from your personal finances.
- Get a PO Box or an address at a mailing center
- Apply for a DUNS Number [Dun & Bradstreet (D&B)] to begin developing business credit in name of the business. This will be useful a couple years down the road for obtaining loans in the name of the business (which are not personally guaranteed, rather guaranteed by the business itself).
- Open up a few credit cards in the business's name (i.e. Staples, OfficeMax, Home Depot, or wherever you do a lot of shopping in that business)
- Make sure you set those credit cards up for automatic payment
- Get a dedicated phone number (i.e. Google Voice)
- Get a dedicated bank account and deposit seed money
- Get a logo made
- Build a website
- Get a local business license (i.e. from Abington Township)
- Get a local trade license, if necessary
- Get a state trade license, if necessary
- Get a federal trade license, if necessary
- Pay to renew all necessary annual license fees - local (should be on busiess privilege tax return), state, and fed
- Implement marketing plan (business cards, etc.)
TAXES
- File quarterly taxes for local, state, and fed
- File quarterly Local Services Tax Returns totalling $52.00, or just pay in a lump sum annually.
- File local Business Privilege Tax Return
- File final returns for local, state, and fed
- File annual filing/report for state, i.e. for LLCs in PA, file the RCT-101, or the RCT-101D
Okay, that's it. My ultimate goal is to have several sections in order, so that I can go down one by one and check off items that I've completed. For example, under the item "Implement marketing plan", I'd have a subsection of my full marketing to-do list.
Like I said above, please give me all the constructive criticism you want. Let me know what else to add to the list, or what to remove from it. Hopefully we can all benefit from it. Thanks!
P.S. If there is a better sub-forum for this thread, Mods feel free to move it to wherever it is best suited.
I've built 4 small businesses over the past 4 years, some successful, some not so successful. However, in building these businesses, I've developed a checklist for what I would need to do to build the business properly. I call it my Business Building Checklist. I will be using it, adding to it, and refining it with each new business that I create.
The thing is, I haven't yet created any new businesses or actually followed this checklist as a guide. I'd like to see if I'm missing anything important first, which is why I am posting this now.
Below you will see the list. Please let me know what you would add to the list or take off of the list. The list isn't in perfect order, so feel free to move around the items as necessary. Also, some of the items in the list may be unnecessary, i.e. getting a dedicated telephone number, P.O. box, picking a partner, etc., but they are options that should be on the list so that the business builder doesn't forget to consider them.
So here is the rough draft:
Business Building Checklist
- Get a partner to split the work with. It makes the process more fun and a lot easier.
- Pick a name for the business
- Write a business plan
- Pick a team: accounting, legal, marketing, sales
- Consult an accountant to determine proper entity type etc.
- Decide and elect/file how the entity is to be taxed - form 8832 for c corp, form 2553 for s corp(single-member llc's are automatically disregarded entities by the IRS and are taxed like sole proprietorships; dual member llcs are taxed like partnerships.)
- Consult an attorney to determine proper entity type etc.
- Register the new entity (i.e. as an LLC, dba, etc.)
- Apply for an Employer Identification Number (EIN), aka Federal Tax Identification Number (FTIN) to distinguish your business financial data from your personal finances.
- Get a PO Box or an address at a mailing center
- Apply for a DUNS Number [Dun & Bradstreet (D&B)] to begin developing business credit in name of the business. This will be useful a couple years down the road for obtaining loans in the name of the business (which are not personally guaranteed, rather guaranteed by the business itself).
- Open up a few credit cards in the business's name (i.e. Staples, OfficeMax, Home Depot, or wherever you do a lot of shopping in that business)
- Make sure you set those credit cards up for automatic payment
- Get a dedicated phone number (i.e. Google Voice)
- Get a dedicated bank account and deposit seed money
- Get a logo made
- Build a website
- Get a local business license (i.e. from Abington Township)
- Get a local trade license, if necessary
- Get a state trade license, if necessary
- Get a federal trade license, if necessary
- Pay to renew all necessary annual license fees - local (should be on busiess privilege tax return), state, and fed
- Implement marketing plan (business cards, etc.)
TAXES
- File quarterly taxes for local, state, and fed
- File quarterly Local Services Tax Returns totalling $52.00, or just pay in a lump sum annually.
- File local Business Privilege Tax Return
- File final returns for local, state, and fed
- File annual filing/report for state, i.e. for LLCs in PA, file the RCT-101, or the RCT-101D
Okay, that's it. My ultimate goal is to have several sections in order, so that I can go down one by one and check off items that I've completed. For example, under the item "Implement marketing plan", I'd have a subsection of my full marketing to-do list.
Like I said above, please give me all the constructive criticism you want. Let me know what else to add to the list, or what to remove from it. Hopefully we can all benefit from it. Thanks!
P.S. If there is a better sub-forum for this thread, Mods feel free to move it to wherever it is best suited.
Project HERE.