How To Start A Business - 1 Year Out Checklist

Step By Step Action Plan For The Year Before Starting a Business

Jul 30, 2009 Bonny Albo

For those wondering how to start a business, or serious entrepreneurs wanting to jump right in, this is an action plan to use one year before business startup.

Want to know how to start a business? It all starts with a lot of planning and some time carved out on a regular basis to get the necessary background research and preparations taken care of in order to create a successful entrepreneurial venture. But where does one start?

What follows is a list of items to look at and work towards about a year before starting a business. Its a lengthy list, but there's lots of time at this point, so feel free to work through each item at a comfortable pace.

Create A How To Start A Business Binder

Before tackling anything else on this list, make sure to have a large, sturdy binder or filing box on hand at all times to house the mounds of paperwork and information that will surely be collected and referenced over the next year. This isn't a time to let one's memory run the show; rather, starting a business is a process that will evolve over time, but little evolution will be possible if one can't remember decisions made and information gathered.

What Kind of Business Startup?

If the type of business isn't already decided upon, the first major decision is determining what kind of business to start. Retail or wholesale? Product or service oriented? Online or brick and mortar? Which businesses are the most appealing, and how will they stack against the entrepreneurial experience already in place? Daydreaming in this instance is a good thing; try to do so often and take notes as it happens for future reference.

How The Business Is Structured

A how to start a business primer would be lacking if it didn't discuss the five basic business structures - sole proprietorship, partnership, limited liability company, corporation and non profit - as well as the drawbacks and benefits of each.

Impact On Loved Ones And Quality of Life

Starting a business impacts every aspect of an entrepreneur's life, from how much income there is to how much time is available for important non-business related people. Consider how starting a business will affect these aspects of day-to-day living for a well-rounded business startup process. Talk to friends and family members to get their opinion.

Undertake Business Research

First hand business research sources are usually offered in a personal format, such as asking questions of other entrepreneurs or attending trade shows, whereas secondhand business research sources are more analytical and data-based. Both are necessary to write a business plan. Also take some time to visit related businesses to see how things are run, what works, and what can be improved upon.

Entrepreneurship Development

Its impossible to know everything about how to start a business, but its prudent to at least make an effort. Reviewing strengths and weaknesses, ensuring computer literacy, finding knowledge gaps and speaking to other, successful entrepreneurs about what they wished they knew before starting a business all fall within this section.

The copyright of the article How To Start A Business - 1 Year Out Checklist in Entrepreneurs is owned by Bonny Albo. Permission to republish How To Start A Business - 1 Year Out Checklist in print or online must be granted by the author in writing.

How To Start A Business