Checklist for Starting a Business

• Do you know who your customers will be?
• Do you understand their needs and desires?
• Do you know where they live?
• Will you be offering the kind of products or services that they will buy?
• Will your prices be competitive in quality and value?
• Will your promotional program be effective?
• Do you understand how your business compares with your competitors?
• Will your business be conveniently located for the people you plan to serve?
• Will there be adequate parking facilities for the people you plan to serve?

6. PLANNING YOUR START-UP

So far this checklist has helped you identify questions and problems you will face converting your idea into reality and determining if your idea is feasible. Through self-analysis you have learned of your personal qualifications and deficiencies and through market analysis you have learned if there is a demand for your product or service.

The following questions are grouped according to function. They are designed to help you plan your business startup.

Name and Legal Structure

• Have you chosen a name for your business?
• Have you chosen to operate as sole proprietorship, partnership or corporation?

Your Business and the Law

A person in business is not expected to be a lawyer but each business owner should have a basic knowledge of laws affecting the business. Here are some of the legal matters you should be acquainted with: