Fill and Sign the Introduction Starting a New Business Can Be Both Exciting Form

What To Do When Starting a New Business Before Start-up  Develop a business plan, including cash flow projections  Choose management advisers -- an accountant, an attorney, and a banker  Choose an appropriate name for the business  Using the business plan, establish a relationship with a banker.  Possible bank services include: (i) Credit-card merchant account; (ii) Business checking account; (iii) Working capital loan; (iv) Equipment loan; and (v) Lock-box services Select the legal entity and year-end for the business  Register the business name with local authorities if the business is a sole proprietorship  Find a location for the business  Negotiate a lease  Design the layout of the facility  Prepare all the necessary legal documents as applicable: (i) Partnership agreements; (ii) Articles of incorporation; (iii) First organizational minutes; and (iv) Bylaws  Federal identification number (SS-4)  State and local license applications  Sales tax identification number  Industry-specific license  Register the business with the Secretary of State if incorporated or partnership  Obtain quotes for and then order office furnishings and equipment  Order office supplies  Order business cards and business stationery  Order an appropriate sign and indoor signage for the business  Purchase adequate insurance as applicable: (i) Health; (ii) Malpractice; (iii) Liability; (iv) Workers’ Compensation; (v) Life; (vi) Fidelity bond; (vii) Computer and equipment; (viii) Umbrella; (ix) Employee dishonesty Start-Up  Establish prices for your goods and services  Promote the business’s opening through: (i) Press releases to local and national media (ii) Advertising (iii) Direct-mail announcement (iv) Chamber memberships; and (v) Promotional items such as pens or hats.  Seek, interview and make offers to job candidates  Select and implement a financial record-keeping system: (i) Accounts payable (ii) Account receivable (iii) Inventory tracking (iv) Order entry Ongoing Operations  Develop personnel policies and procedures  Prepare quarterly payroll returns an verify timely tax deposits Prepare quarterly or monthly financial statements  Perform year-end tax planning, at least one month before the year-end  Prepare annual federal, state and payroll returns  Develop employee job descriptions  Review existing insurance coverage at least once a year  Prepare and maintain personnel files  Establish a petty cash fund and policy  Establish answering mechanism for after hours  Join industry associations and groups  Verify listing in the yellow pages of area phone directories  Register trademarks