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10 Step Venture eMentoring Program™
Module 8: Resource Networks
Module 9c: Business Readiness Check List

The Business Readiness Check List will help you to identify the various issues you must be aware of, and on top of, before you can actually start your new business.

(Click here for PDF version -- recommended)

Instructions: Carefully review the following Business Readiness Check List to identify the issues you need to plan for. Check the appropriate box for those that have been productively addressed, those that do not apply, and those that need further attention. Create an action plan for each item identified.

Business Readiness Check List
REGISTRATIONS AND REGULATIONS STATUS
1. Establish a business location  
  • Check with the local town or city hall regarding specific permit, zoning, and licensing requirements for your specific business and location
    •
  • Sign any applicable lease or rent agreements - seek legal advice where necessary
    •
    2. Select a name for your business  
  • Choose a name that will be easy for customers to remember and that stands out from your competition
    •
  • Register the name of your business with your Secretary of State?s office
    •
    3. Choose a business structure  
  • Review "Types of Business Entities" in myVBI Start-up FAQs to understand the types of business formations available for establishing your venture. For additional advice on which type to choose, consult with your accountant or attorney.
    •
    4. File for an Employer Identification number (EIN) with the IRS  
  • This must be completed if you plan on having employees work for you. Visit "Obtaining a Tax ID" section in myVBI Start-up FAQs for an EIN application
    •
    5. Business Law  
  • Do you know which business laws you must obey?
    •
  • Do you have a lawyer that can help you with your business law needs?
    •
  • Visit myVBI Grow myBiz, KnowledgeNet on Business Law for additional help
    •
    INSURANCE STATUS
    1. Determine your business insurance needs  
  • What insurance will you need to protect yourself and your business?
    •
  • Work with a qualified professional and purchase and appropriate policy
    •
  • For more information, visit "Obtaining a Tax ID" section in myVBI Start-up FAQs
    •
    RECORD KEEPING STATUS
    1. Plan a system for recording important financial information  
  • Seeking the advice of an accountant or consultant can help in this process
    •
  • Visit myVbi Biz Control Center to learn about secure online Accounting capabilities
    •
    2. Plan a system for recording and paying taxes  
  • Work with an accountant to determine what taxes you must pay and when
    •
  • If you plan to have employees, you will need a system for deducting taxes
    •
  • Visit myVbi Biz Control Center to learn about secure Payroll and tax management capabilities
    •
    3. Plan a system for recording and tracking inventory levels  
  • Determine what level of inventory is needed to operate the business and use a tracking system
    •
  • Visit myVbi Grow myBiz, KnowledgeNets to learn about inventory tools specific to Retail operations
    •
    ADVERTISING STATUS
    1. Advertise your business and location  
  • For physical locations, choose a sign that is easily read by passing customers and attracts attention
    •
  • For Internet-based businesses, implement a web site awareness campaign; e.g., search engine optimization, reciprocal link strategies, etc
    •
  • Select a date that your business will officially be open for business
    •
  • Develop a plan to advertise your business opening to your target market
    •
    LOCATING EQUIPMENT & SUPPLIES STATUS
    1. Make arrangements for needed utilities  
  • If your business is operating out of a location other than your home, you will need to make arrangements for utilities (heat, electricity, phone, water, etc.)
    •
    2. Decide and purchase necessary equipment, technology and supplies  
  • Determine what equipment, connectivity and supplies you need
    •
  • Choose a reliable vendor and establish a relationship for future orders and ongoing services
    •
    LOCATING EQUIPMENT & SUPPLIES STATUS
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