1/6/2022

Your Checklist for Starting a New Business

Starting your new business doesn’t have to be complicated. Here’s a complete checklist for starting a new business that shows you how to transform your ideas into a fully functioning business. 

Make a Business Plan

Before you start a business, you need to have a plan. This plan will establish everything from your company’s internal structure to long-term goals. A business plan helps act as a roadmap as you start and then run your business. 

If you have never written a business plan before, consider these questions your business plan should answer and this guide from the SBA (Small Business Administration). 

This is a foundational step and should never be rushed. Take your time to establish a solid foundation for your new business, and ensure you have a clear idea of where you expect to go and how you expect to get there.

Secure Funding

Just because you have the next billion-dollar business idea, doesn’t mean it’ll magically come together and happen. Every business must have an initial infusion of cash. Part of your business plan should include how much initial funding you need to become self-sufficient and how you are going to get that funding. 

Here are a few of the most common startup funding options you can use for your business: 

• Bootstrapping

• Family and friends

• Small business loans

• Small business grants

• Crowdfunding

Startup funding contracts and deals are some of the first business decisions you will make as a new business owner. Funding contracts and deals should not be taken lightly, as their results can ripple throughout the rest of your company’s life. 

Take your time and understand all contracts, loans, grants, or funding agreements before you agree to any of them. If you are unsure about the details, invest in a quick visit to a financial advisor. They will help you understand each option and better weigh the pros and cons before making a final decision. 

Decide on Your Location

Every business needs a location they can legally operate from. This is necessary to the next step and cannot be overlooked. 

While it may be tempting to use your home address as your business address simply, this isn’t the best choice. Using the same address for both can complicate the relationship between your personal and professional life. Not to mention, this has the potential for thinning the line in disputes about legal liability. 

Choose a Virtual Business Address

Some companies decide to use a residential address because it’s cheaper than taking out an expensive lease for office space, but there are better options. Instead of wasting your limited budget on office space, choose a virtual business address with Davinci. 

A virtual business address allows you to work from home while having a professional business location. It gives you the benefits of having a physical office location at a prestigious address for everything from a business license to your business card—all without having to sign an expensive lease. 

In addition to using a virtual business address, you should consider using Davinci day offices. These offices provide you with a clean, modern, quiet, and professional work environment to get your work done without any interruptions. Unlike office leases that require year-long agreements, Davinci day offices can be scheduled by the week, day, or hour, allowing you to use them as often, or as little, as you need. 

Apply for an Employer ID Number and Any Necessary Licenses and Permits

Despite all of the hard work you’ve put into your business up to this point, it’s still not official. You have to register your business with the state and federal government to make your business a reality. 

The first thing you need to do is choose a registered agent (a person who accepts tax and legal documents for your business). For most small businesses, the registered agent is the business owner. With a registered agent and an address, you’re able to apply for an Employer Identification Number (EIN) from the IRS. 

Whether you need additional permissions from the government depends on your industry. Make sure to apply for all licenses and permits relevant to your business.

Choose Davinci Virtual Offices

Davinci is an affordable option for your business. Contact us with any questions about available office space rentals in your area or virtual office solutions.

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