Checklist for Starting Your Small Business

I. List your reasons for wanting to go into business

A. Description of business
B. You want to be your own boss.
C. You want financial independence.
D. You want creative freedom.
E. You want to fully use your skills and knowledge.

II. What Business is "Right For You?

A. What do I like to do with my time?
B. What technical skills have I learned or developed?
C.What do others say I am good at?
D. How much time do I have to run a successful business?
E. Do I have any hobbies or interests that are marketable?

III. Identify the Niche Your Business Will Fill

A. What is my competition?
C. What is my business advantage over existing firms?
D. Can I deliver a better quality service?
E. Can I create a demand for your business?

III. The Pre-Business Checklist

A. What business am I interested in starting?
B. What services or products will I sell? Where will I be located?
C. What skills and experience do I bring to the business?
D. What will be my legal structure? (see overview below)
E What will I name my business?
F. What equipment or supplies will I need?
G. What insurance coverage will be needed?
H What financing will I need?
I. What are my resources?
J. How will I compensate myself?

Finished! Your answers will help you create focused, well researched business plan that should serve as a blueprint. It should detail how the business will be operated, managed and capitalized.

**The above content is provided by the U.S. Small Business Administration. For more information go to www.sba.gov.