Home > For Businesses > Sanlam Cobalt > Sanlam Cobalt for Start-Ups > Final Checklist

You can never be too sure when starting your own business. Which is way a checklist with a high-level listing of all the tasks you must undertake is so handy. The list below is not exhaustive, but will serve as a reminder of everything you need to do before opening doors. (Source: http://www.smetoolkit.org)

 

Before you start, have you:

 

• assessed your strengths and weaknesses?

• established business and personal goals

• assessed your financial resources?

• identified the financial risks?

• determined the start-up costs?

• decided on your business location?

• done market research?

• identified your customers?

• identified your competitors?

• developed a marketing plan?
  
  

On the business side, have you:

 

• selected a lawyer?

• chosen a business entity - proprietorship, partnership, or corporation?

• created your business by registering your name, incorporating the business?

• selected an accountant?

• prepared a business plan?

• selected a banker?

• set up a business checking account?

• applied for business loans (if applicable)

• established a line of credit

• selected an insurance agent

• obtained business insurance
  

Finally, your first steps:

• get business cards

• review local business codes

• obtain a lease

• set up a line up suppliers (if applicable)

• get furniture and equipment

• obtain a business license or permit (if applicable)

• join a professional organisation

• set a starting date

• Put risk cover in place to cover business, risks, debt and business assets 
  
  

And finally, legally, where do you stand?

Business owners are advised not to sign any legal documents unless they have a thorough understanding of the content and the subsequent consequences of their actions i.e. a thorough understanding of the legal repercussions.

If you can’t afford good legal counsel, approach the law schools at your local university or the chief clerk of the civil court for assistance and advice

Don’t be penny wise and pound foolish. Rather pay for good quality advice and have peace of mind. This is especially so when partners are involved.