Starting a Business Checklist

While starting a business is risky, if you understand the hazards, you can improve your chances of success through careful planning. You should be fully aware of the implications of owning your own business before you "sign the check."

A new business venture will impact both you and your family. Carefully analyze your reasons for starting a business. How will it fit with your family and your lifestyle? Ask yourself the following questions:

• Am I a self-starter? Do I have the discipline to maintain a schedule?
• Do I want to earn more money? Will this business earn more money from the beginning or do I need to be prepared to initially work for less?
• Do I want to be more creative? Do I have the necessary skills to be successful in this business?
• Am I looking for more flexibility in my work and family schedule? Will this business allow meto work the schedule I desire?
• Am I ready for different challenges and adventures? Am I prepared to respond quickly to theneeds of my business?
• Have I discussed this proposed business with my family?
• Do I have the money needed for business start up and initial operating expenses until I startearning a profit?

The best advice for anyone starting or operating a business is to educate yourself. This information isonly a first step. It outlines only the basic information you will need to start your business. Refer to the following checklist as a guide as you start your business:

• Decide upon the legal structure of your business, choose a business name and register your business with the appropriate state and/or federal agencies. Sole Proprietors, General Partnerships, and Unincorporated Nonprofit Associations register with the Department of Revenue. All other forms of legal structure file with the Secretary of State.
• If your business will be selling, renting or leasing tangible personal property, you must obtain the proper state sales tax license from the Department of Revenue and determine if a separate local sales tax license is required. A sales tax license is also required, if you rent accommodations for less than 30 days.
• Be aware of the personal and business tax implications of starting your own business. Self-employment tax will double an individual’s contribution to social security and Medicare taxes. Property tax is collected on all personal property owned by a business.
• Are there any special licenses required for the business you are starting? Call WIBA at 316-267-8987 for comprehensive information on federal, state and local business licensing requirements.
• Find the best location for your business. You can get information on traffic patterns on state highways. Some local governments have information on city and county roads. They may also have information on local population demographics. Observe pedestrian movement during business hours to estimate walk-in potential.
• Check with the local city and county government regarding any special business regulations, sales taxes, personal property taxes and zoning restrictions affecting your business.
• Seek management advice and counseling. Assemble your team of professional advisors, i.e., an accountant, an attorney, an insurance broker, a real estate agent, etc. WIBA/KIBC, your local Small Business Development Center, the Small Business Administration, SCORE, trade associations, and your local chamber of commerce are good resources.
• Develop a sound business plan with specific goals and objectives. A business plan should outline your background including your strengths and weaknesses, show where you are, where you want to go and how you plan to get there. A well-written business plan must be completed before seeking any form of financing.
• Define the products or services you will provide. Is there actually a need for what you will provide in today's marketplace? Is the demand great enough to be profitable? Who are your competitors? What is your competitive advantage? Develop your marketing strategy.
• Develop a financial plan and include profit and loss projections, cash flow analysis and capital requirements. Determine the proper pricing strategy for your product or service. Do you have enough resources to adequately support your business and yourself until you begin making a profit? What type of financing will your business need? What financing options are realistic for your situation?
• Identify your liability risks. Obtain adequate insurance coverage. Protect your business activities far enough in advance to cover your growth.
• Protect your "intellectual property rights," i.e. your ideas, products, symbols and logos, through the proper registration and maintenance.

Resources
Starting a Kansas Business http://kdoch.state.ks.us/KDOCHdocs/BD/2001_Steps_To_Success.pdf

Kansas Business Center
https://www.accesskansas.org/apps/kbc.html

Starting Your Own Business Can Be Very Rewarding.
It Can Also Be Very Risky.
To Be Successful, You Must Plan Very Carefully