Essential Checklist for New Entrepreneurs: Steps to Launch Your Small Business Successfully

Starting a new small business can feel overwhelming due to the numerous decisions and tasks involved, ranging from choosing the right structure to managing finances. It is easy to feel uncertain about what comes first or what might be missed. This New Business Checklist was created to provide a clear, step-by-step guide that helps you stay organized, cover the essentials, and set your business up for success.

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Business Structure and Registration

• Choose a legal structure (sole proprietorship, LLC, corporation, etc.)

• Register your business name with the state

• Apply for an Employer Identification Number (EIN)

• Obtain a business address and phone number for consistency across all accounts

Licenses and Permits

• Check federal, state, and local requirements

• Obtain all industry-specific licenses and permits

• Register for sales tax permits, if applicable

Banking and Finances

• Open a dedicated business bank account

• Apply for a business credit card

• Set up a basic bookkeeping system (cash or accrual)

• Establish internal controls for managing cash flow and expenses

Taxes

• Learn about your tax obligations (income tax, sales tax, payroll tax, etc.)

• Consider quarterly estimated tax payments

• Keep copies of W-9s, contracts, and other tax forms

• Consult with a bookkeeper or tax professional early to avoid surprises

Insurance

• Evaluate the need for general liability, professional liability, or workers’ compensation insurance

• Explore coverage options for property, vehicles, or cyber liability if relevant

• Protect your assets to reduce risk

Branding and Marketing

• Secure a domain name and create a professional email address

• Build a simple website and establish a social media presence

• Create a logo and consistent brand materials

• Set up a Google Business Profile and Bing Places listing

• Develop an email newsletter or marketing plan

• Collect and manage customer reviews

Operations

• Choose accounting software and hire a bookkeeper

• Develop standard operating procedures (invoicing, expense tracking, client onboarding)

• Set up payroll if you plan to hire employees

• Select project management, communication, and file storage tools (e.g., Google Workspace, Slack, Trello, Dropbox)

• Implement cybersecurity best practices, including multi-factor authentication and data backups

Legal and Compliance

• Draft client contracts, service agreements, and NDAs

• Keep copies of contracts, leases, and legal documents

• Create a system for storing receipts and expense records

• Review or create terms of service and privacy policy for your website

Human Resources (if hiring)

• Verify worker classification (employee vs. contractor)

• Register for state unemployment and withholding accounts

• Create an employee handbook and onboarding checklist

• Establish payroll and timekeeping systems

Financial Planning

• Prepare a budget and cash flow forecast

• Separate personal and business expenses

• Identify funding needs and explore financing options

• Set short-term and long-term financial goals

Growth and Support

• Find a mentor, advisor, or networking group

• Revisit goals and regularly review and update your strategy

• Meet with your bookkeeper or CPA to stay on track

• Join a professional organization related to your industry

Exit and Continuity Planning

• Draft a basic business continuity or succession plan

• Keep key passwords, account logins, and business documents accessible in a secure location

• Review and update this plan annually