Did you know that there are around 30.2 million small businesses in the United States? Of those 30.2 million, only 40% of them are profitable and around 82 percent of them will fail. 

Starting a small business is hard work, and it’s not for the faint of heart. It requires a solid business plan, market demand, dedication, and strategic decisions. While starting a business is hard, it’s worth the work. 

Now, this work encompasses various aspects, from finance to advertising. Another aspect of running a successful business is determining the right pricing strategy. For instance, tools like Conjointly’s Van Westendorp PSM and similar other instruments can help you gauge how much customers are willing to pay for your product or service. This method allows you to find the optimal price point, which can significantly influence your profitability and overall success.

So, if you are thinking about starting a small business, having a business startup checklist will help you succeed. Keep reading to learn what you need to know when starting a brand new business.

Do Market Research

Before you can start a business, you first need to do market research. Market research will allow you to learn if there is demand for your product, what the industry is like, and understand your target audience. 

If you don’t do market research, you may waste time and money creating a product that doesn’t have any demand. You also may learn that the industry barriers to entry are too high. 

Create A Business Plan

Once you do market research and you know that your idea is a good one, you can write a business plan. A business plan includes a summary, financial plan, marketing plan, and growth plan. Additionally, you should do your research to find the best Strategic Execution Software for Modern Enterprises, which can increase productivity and profitability.

Having a business plan gives you a clear idea of your path to success. If you don’t have a plan, you won’t know how to define success. Having a good business plan is also essential to gaining funds. 

Find Funding

The next step to starting your business is finding funding. Unless your business has little start-up expenses or you saved money, you will need to secure funding. 

Some of the most common ways to fund your business include a business loan, credit card, crowdfunding, or angel investors. To get funding, you can ask friends and family, use your network, search online, or head to a local bank. 

Determine Business Structure

Once you find the funding, the next step in business ownership is determining your business structure. Your business structure will determine your taxes and liability as a business owner. 

Some of the most common business structures include sole proprietorship, partnership, limited-liability cooperation, and S-corp. 

Register Your Business

The business structure you choose and where you live will determine your requirements regarding registering your business. Before registering, make sure you check the requirements in your state. 

You may need a federal license, state license, business license, and sales tax permit. Registering your business will ensure that your business is legal and that you comply with tax regulations. 

Registering your business may also allow you to qualify for tax benefits, such as Employee Retention Credit (ERC). You can learn more about ERC at https://tri-merit.com/erc/.

Are You Ready To Use This Business Startup Checklist? 

Becoming a small business owner takes hard work, dedication, and perseverance. If you are thinking about starting a small business, make sure you keep this business startup checklist in mind. 

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