Why should you spend precious resources on business planning?

Launching a new business venture is one of the most exciting and challenging events of a career. With risks and pitfalls at every turn, the wise entrepreneur invests in up front planning so that their business is built on a solid foundation. Planning on the front end means less headaches and unexpected problems once your business is up and running -- a time when you can least afford the time and expense of putting out fires.

BUSINESS PLANNING CHECKLIST

The following checklist provides a series of planning points that can help to focus the strategic formation of a new venture.

• Planning Stage
  • Name Selection (check availability in-state, nationally, and online)
  • Business Plan
  • Entity Selection -- Sole Proprietorship, Partnership, LP, LLP, LLC, S Corporation, Corporation, Nonprofit Corporation
  • Business Location (home, online, brick & mortar)
    
• Formation Stage
  • Name Registration (state-wide, trademark)
  • Entity Formation (state and Federal level)
  • Licensing
  • Insurance (state and professional requirements)
  • Bank Account
  • Financing (grants, loans, venture capital, etc.)
  • Equipment
  • Supplies
  • Business Location (lease, purchase, zoning)
  • Internet Presence (e-mail, website)
    
• Advertising/Marketing Stage
  • Announcements (publications, personal contacts)
  • Advertisements (yellow pages, other telephone books, newspapers, chambers of commerce, online, flyers, radio, TV)
  • Membership in Business Associations
  • Word of Mouth/Referrals
    
• Establishing Company Procedures & Best Practices
  • Contract Generation & Review
  • Filing Systems
  • Computer Procedures (security, back-up)
  • Accounting & Tax Planning
  • Benefits Plan
  • Savings/Retirement Planning (IRA, 401K)
  • Deposit Procedures
  • Employee Handbook (responsibilities, benefits)