subject: A New Business Checklist [print this page] Starting up a business can be thrilling, but it often feels as if there is a lack of guidance in the process. Most know to make a business plan, but there are a number of other factors that should be considered. Before you get ready to open the doors for the first time, be sure to consider your property agreement, your marketing plan, errors and omissions insurance and your vendors.
Is My Rental/Property Agreement Solid?
Long before you ever think of setting up shop, you need to have a good rental or property agreement set up. If you are renting, make sure that the amount you have agreed to pay is going to be realistic when compared to your cash flow. Also make sure that the rental agreement has some kind of clause that will allow you to leave early in the case of your business failing. The last thing you want is to be paying rent long after your store closes its doors.
Do I Have a Marketing Plan?
There are few business owners that open without some sort of business plan, but it is just as important to have your marketing plan open on day one. After the buzz of being a new store dies down, you need to constantly know how to attract new customers to your shop. If your current plan relies only on keeping the same clientele, it will be wise to take some time and determine a better way to keep your cash flow stable.
Have I Purchased Errors and Omissions Insurance?
If you provide any sort of service to a customer, you need to have some form of errors and omissions insurance. This sort of policy will limit the amount you have to pay out when you are liable for a mistake, and can keep your business open in the event of a major decision against you or the business. In short, this sort of policy is a last ditch safety net for when an inevitable mistake turns in to a disaster.
Are the Vendors Ready?
Always make sure that your vendors are ready to supply you long before the doors open. The worst thing that can happen is a product shortage on opening day, so make sure that you are in contact with your vendors at least a week beforehand and have your stock on hand at least forty-eight hours before opening if at all possible.
From errors and omissions insurance to vendor readiness, from rental agreements to marketing plans, a good business owner should be completely prepared before announcing that he or she is open for business. No matter what kind of business you own, remembering to account for these four major points will make your life a great deal easier.
