1)Business Plan: Any new business must make a business plan so that it is understood what is required to get your business started, what your intentions are for the future and your expectations. The costs you are likely to face and the funds you have to deal with all the required financial concerns. Your business plan should look to the future, perhaps with a 1 year, 5 year and 10 year outline of what your business expects to achieve within that period. If you are required to obtain funds to start your business you will be required to provide a business plan to the Lending institution and this also shows your commitment and thought processes for your intended business and its success.
2) Bank Account: You need to ensure you open a business account only for your business income and expenses. If you do not use this account for all your business related expenditure and income many times you will find that the income has not gone into the business and yet all the expenses are coming out of the business. This is often the reason why many businesses do not succeed.
3) Insurance: Ensure that you have all the required insurances to cover the operation of your business and the employees you have relating to the business. You need to consider coverage for insurance for your employees themselves as well as any property insurance such as vehicles left on your premises and also any liability issues that you can obtain insurance coverage for.
4) License: Make sure that you check with all regulating authorities that you have the correct licenses and all of your staff fulfills all required criteria before you start off with your business. You do not want to outlay all your start up costs only to find you missed a simple step such as a permit that you may be required to have and you are shut down for the offence or required to pay huge fees.
5) Advertising & Promotion: Make sure that you have an allowance in your estimated costs for sufficient advertising and promotion. Once your business is open you want everyone to be able to find you so make sure that you have allowed a budget sufficient to cover your advertising and branding promotion for a minimum 3 month period if not for the entire year.