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Business Start-Up Checklist: 5 Ideas to Consider in 2023

Business start-up checklist

Are you ready to turn your entrepreneurial dreams into reality? Starting a new business can be an exciting and rewarding endeavor, but it’s important to have a solid plan in place to ensure your venture’s success. That’s where a Business Start-Up Checklist comes into play. In this blog, we’ll guide you through the essential steps and key considerations you need to address when launching your own business. Whether you’re a seasoned entrepreneur or a first-time business owner, this checklist will help you stay organized and on track as you embark on your entrepreneurial journey. Let’s get starte

What Does A Startup Business Mean?

A startup is a company or organisation in its early stages, typically characterised by high uncertainty and risk. Most startups begin with an idea for a product or service they think people want to buy. To validate this idea and turn it into a successful business, startups need to do three things:

1) build a minimum viable product (MVP) that provides the core value proposition of the business,

2) attract early adopters who are willing to try the MVP and give feedback; and

3) learn from these early adopters to improve the MVP and grow the business.

Business Start-Up Checklist: 5 Low Investment Startup Business Ideas

Many believe starting a business requires a significant investment, but that is always the case. Today, we will explore five low-investment business ideas you can start with minimal costs.

Dropshipping

One of the best low-investment business ideas is dropshipping. Dropshipping is a business model that allows you to sell products without buying and storing inventory. Instead, you work with a supplier who ships the products directly to your customers. This eliminates the need for storage space, which can be expensive. You can start dropshipping through various platforms such as Shopify, Amazon, and eBay.

Homemade Products

Another low-cost idea is selling homemade products. With the rising interest in organic and natural products, there is a growing consumer market for homemade products, especially those with a personal touch. For instance, handmade soap is always in demand, and you can easily make it from the comfort of your home. The monthly search volume for bath bombs is 144,342 on Amazon and 99,076 for soap, which proves their popularity and demand.

If you’re artistic, consider selling your creations, such as paintings, drawings, and sculptures. You can sell your art online through websites like Etsy or in person at art fairs and markets.

Online Tutoring

If you want to become an online tutor, starting your own business requires planning and hard work. On average, online tutoring jobs typically pay $30 per hour, with advanced subjects such as SAT Prep or calculus paying up to $50 or $60 per hour. Successful online tutors can make as much as $120,000 annually, depending on their work hours. You can also start selling your online tutoring course to e-learning sites like Udemy, Coursera, and Skillshare.

Coffee Shop/Tea Salon

Starting a coffee shop or tea salon requires minimal investment, and you can begin by renting a small space or sharing a location with another business. You can find plenty of resources for entrepreneurs looking to start a coffee shop or tea salon online.

We encourage you to offer a range of blends and flavours and introduce hand-painted designs on furniture. This will add a unique aura to your salon and attract new customers looking for something different. And don’t forget tea is the second-most popular drink worldwide, making it an excellent option to complement your coffee offerings.

Socks Business

Creating stylish and comfortable socks that appeal to customers is the key to success in this business. The best part is that you only need a little startup capital. You can source high-quality socks from wholesale suppliers and add your unique touch to the design.

You can also create custom socks for special occasions like weddings or corporate events. The sock business is a promising opportunity for entrepreneurs seeking a low-cost, high-profit venture.

Business start-up checklist for to Start a Business

When starting a business, there are numerous things that an individual has to go through to ensure that their business is set up for success. The process can be overwhelming, from planning and financing to legal requirements and administrative tasks. We want to make the process easy for you. So here are essential requirements you need to consider when starting your own business.

Develop a Business Idea

Starting a successful business begins with a great idea. You can get inspiration from a hobby or interest, identify a need in the market, or find a way to improve upon an existing product or service.

Write a Business Plan

A business plan is a roadmap for your business that outlines your goals, strategies, and financial projections. This document will help secure funding from investors or lenders and guide you in making decisions.

Choose a Business Structure

You must choose a  legal business structure, such as a sole proprietorship, partnership, LLC, or corporation. Each structure has advantages and disadvantages regarding liability, taxes, and management.

Register Your Business

Register your business with your state or local government and obtain the necessary licenses and permits. Don’t forget to secure the IRS  federal tax ID number.

Fund Your Business

Depending on the nature and scope of your business, you may need to secure funding from investors, loans, or grants. You can also bootstrap your business using your savings or revenue from early sales.

Set Up Your Workspace

Consider the type of workspace you’ll need for your business. Will you require a physical office, a retail space, or a dedicated corner of your home? Once you’ve decided on the type of space you’ll need, choose what kind of furniture and accessories you need to set up your workspace in the right mood.

Keep Records

Always keep accurate records of your finances, including income, expenses, and taxes. This will be vital for tax purposes and evaluating the financial health of your business. You should keep company documents, tax filings, and financial statements for at least three years.

Build Your Brand

Your brand is how customers perceive your business and communicate through your logo, website, social media, and other marketing materials. So, spend time and give the effort to develop a brand message and build your loyal audience.

Conclusion

We hope you have a clear idea about startup businesses and how to start your own. We know the process is challenging and stressful, but you can navigate it successfully with the proper support. ABM Chartered Certified Accountants is here to provide you with that support.

We can also help you with business compliance, tax, and administration, allowing you to focus on your business operations. Contact us today to learn more about how we can help turn your business dreams into a reality.

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