Once you’ve taken the plunge, a certain succession of steps should be taken to build a solid foundation for your new startup business. Ideally, by the time you’re reading this article, you’ve already chosen what product or service you want to provide, after a careful analysis of the current market conditions. If not, consult our section on small business ideas to help you build your own profitable venture.

Once you’ve established that your small business idea is viable, the time has come to move forward with setting up the formalities. In a past post I gave you some quick fire tips on setting up your enterprise. I’ll now further discuss how to create your own small business startup checklist. A more detailed summary is below:

Pick a business name – and get it registered

This is the first step of the small business startup process that is exciting and fun! Get creative – your business name should be simple, catchy, and memorable, and it should sound like you. Remember, this is how the entire world will view your company, and you want to ensure that your name exudes your branding strategy and is easy to remember.

For example, Kodak’s name was created because the original founder read about a study that said the most memorable business names started with the letter ‘k.’ For good measure, he ended his company’s name with the letter ‘k’ as well!

Once you’ve picked the perfect name for your business, consider getting it registered right away. The costs are minimal – generally no more than a few hundred dollars – and it protects you, just in case someone else comes up with the same brilliant business title that you did.

Create a business plan

You need to clearly define what you’re trying to accomplish, and what earmarks will tell you that you’re moving toward your goals. Decide what success will mean for your business, and give yourself a deadline. Refer to this often, so that you know you’re continually staying on track. Remember, those that fail to plan, plan to fail - a business plan is of vital importance.

Establish a relationship with a bank you like

You want to keep your personal funds separate from your startup business finance. Create an account at a bank you have perhaps used before or comes recommended right off the bat. Do some research, and determine what type of small business bank account fits your needs. A good bank will want to establish a long term relationship with you as your business grows, and will work to do just that from the first. Keep in mind that your bank may be the biggest investor in your startup enterprise – and the earlier you can start relations, the better.

Develop your marketing strategy

Even the “best” product or service in the world will fail without marketing. Making consumers aware of your business is the biggest hurdle in growing your revenues. Create a solid marketing strategy long before you open the doors. Your marketing plan should include several elements: market psychology, target customer, and overcoming competitor strengths.

If your budget is limited, be creative in how you can reach your target audience. With the popularity of the Internet, there are plentiful ways to reach large amounts of customers that are very affordable. For example, you could start a blog, join a forum, or write articles in the industry – all these marketing avenues are essentially “free,” yet introduces you to the world of your target customers.

Establish your prices

Conduct market research to determine what the going rate for your product or service is, and establish your own prices accordingly. Consider what your branding strategy is. Are you positioning yourself as the “luxury” provider, and thus, will have higher prices? Or will you undercut the market rate and position your company as the “budget-friendly” company? Remember, the key is to ensure that your branding is in line with your pricing.

Network with other professionals

Attend events within your community that give you a chance to network with potentially valuable business contacts. Join the board of a charity you care about, or even host a networking event yourself in celebration of your business’s launch. Word of mouth still remains the most powerful form of advertising, exchange business cards whenever possible. You never know when an important business contact may become a powerful asset to your company.

Consult with a lawyer (if necessary)

If any of the legal aspects of establishing your small business startup seems confusing or dense, don’t hesitate to consult with a lawyer. Even if the legal fees may seem expensive, they will often offer a consultation for free, and in the long run, they can be worth every penny that you may have to pay.

Build your team

Your business is only as powerful as the talent that works within it. Recruiting talented individuals for your business creates the solid foundation that will allow it to reach its full revenues potential. However, if your startup funding is limited, you may not have an opportunity to take on employees. Nonetheless, there are many freelance independent contractors you can hire. You benefit from their specialty, but only have to pay them when you need them – making it a win-win situation for your company.

Once you’ve reached the point that you’re able and looking to hire, recruit the best talent you can find and afford - Your small business startup will thank you!