Business Startup Checklist
Business Startup Checklist
Welcome to Atlantic Startup
Welcome to Atlantic Startup, your go-to resource for navigating the exhilarating yet challenging world of entrepreneurship! Whether you are ready to launch a new business, or looking for ways to diversify your revenue streams, our curated advice will serve as your guiding light, providing the necessary guidance and inspiration to help you thrive in your entrepreneurial journey.
Starting a business in Newfoundland and Labrador? Use this checklist to make sure you're covering all the essential steps. Need help with funding or a business plan? Atlantic Startup offers free appointments to guide you through the process!
Business Startup Checklist
1. Planning Your Business
☐ Determine why you want to start a business. The best business ideas line up with something you are passionate about, solves a need in the market, and is connected to your current education and skill set. This sense of purpose will guide you moving forward.
☐ Conduct a SWOT Analysis to identify your strengths (S), weaknesses (W), opportunities (O) and threats (T).
☐ Decide whether you want to provide a product or a service; build an online business or a physical location.
☐ Assess how much capital you have to risk and how long it will last.
☐ Determine if you want the business to be part-time or full-time.
☐ Discuss your plans with a trusted and supportive business advisor.
2. Validating Your Business Idea
☐ Make a list of business ideas that fit your strengths and interests.
☐ Identify similar businesses and think of ways to differentiate from them.
☐ Understand the problem(s) your business will solve.
☐ Define the market you want to pursue and your target customer.
☐ Validate your idea by talking to potential customers about it.
☐ Evaluate how customers solve this problem today, as well as what the competition offers.
☐ Create a quick financial plan, identifying costs and forecasted revenues to see if your investment returns a profit (Return on Investment, ROI).
3. Registering Your Business
☐ Select your business name and search the internet and CADO to make sure it’s not being used in your jurisdiction.
☐ Register a domain name and secure social media profiles for the company.
☐ Register your business with the Canada Revenue Agency (CRA) and obtain Business Number (BN).
☐ Decide on a legal structure: Sole Proprietorship, Partnership, or Corporation.
☐ Apply for necessary provincial and municipal business licenses.
☐ Get your website up and running. For local help, check out Good Cheer Tech Studio.
☐ Establish your company’s accounting plan: select an accounting system, and set up a fiscal year. Hire an accountant if necessary. Check out MP Business Solutions for local help.
☐ Evaluate and select needed insurance policies for your business: liability, workers' compensation, or health insurance. Make sure to connect with Workplace NL once you are operational. You can get a free business quote from Zen Insurance.
☐ Open a business bank account and apply for a business credit card.
☐ Begin networking with pre-marketing materials such as business cards, brochures, and social media posts.
4. Financial Planning
☐ Estimate how long it will take for your business to acquire paying customers.
☐ Itemize your living expenses for the first year and assess where this will come from (apply to the SEA program if you are EI eligible).
☐ Itemize how much capital is required to launch the business and project how long before profitability.
☐ Determine how many months of savings or investment you have to get to breakeven or profit.
☐ If outside investment is required beyond the founders’ savings, complete a business plan and financial applications.
5. Writing Your Business Plan
☐ Complete a Company Overview that includes basic information such as your business description, purpose, mission statement, and a summary of the management team.
☐ Write a Product and/or Service Description section describing your products or services and what problems they solve.
☐ Conduct a Market Analysis that researches local trends, demographics, and market segmentation. Based on your market research, define your target market. This may involve creating an Ideal Customer Profile (ICP), and marketing strategies to reach them.
☐ Describe an Operating Plan for the business, such as operating hours, building requirements, number of employees, key suppliers, and financing requirements.
☐ Create a Marketing and Sales Plan that includes a “Go To Market” or launch plan, pricing, how your business will generate leads, and close new business.
☐ Build a Financial Plan that shows a break-even analysis, projected expenses and revenues, and a cash flow statement for the next 3 years.
☐ Determine your Growth Goals for the next 1, 2,3,5, and 10 years, and what will be required from an operational and financial standpoint to achieve them.
6. Setting Up Operations
☐ Find and secure a business location, even home offices need good design!
☐ Identify any staffing needs and the profile of employees or contractors that fit.
☐ Recruit, interview, hire, and train employees.
☐ Identify and set up any needed technology: POS, email, phones, CRM, billing and payment systems.
☐ Ensure your technology systems are secure for business and customer information.
☐ Depending on the business type, identify and partner with the right suppliers (local is best!)
7. Marketing & Launching Your Business
☐ Develop and refine a brand for your company and its products or services.
☐ Create and fine-tune an Elevator Pitch through conversations with potential customers and your business advisor.
☐ Begin distributing or displaying your marketing materials: shop signs, brochures, online marketing, and banners.
☐ Initiate digital marketing through blogs, emails, social media, and SEO strategies to drive traffic to your website.
☐ Consider hiring a salesperson or marketing coordinator. Determine eligibility for marketing funding.
☐ Create a Google My Business profile and ask customers for reviews to improve SEO.
☐ Let the local business community and public know you are opening.
☐ Utilize Guerrilla Marketing tactics to generate traffic.
☐ Organize an opening day.
8. Sustaining your Business
☐ Keep track of strategies that worked and flopped to finetune your marketing tactics.
☐ Get involved in your local community, donate a portion of your revenues to local charity, attend networking events, and join an industry association.
☐ Ask for referrals and testimonials to build credibility.
☐ Maintain and nurture your repeat business. Remember, it costs 80% less to maintain a current relationship than to develop a new one.
☐ Have fun!!
Help is Available
Starting a business can feel overwhelming, but you don’t have to do it alone! Atlantic Startup is here to help you:
☐ Determine your eligibility for funding and financing.
☐ Apply for funding and financing.
☐ Write your business plan.
☐ Register your business.
☐ Connect you with other local support organizations.
Contact Us
Atlantic Startup is here to simplify the process and help you get the support you need to grow. Reach out to us to learn more about the funding programs and business support available to entrepreneurs based in Newfoundland and Labrador.
Get in touch! We would love to hear from you.
📞 Call: (709) 766-1859
📧 Email: funding@atlanticstartup.com
🗓️ Book a Free Appointment with our Business Advisor.
