Checklist for starting a new business

Starting a new business takes a lot of planning. There’s a lot involved if you want your business to grow and succeed. This checklist for starting a new business will help you get started.

Background work

• Analyze your business idea by doing a SWOT analysis
• Assess your strengths and weaknesses as an entrepreneur
• Establish business and personal goals
• Assess your financial resources and identify potential sources of funds
• Identify the financial risks
• Determine the start-up costs
• Decide on your business location
• Do a thorough market research
• Identify your customers
• Identify your competitors
• Develop a marketing plan

Business transactions

• Select a lawyer and an accountant
• Choose a form of organization (Private Business Corporation, Private Limited Company, for example)
• Create your business (register your company name, incorporate the business, etc.)
• Prepare a business plan
• Select a banker and set up a business checking account
• Apply for business loans and grants (if applicable)
• Establish a line of credit (if possible)
• Select an insurance agent and obtain business insurance

First steps

• Prepare corporate brochures
• Build a website
• Set-up corporate email accounts
• Get business cards
• Obtain a lease
• Line up suppliers (if applicable)
• Get furniture and equipment
• Obtain business licenses or permits (if applicable)
• Register with NSSA to get SSR number (if applicable)
• Register with ZIMRA to get a BP & PAYE number (if applicable)
• Join a professional organization or network
• Choose a starting date
• Prepare and deploy your communication/marketing strategy