190: How to setup a business for under $1,000
Most people think that setting up a business is an expensive endeavor, that is going to require thousands up thousands of dollars, when the reality is that businesses can be setup quickly these days, and often for under $1,000!
Today I’m reviewing the book “How to setup a business for under $1,000” by Dan Fleyshman, and going through the 30 point checklist to make sure you don’t forget anything, and that you don’t spend any additional money unnecessarily.
Very importantly, you must ensure that you have an MVP. This is a minimum viable product, with which you can test assumptions, make sure it works, and find out whether people are actually willing to buy it!
So if you’ve ever wanted to start a business, but thought it would simply cost too much money, this episode is for you! Take notes, and follow the 30 step outlined below to make sure you don’t waste money and have all your bases covered, so that your business can be off to the right start!
The 30 Point Checklist
- Have a great idea
- Come up with a memorable easy to spell business name
- Research the overall industry
- Figure out how much it’s going to cost to start and operate
- Ask Friends and associates what they think
- Determine how you will finance each stage
- Write down an executive summary
- Write down the business plan
- Register your website business domain name
- Register the name across all social platforms
- Fill out the same bio on all social platforms
- File for the correct legal structure
- Do your SWAT analysis
- Register a business name
- Get a tax identification number
- Register for state and locals taxes
- Open a bank account
- Obtain business licenses and permits
- Search and apply for trademarks and patents where applicable
- Build a website
- Make letter heads, etc
- Setup payment processor
- Setup accounting system
- Search for conventions, tradeshows, etc
- Find business vendors, suppliers, etc
- Look for a business mentor
- Refine your pitch
- Prepare your marketing plan
- Scream from the mountain-tops about your plan to get people to support you
- Sell, sell, sell!
“How to Setup Your Business for Under $1,000 Dollars” by Dan Fleyshman