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

  1. Have a great idea
  2. Come up with a memorable easy to spell business name
  3. Research the overall industry
  4. Figure out how much it’s going to cost to start and operate
  5. Ask Friends and associates what they think
  6. Determine how you will finance each stage
  7. Write down an executive summary
  8. Write down the business plan
  9. Register your website business domain name
  10. Register the name across all social platforms
  11. Fill out the same bio on all social platforms
  12. File for the correct legal structure
  13. Do your SWAT analysis
  14. Register a business name
  15. Get a tax identification number
  16. Register for state and locals taxes
  17. Open a bank account
  18. Obtain business licenses and permits
  19. Search and apply for trademarks and patents where applicable
  20. Build a website
  21. Make letter heads, etc
  22. Setup payment processor
  23. Setup accounting system
  24. Search for conventions, tradeshows, etc
  25. Find business vendors, suppliers, etc
  26. Look for a business mentor
  27. Refine your pitch
  28. Prepare your marketing plan
  29. Scream from the mountain-tops about your plan to get people to support you
  30. Sell, sell, sell!

Resources

How to Setup Your Business for Under $1,000 Dollars” by Dan Fleyshman