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Choose a business based on your skills and interests
Research the business idea
What is the product or service you will sell
Is it legal or are there any legal issues related to it
What laws do you need to comply with
Who are your customers – will they buy your product/service and how often
Are you willing to do what it takes to sell the product
What will it cost to produce, advertise, sell & deliver your product/service
Can you make a profit – be realistic with your numbers!
How long will it take to make a profit – most people underestimate the timeframe
Who is your competition
Choose a business name
Research and Verify the right to use the name
Google the proposed name and see what’s out there
Check AZ Corporation Commission - Check Name Availability.
Check US Patent and Trademark Office
See if the business name is available as a domain name
Reserve the name with the AZ Corporation Commission or file a tradename with the AZ Secretary of State
Register the domain name
Write a business plan
Decide which business structure will work best for your business and form it
Open a company bank account
Establish relationship with your banker
Obtain adequate and reliable financing
Establish relationship with strategic advising team, including attorney, accountant, insurance agent, marketing and PR, web designer, financial planner, etc.
Choose a location for your business
Check zoning laws and requirements for your business
Talk to the Economic Development department in the cities in which you want to operate your business
Order equipment, supplies and inventory
Obtain signage for the business
Obtain business licenses and permits
Examples of Licenses/Permits: EIN, Arizona State tax id number, Arizona state and local jurisdiction transaction privilege tax license (if required for your business), unemployment withholding, city license, county taxes, etc.
Set up an Accounting and Record Keeping System
Lean how to use technology to streamline your business operations
Obtain business insurance – work with business agent to understand your risks and which coverages are appropriate for your business
Obtain health and disability insurance
Obtain workers compensation insurance if you hire employees
Systemize and organize – create your business processes
Develop a marketing plan – create your brand and business identity
Design business cards, stationary, invoices, etc
Design a web site
Protect your intellectual property
Register your trademarks with the state or US Patent and Trademark office
Register copyrights
Apply for patents
Hire employees or contractors
Hire a payroll company to handle your payroll if you have employees
Network at business events and get the word out about your business
Join a Chamber of Commerce and get involved in the community
Hold a Grand Opening to celebrate the opening of your business
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