Startup Resources: Completing your Startup Checklist

By Fernando Berrocal




If you're a first-time entrepreneur in this crowded startup world, you're probably using one of the many checklists for brand-new Startups available on the world wide web. When you've never started a business before, these are great resources available on the internet that can help you, but you've probably noticed that all of them are very different from each other. So, which option should you take into account for your newly developed business?


You might create your new checklist based on elements you've seen on other already created startup develop checklists, but there are a few items that are frequently left off in most of them, and you'll eventually find out why it’s that.


Don't Forget About That Critical Federal EIN:  You'll also need to file for and receive a Federal Employer Identification Number (EIN) early on if you want to conduct business in the United States. This is how the Internal Revenue Service (IRS) will eventually tax you, and it'll also be necessary for other tasks you'll need to do before opening your new business.



Startup Checklist

 

 

Checking Accounts for Small Businesses: This is one of those things that gets missed in the mix all the time. On most lists, you'll be notified that you must choose whatever type of entity you want to register, such as Partnership, Sole Proprietorship, Limited Liability Company (LLC), and an S - Corporation or Corporation.


Then you apply for the aforementioned Federal Employer Identification Number. You may now open a Small Business Checking Account with a registered business and an Employer Identification Number. When beginning a new organization, it's all too common for an entrepreneur to pay for things from their own pockets, frequently neglecting to register a business account before launch. Once you've registered your firm to do business in the United States, mixing money won't go over well.


Find and Develop a Relationship with a Mentor: One factor that many entrepreneurs underestimate is the value of having a mentor. This doesn't have to be someone in your industry or area of specialization; it should be someone who has shown the ability to build a business from the ground up.


You can rely on an experienced business owner to assist you in preparing for the inevitable setbacks that every new entrepreneur experiences. It would be untruthful to suggest that you will not experience challenges. It's something that every business, big or small and in any type of industry, can expect, and the sooner you embrace that uncomfortable reality, the simpler it will be to overcome those minor annoyances. This is where a mentor may assist you.




Startup Checklist

 

 

Most startup checklists will include guidance on hiring staff, selecting the type of business to register, and choosing how and where to situate your new business. Unfortunately, a large number of them are authored by well-known business owners. These are just a few of the elements you may want to include in your startup checklist, and each one will assist you in getting off to a good start and having a bright future.


Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.


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