Business

Here’s a Checklist to Open Your Small Business

Published

3 years ago

March 14, 2022

Congratulations on taking the bold step to start a new business! All things considered, creating your own business allows you to achieve a work-life balance. However, it is sometimes easier said than done. Because of the challenges involved, many business owners agree that the first year is challenging. Nevertheless, that shouldn’t discourage you from starting.

With this in mind, this guide acts as your checklist to open a small business. It’ll help you prepare thoroughly at the start and build your brand along the way to enhance your success rates.

1. Choose Your Business Idea

The first thing in your checklist to open a small business is to decide what you want to do with your business. What services or products do you want to offer your target audience? Additionally, ask yourself if the idea is profitable and whether it’ll keep you in business for long.

2. Conduct a Feasibility Test

Undoubtedly, the best way to find out the viability of your business idea is to do a feasibility study. In other words, you need to do market research to gather facts and figures. These will come in handy in helping you make an informed decision depending on the following:

Industry: What is happening in the entire world of the particular type of business you want to start?
Market: Determine the total population of consumers or businesses currently using the product or service you hope to offer.
Customers: Who will be your clients to buy your product or service?
Competition: How many other companies sell the same product or service? Why would customers choose your business over others?

3. Write Your Business Plan

Create a business plan once you have your facts and figures on paper. It’s a map that helps you determine the direction your business will take, how to overcome difficulties, and what to do to sustain the business. While 70% of business owners recommend drafting a business plan, 13% of entrepreneurs think it’s unnecessary, but this isn’t true. Indeed, creating a business plan can be a daunting task. Nonetheless, the good thing is that you’ve already captured most items in the steps above.

Remember that your first business plan isn’t the final copy. You’ll need to keep revising it as your business grows and learn more about your market.

4. Determine How Much Money You Need to Start

The next thing in your checklist to open a small business is startup costs. Whether you’re self-funding your business or working with investors, you need to determine your startup costs. Therefore, you need to map out all your anticipated costs like hiring and setting up the business premise. Further, consider the expenses of stocking up your business, hiring employees, and getting the right office equipment.

You also must establish how your cash flow should look each month to keep the business running. Think of the salaries, workers’ compensation insurance, health insurance, liability insurance, and other finance-related business needs like utilities and business taxes.

5. Create and Register a Business Name

Once you’re sure you have the funds to start you off, choose an appropriate business name and register it, depending on whether it’s valid. For example, it should not be similar to an existing and registered business name and should fall within the parameters of a business name in your region.

An expert can help you choose a business name, decide the business structure, create a logo, and register the business. Registration requirements vary depending on whether it’s a sole proprietorship, partnership, or a limited liability company.

With the business name registered, you’re ready to set up your business in the desired location and hire employees. Equally, you must get a business bank account, and set up your accounting systems. Also, apply for a social security number, buy business insurance, and get an employer identification number.

Similarly, don’t forget to apply for business permits and licenses as determined by your zoning laws. The Small Business Administration (SBA) can help you acquire business licenses and permits.

6. Brand Yourself and Get the Word Out

At this juncture, you want to attract customers and start doing business. Thus, your startup checklist isn’t complete without a marketing plan. Every business should have a website where it promotes its products and services. However, beyond having a website, consider other forms of marketing, including:

Online ads on popular websites and social media platforms like LinkedIn
Print advertising on magazines, newspapers, or business cards
Networking with like-minded small business owners or attending business events in your community
Digital signage advertising that allows you to communicate directly with your target audience. Your options include setting up digital kiosks, video walls, LED walls, and LED billboards.
Asking for referrals from your customers through social media or word of mouth.

Final Thoughts

Putting up a business is no easy feat, but that doesn’t mean it’s impossible. A lot goes into it to ensure you do it right. The above checklist to open a small business gives you valuable tips to get you started. We hope it helps you find your way to building a successful business.

Business

Michella Filipowitz: Shaping a Future of Inclusion for Children with Disabilities

Published

1 day ago

September 15, 2024

Rosario Farell

Michella Filipowitz, a prominent model, business leader, and philanthropist, has dedicated her life to advocating for children with disabilities. Her personal story, shaped by her experiences as the mother of a child with autism, has driven her passion to build a more inclusive world where differences are not just accepted but celebrated.

Michella’s journey took a transformative turn when she became a single mother at the age of 23. Shortly after, her son, Benjamin, was diagnosed with autism at the age of three. “It was an unexpected and overwhelming moment,” Michella recalls. “No one in my family had dealt with anything like this before, but with my mother’s guidance, I was able to see Benjamin’s diagnosis not as a burden, but as a new way of understanding the world.”

Benjamin’s condition is categorized as a hidden disability. Though it’s not always obvious to others, his challenges—such as delayed speech—affect his everyday experiences. “It was difficult to watch him struggle while other kids seemed to develop so naturally,” Michella shares. “It made me realize how often children with disabilities are left out or misunderstood.”

This realization sparked a new mission for Michella: to create a world where children like Benjamin are given the same opportunities as their peers. “I knew I had to be part of the solution,” she says. “Our differences are what make us unique, and we should be embracing that, not hiding from it.”

Michella is also keenly aware of how quickly people judge others based on outward appearances. “We live in a time where everything is so public and visible, but that doesn’t mean we know the whole story,” she explains. “It’s important to have empathy and not make assumptions.”

Her advocacy work has centered on changing how schools and communities treat children with disabilities. Too often, children like Benjamin are segregated in special schools, which can further isolate them. Michella believes this approach is flawed. “Children with disabilities need to learn alongside their peers,” she says. “Only then can they grow up understanding that differences are normal, not something to be avoided.”

Her vision is clear: an education system where children of all abilities are taught together, learning to respect one another from an early age. “If we can instill the values of acceptance and understanding in kids while they’re young, we’ll build a much more inclusive society,” she says.

Michella’s commitment to helping families of children with disabilities goes beyond advocacy. She co-founded the DR Family Foundation with her fiancé to provide critical support to families who are struggling with the high costs of therapies, treatments, and education. “As a single mother, I know firsthand how overwhelming it can be,” she explains. “That’s why I wanted to help other families get the resources they need.”

The DR Family Foundation has already made a significant difference, helping families cover school expenses and other essential costs. The foundation’s next big initiative is creating a home for children from difficult backgrounds, offering them a safe and nurturing space where they can thrive. “It’s not just about providing shelter,” Michella says. “It’s about building a community where these children feel loved and supported.”

Reflecting on her journey with Benjamin, Michella speaks with gratitude. “He’s shown me that what others might see as a challenge is actually his strength,” she says. “His resilience and uniqueness are what make him so special, and I want to make sure other children have the opportunity to shine in their own way.”

Through her work, Michella envisions a world where children with disabilities are fully included in every aspect of life. She hopes that by advocating for inclusion and providing support through the DR Family Foundation, she can help create a brighter future for these children. “I want parents to know that they’re not alone,” she says. “With the right support, we can give our children the chance to live fulfilling, happy lives.”

Stay connected with Michella Filipowitz and her mission to create a more inclusive society for children with disabilities by following her on Instagram @princessmichella.