Resources - Chapter 10 Supplement

Business Startup Checklist

As a new small business owner, you may be wondering where to start. Here's a checklist for the major business start-up tasks.

Marketing

• Conduct marketplace research.
• Evaluate your business potential
• Scope out the competition.
• Identify three specific client target markets.
• Choose a business name (might simply be your name).
• Join a networking group before graduation.
• Design and print marketing materials.
• Send out press releases and announcements about your business opening.
• Send letters to your school clinic clients inviting them to continue working with you.after graduation.
• Schedule an open house.

Operations

• Determine the city where you want to practice.
• Develop a business plan.
• Establish your support system of advisors and mentors.
• Reserve a business telephone number.
• Find a location.
• Design or update the office layout.
• Obtain any required licenses and permits.
• Purchase appropriate insurance coverage.
• Apply for your Federal Employer Identification Number (if you plan to have employees).
• Purchase equipment, furniture, supplies and office sign.

Finances and Legal

• Project your startup costs.
• Create a budget.
• Finalize startup financing.
• Select a legal status (most massage therapists start out as sole proprietors).
• Open a business checking account
• Decide which products you want to carry and establish accounts with vendors.
• Determine your fee schedule.
• Set up a merchant account to take credit card payments.
• Set up your bookkeeping system.
• Review tax requirements with your accountant.