1 YEAR BEFORE OPENING YOUR DOORS

Choose the right business for you:
1. Use a  notebook and clip articles in information about what interests you
2. List businesses that appeal to you
3. Compare your choices against your experience
4. Review impact on personal and family goals and lifestyle 

5. Get a subscription to "StartUp Magazine" - $12/year

Test your assumptions:
1. Visit businesses that interest you, 
2. Check out trade publications (Use Encyclopedia of Associations at your local library)
3. Discuss idea with family and friends - a lot!
4. Get basic Small Business Administration (www.sba.gov) literature

Improve your business management skills:
1 - Take a pre-business workshop (Start Your Business Right, or contact the SCORE/SBDC office nearest you - click here for their web sites link)
2. Check out local business programs at your Community College, Adult Education Classes.

6 MONTHS BEFORE OPENING YOUR DOORS

Determine what business you will be in:
1. Know what products/services you will offer
2. List strongest competitors in your market area
3. Visit businesses similar to yours - in and out of your competitive range
4. Start writing your business plan

Decide who your customers should be:
1. Interview prospective customers/target market
2. Determine your competition's target market

3. Build a detailed demographic description of your customer

3. Talk with trade sources and advisors

Know your industry thoroughly:
1. Conduct research at library
2. Contact trade associations
3. Seek a Coach to help you be accountable for your plan (Small Business Development Centers and SCORE provide free counselors)
4. Maintain your notebook

Find best locations for your business:
1. Get demographic information from planning commission,  library
2. Talk with Realtors, bankers and Chamber of Commerce
3. Research trade association's site suggestions
4. Check locations for fit with image, clientele
5.  If homebased, check zoning and regulations

4  MONTHS BEFORE OPENING YOUR DOORS

Decide best location for business:
1. Weigh costs - direct and indirect
2. Review lease with lawyer before signing

Establish business contacts:
1.  Join a Chamber of Commerce
2.  Join a networking organization (ie:  Business Network International BNI)
3.  Join a specialty organization (ie: Women's Entrepreneurial Network - WEN)
4.  Join trade organization

Expand your own information base:
1. Take business skills courses
2. Make appointments with professional advisors

Choose proper business form:
1. Consult lawyer and accountant
2. Determine office equipment needs

3 MONTHS BEFORE OPENING YOUR DOORS

Establish rough Financial objectives:
1. Get industry statistics (Robert Morris Annual Statement Studies or Dunn and Bradstreet are library sources)
2. Ask banker and accountant for their recommendations

If outside bank funding is needed, start it now:
1. Get a loan package from banker
2. Complete Business Plan with financial information (see below)
3. Submit to banker when complete

Establish pricing strategies:
1. Check current market
2. Figure your probable costs
3. Look for ways to increase perceived value
4. Check with trade sources
5. Include all costs in projections including your compensation

Prepare marketing plan:
1. Update competitor files
2. Review non-financial objectives
3. Review sales forecast
4. Determine image, PR, other promotion plans

Establish a rational sales forecast:

Establish personnel plan:
1. Prepare list of jobs and job descriptions
2. Research salary levels

Determine capital needs:
1. List needed equipment, building, inventory, etc. you will need for opening day
2. Prepare cash flow projections
3. Review cash flow

Prepare income statements and balance sheets

Prepare personal Financial statement
Select your business' name:
1. Make a list of possible names
2. Have list reviewed by outside advisors
3. Choose name
4. File fictitious name registration or trade name registration

2  MONTHS BEFORE OPENING YOUR DOORS

Establish banking relationship to secure Financing:
1. Set up appointment with banker
2. Review business plan and financial information with banker

Prepare for opening
1. Open bank accounts
2. Make arrangements for accepting credit cards
3. Meet with insurance agent to secure coverage
4. Get ID numbers (EIN, sales tax)
5. Set up bookkeeping system
6. Take IRS seminar
7. Order opening inventory
8. Establish advertising and promotion plans
9. Schedule leasehold improvements

Start hiring the right people:
1. Prepare job descriptions
2. Seek applicants; place ads
3. Begin hiring and training

1 MONTH BEFORE OPENING YOUR DOORS

Make sure all systems are working:
1. Fine-tune financial statements
2. Set up office, display, sales
3. Make final legal and licensing check
4. Check all utilities, improvements, etc.

Get ready for opening:
1. Send announcements
2. Implement plans for promotion

Copyright 2000 Linda Lucas Fayerweather

This content may be copied in full, with copyright information intact, without specific permission, when used in a not-for-profit format.  If other use is desired, permission in writing from Coach Fayerweather is required. mailto: lindafay@lindafay.com.