Florida's Business Start Checklist

Determine "Should I Start?"
For quick, free online information about your opportunity, make sure to visit ShouldIStart.com. For free, local, confidential, face-to-face assistance and training in determining the economic viabilty of your concept (and for almost anything else concerning your business), visit the experts at the Florida Small Business Development Center Network.

Evaluate State Business and Professional License Requirements
The State of Florida regulates some industries and professionals. To see if your profession is regulated, visit MyFlorida.com.

Choose a Business Name
When choosing a Business Name, you will want to check to see if the name is currently in use, via search engines, the US Patent and Trademark Office filings database and the State of Florida entity name registration database.

Draft a Business Plan
A business plan aids you in determining the economic viability of your concept, and can be used for securing financing, planning growth, or generally communicating your business opportunity. Click to show/hide our business plan outline
The Business Plan
Goal is to provide:
1. A market exists for your product and/or service that will allow you to acheive a profit,
2. You are well positioned to make a profit from this market, and
3. Your financial projections are reasonable and in-line with your assumptions from numbers 1 & 2.
Resources:

Small Business Association | http://www.sba.gov/starting_business/planning/writingplan.html
Executive Summary
Goal is to provide:
1. A focused summary of the plan, and
2. Specific identification of the goals of the new venture at this point (including financing).
Notes: Write the executive summary last.

Checklist:

_____ Identify the market opportunity, marketing strategy, and the company's unique offering.
_____ Identify the management team's relevant experience and accomplishments.
_____ Specify the financial goals of the business in terms of sales and profit margins.
_____ Specify funds required, how the money will be used, and how funds will be obtained.
New Venture Concept Statement (Business Description)
Goal is to provide:
1. A general overview of the new organization, and
2. Basic information relevant to understanding the business.
Notes: If the information is longer than a page, summarize it and put the rest in the appendix.

Checklist:

_____ Describe the strategic items the firm has already accomplished.
_____ Identify key goals outstanding and outline when they will be accomplished.
_____ Address legal structure, protection of intellectual property and any other legal arrangements.
_____ Address liability and security issues, insurance requirements & coverage.
_____ Identify the majority owners of the business and their ownership interests.
Products & Services
Goal is to provide:
1. A reason why your product/service will stand out in the market, and
2. Information pertinent to understanding your product/service.
Checklist:

_____ Describe the products and/or services, including unique features and their benefits to the user.
_____ List the requirements from regulatory agencies and any proprietary protections.
_____ List critical and backup suppliers and subcontractors.
_____ Address the raw material, inventory and equipment needs.
_____ Address the research and development requirements. (if applicable)
Management Team
Goal is to provide:
1. Who will lead the organization, and in what capacity, and
2. Establish complete credibility and ability of these leaders.
Checklist:

_____ List key management positions, salaries, benefits and individuals expected to fill each position.
_____ Sell each person’s related experience and accomplishments.
_____ List the key advisors and their contact information.
_____ List personnel requirements, salaries, costs and responsibilities assigned to each position.
_____ Provide explanation of how deficiencies will be overcome.
Organization & Operating Procedures
Goal is to provide:
1. Organizational, personnel, and operating goals and measures, and
2. An understanding of the flow of cash in, through, and out of the organization.
Checklist:

___ Provide a detailed list of key activities and operational goals with a timeline.
___ Detail the risk factors that are critical to success.
___ Discuss the contingency plans for risk mitigation [Sales Goals not be Reached, etc.].
___ Address any anticipated future changes in business strategies.
___ Address how the business will move into future.
Marketing Plan
Goal is to provide:
1. The proposed target market(s) of the venture,
2. An overview of the competitive environment,
3. The pricing strategy of the organization,
4. The promotional and advertising plans, and
5. How sales will be managed.
Checklist:

_____ Address industry, size, trends, seasonality and existing distribution networks.
_____ Identify target markets by profile, their size and geographic locations.
_____ Identify major competitors and addresses their strengths and weaknesses versus your company.
_____ Address advertising, promotion, pricing, packaging, warranties and guarantees (include a budget).
_____ Address the sales process, terms, and methods for obtaining customer satisfaction information.

General Resources:

Enterprise Florida | http://www.eflorida.com
Fishkind & Associates - Econocast | http://www.fishkind.com/msaindex.html
Florida-Business-Data.com | http://www.florida-business-data.com
Verizon SuperPages | http://www.superpages.com
AnyWho - Find a Toll-Free Number | http://www.anywho.com/tf.html
InfoSpace - Company Websites | http://www.infospace.com/info/bizweb.htm
Financial Plan & Projections
Goal is to provide:
1. Financial goals and needs of the organization,
2. Contingency plans for unexpected/unmet factors, and
3. Reasonable financial projections.
Checklist:

_____ Specify the financial goals of the business, the financial risks and the strategies for their mitigation.
_____ Detail how funding required, how the money will be used, and how funds will be obtained.
_____ Addresses the return on investment, repayment of loans, and the exit strategy for investors.
_____ Show the 3 to 5 year summary financial projections and detail any major assumptions.

Resources:

Benchmarking
BizStats.com Financial Benchmarking | http://www.bizstats.com
Financial Calculators | http://www.dinkytown.net
Appendix
Goal is to provide:
1. Additional relevant information not located within the parameters of the plan, and
2. Support documents referred to within the plan.
Checklist:

_____ Include monthly financial projections and any additional supporting materials
_____ Include a complete equipment list
_____ Include any sample advertising, including brochures
_____ Include the owners’ resumes
_____ Include additional Industry/Market Research information

Select a Legal Structure
To best determine the most advantageous legal structure for your firm, you may wish to visit the US Small Business Administration, or Download the BizFilings Business Entity Comparison Table

Develop Internal Agreements
If more than one person will be involved in the ownership and management of the firm, or if you are developing a corporation, it is recommended that you seek legal advice in the development of internal agreements. For samples, visit http://www.ilrg.com/forms/

File with the State of Florida
All legal entities, except sole proprietors operating under their owner's full legal names, must file with the State of Florida at SunBiz.org. You may also wish to visit BizFilings.com or your trusted legal advisor for professional filing assistance. A Fictitious Name Registration is also required of individuals who do business under any name other than either their full, legal personal name or a properly registered corporate name, partmership, trademark, service mark or limited liability company. If yhour firm will be collecting taxes for, or remitting taxes to, the State of Florida, you will additionally need to file Form DR-1 at MyFloirda.com/dor.

File with the IRS
It is recommended that all Florida business file for a free EIN number with the IRS. If your corporation or LLC will be electing to be taxed as a S-Corporation, you will make this election with the IRS as well, using Form 8832 (pdf document - to elect to be taxed as a corporation) and Form 2553 (pdf document - to elect to be taxed as an S Corporation).

File with local Tax Collectors
Most Florida Counties and Cities mandate an Occupational Tax for the privlege of locating your business within their limits. To see if your county requires such a tax, visit FloridaTaxCollectors.com. To learn if your city requires the tax, visit MyFlorida.com/cities/.

Establish Financial Relationships
As soon as possible, open your firm's bank account, apply for initial funding, and set up your accounting system. Even if no additional funds are required to start your business, it is recommended that you apply for a line of credit or credit card as a precautionary measure. If you are seeking grants, have a concept that provides a social good above and beyond your personal ethnicity, race, or sex, please visit The Catalog of Federal Domestic Assistance, Grants.gov, The SBA Grant Page, or The SBA Office of Technology SBIR/STTR Homepage.

Protect your Business
There are several protective measures that you can take for your business. First, make sure to copyright any original works of authorship (books, drawings, designs, etc.), trademark any branded names used, and patent any inventions. Also, to protect yourself from any potential litigation, you may wish to seek out business insurance.

Hire Employees
Hiring employees is often a major step for a new firm, and can lead to uncertainty to the owner in a number of areas. To investigate average pay per position, visit WhatPeopleAreAsking.com. To learn about current Worker's Compensation requirements, visit FLDFS.com/WC/. To report a new employee to the State of Floirda, visit FL-NewHire.com.