As a new small-business owner, you may be wondering where to start. Here's a checklist of the major business startup tasks.
Marketing
- Conduct marketplace research
- Evaluate your business potential (See the article in this issue.)
- Scope out the competition
- Identify three specific client target markets (For how-to, see "Target Market Analysis" in futureLMT.com Issue 4.)
- Choose a business name (might simply be your name)
- Join a networking group before graduation
- Design and print marketing materials (For help with this, see "Compelling Collateral" in futureLMT.com Issue 4.)
- Send press releases and announcements about your business opening to local newspapers and community publications
- 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 (To create a vanity phone number, visit www.phonespell.org.)
- Find a location
- Design or update the office layout
- Obtain any required licenses and permits
- Purchase appropriate insurance coverage
- If you plan to have employees, apply for your Federal Employer Identification Number (Start here: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html.)
- Purchase equipment, furniture, supplies and office sign
Finances and Legal
- Project your startup costs (For how-to, see futureLMT.com Issue 2)
- Create a budget
- Finalize startup financing (For help, see futureLMT.com Issue 2)
- 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