Business start up components checklist

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Business Start Up Guide and Checklist

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Business start up components checklist

  1. 1. Business March 17Start UpCheckList 2012(Investor Guide to setting up a new business)Prepared By: [Guide toMilton Onyiromilonyiro@hotmail.com BusinessP.O.BOX 2973-00100 Planning]Nairobi, Kenya
  2. 2. Important Business Start Up Components: A. CHECK LIST FOR ALL NEW START UP / UNIT BUSINESS MODEL:MODEL DESCRIPTION STATUS a. OwnersKey Partners b. Resource they give c. The Function of PartnersKey Activities a. Particular activities under each service that add Value Preposition a. Practice areas also known as -Services /Value to deliver toValue: Offers clientsCustomer a. Customers Expectation and relation/ does the relationshipRelationship exist/CustomerSegment a. Target or classification of customersKey Resources a. What key resources (Expertise) unique services- to offer/to the legal service marketChannel a. How we reach our clients/ Target segment/how do they reach us/ how we are linked to clientsCost Structure a. The Start Up Cost and Operation Cost for the firm a. What clients are willing to payRevenue Stream b. What they currently pay c. How they prefer to pay d. % of expected revenue from clients
  3. 3. B. CHECK LIST FOR LEGAL FIRM PLAN:1. Summary of your plan (one to two pages) Highlighting the following about branch/unit/division/department business a. What is the business? b. What is the market? c. Potential for business d. Forecast profit figures e. How much money is needed? f. Prospects for the investor/lender2. Partners (Management) (as many pages as needed) a. There past employment and business record. Identify achievements, b. The record of other key team working with you.3. The Legal service- Practice Areas (two pages plus an appendix) a. A simple description of key Practice Areas b. Why the law practice areas are unique or distinct. c. Brief survey of the legal services competition. d. How the Legal Service will be developed further,4. Marketing Segmentation (three or four pages with detailed statistics in an appendix) The market: a. Legal service size, its past and future growth. b. Analysis of legal market into sectors; identify sector your business is aimed at. c. Likely customers: who, type (industrial or consumer), size, how they buy. d. Your competitors: who, their size, position in market, likely response to your challenge.5. Selling: a. How you will sell (Internet, direct mail, phone, intermediaries, and so on). b. Who will sell. c. Some idea of your sales pitch (for example, benefits of your Services). d. How you will price.6. Operational details (length depends on nature of business) a. Where you will be based – location, premises. b. Suppliers. c. Operation Service facilities d. Equipment needed. e. Information technology strategy.7. Financial analysis (two to three pages; data in optional appendix) a. Summary of forecasts. b. Monthly profit and loss forecast for two years. c. Profit forecast for further three years.8. The prospects (one or two pages) a. Your objectives – short-term, long-term b. The finance needed and what it is needed for. c. Shareholdings of Key Partners
  4. 4. C. CHECKLIST FOR START DESCRIPTIONS OF CHECK LIST ITEM STATUS ACTION STATUS COMMENT1 Identify Clients by Names2 Asses Risk of Starting Business3 Choose a Name4 Search availability5 Articles of incorporation6 Place to incorporate7 Register your corporations name8 Decide on Legal Structure9 Directors for your corporation10 Corporations by-laws11 Shareholder agreement12 Share Value13 File your corporations articles of incorporation with14 Tax compliant status (optional).15 Bank account for your corporation16 Minute book for your corporations meetings17 Hold your first board of directors meeting18 Issue certificates
  5. 5. 19 Business licenses and permits20 Compliant with all legal requirements21 Business Contacts22 Facility- Building 1. Rent 2. Lease 3. Design 4. Setting Fixtures and Fittings22 Office Equipment: Furniture: 1. Desks 2. Chairs 3. Cabinets 4. Book shelves 5. Trash cans, 6. recycling basket Electronics: 1. Telephone System and Requisite Service 2. Computers, 3. Software, 4. Printers, 5. Scanner 6. Photocopy machine 7. Fax machine 8. Calculator23 Supplies 1. Paper 2. Envelopes 3. sticky notes 4. pens,
  6. 6. 5. pencils, 6. staplers, 7. Paper punches, 8. stamp, 9. file folders and box files 10. tape, 11. binders, 12. staple remover, 13. paper clips, colored sticky tabs, and etc24 Staff 1. Top Management 2. Management 3. Supervisors 4. Support Staff25 Library26 Prepare a Budget27 Insurance28 Marketing 1. business cards 2. signage 3. Email 4. Website29 Office System 1. Office Administration 2. Filing System 3. Accounting System

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