Business Checklist

Business Checklist for Chamber of Commerce Website

A. Successful Businesses Have Excellent Business Plans
B. Licensing and Requirements
C. Taxes and Business Incentives
D. Financial Assistance
E. Tucson Economy & Demographics
F. Business Community Resources

Before you begin this checklist, we strongly encourage you to download the Arizona Department of Commerce’s Entrepreneur’s Edge booklet found under “A Guide to Small Business Development” as we refer to it very often.  Here is a list of steps that most comapnies need to investigate or act upon as they start their businesses.

1. Conduct research on your industry, target market and competition.
2. Prepare a written business plan complete with financial statements.
3. Develop a marketing plan.
4. Select appropriate form of entity (C-corp, S-corp, LLC, Partnership).
5. Verify zoning requirements.
6. Establish a source of adequate and reliable financing.
7. Choose a name, research the availability and register.
8. Obtain Federal Employer Identification Number, if needed.
9. Satisfy state, local, and industry-specific requirements for license to do business.  Obtain bonding if necessary.
10. Secure professional or other liability insurance coverage.
11. Find a banker that’s right for you and establish bank relationship and setup checking accounts.
12. Retain an attorney and CPA, if appropriate.
13. Secure professional or other liability insurance coverage.
14. Arrange for utilities, telephone and other services.
15. Determine employee requirements, review labor requirements. Consider EPA/OSHA/EEOC requirements.
16. Choose and set-up a record-keeping system and method of inventory control.
17. Develop necessary internal forms, including sales invoices, payment vouchers, time cards, etc.
18. See insurance agent for full range of coverage.
19. Prepare business procedure manual.
20. Develop job descriptions.
21. Set employment terms and determine fringe benefits to be offered.
22. Develop employee handbook.
23. Consider year-end W-2 requirements/ taxable benefits.
24. Prepare current year budget.
25. Prepare personal tax projection and consider need for quarterly tax estimate payments.
26. Set short- and long-term goals.
27. Schedule regular reviews of those goals and compare them to the actual accomplishments.

*Disclaimer: This checklist is intended to be a guide for you as you begin your business. It may not contain all the information you need for your particular business in a particular industry.