New Business Checklist

1. Vision Statement: This is an aspirational statement of your long-term goal as a business. What change do you want to affect in the world, what do you stand for, what do you do?
2. Business Plan: The roadmap to how to structure, run, and grow your business. This document (write it out!) will be the basis for convincing people to do business with you. From formation, to financials, operations, marketing, and risk evaluation, it is all relevant and important.
3. Mission Statement: What your business does, why does it do it, and how it does it.

The structure of your business will affect your taxes, personal liability, and the regulatory framework you must follow.

Some common structures are:

1. Sole Proprietorship: This structure gives you, the business owner, complete control, but hand in hand with complete control is complete liability for all business risk (and reward).
2. Partnership: If you are starting a business with another person, a partnership is an option. Both types of partnerships, limited partnerships and limited liability partnerships, can offer liability protection to one or more of the partners depending on how it is structured.
3. Limited Liability Company (LLC): An LLC allows for separation of personal assets and business assets providing the members protection from the liability that might be accrued by the business.
4. Corporation: A corporation provides the greatest protection from business liability, but also has a higher cost to form and to maintain than other structures such as sole proprietorship and limited liability companies. There are multiple designations such as C-corp and S-corp.

Your name should reflect the type of business as well as the “personality” of your business. Naming is part of your branding strategy. If your name does not convey “what” you do, it is more difficult to communicate with potential customers. When you come up with the perfect name, it needs to be registered to protect it. You can register your name with the Arizona Secretary of State for DBA (doing business as) and/or the Arizona Corporation Commission for corporations and limited liability companies.

• a. Federal Tax ID (EIN)
• b. Arizona Transaction Privilege Tax Application (State of Arizona Department of Revenue)

This will enable enhanced communication between Mesa and your business, with the goal of providing timely information and essential news for operating a business in Mesa. Contact the City of Mesa Licensing Department.

These are the lifeblood of your business. They allow you to record, reflect, and present what your business owns, owes, and generates.

1. Balance Sheet: This is a list of all assets, liabilities, and equity related to your business.
2. Profit and Loss Statement (AKA Income Statement/Revenue Statement): This shows the revenue generated by your business as well as the expenses incurred. This shows you how much profit (or loss) you are making.
3. Cash Flow Statement: This statement will show where exactly your cash is coming from and where it is going.

A banker you can trust will be able to guide you through the lending process and can help you navigate the banking and funding side of your small business.

Your business plan will help you determine how much funding you will need to get your business off the ground. There are several ways to procure the necessary funding, and often two or more of these are needed to meet funding requirements:

1. Self-Funding: This is funding coming out of your own personal pocket.
2. Family and Friends: Gifts or loans from family and friends are often used to start a business.
3. Grants and Loans: Many organizations offer grants to help small businesses. These will need to be researched and applied for. The Small Business Administration (SBA) offers loan options to small business owners through traditional commercial banks. Traditional banks are also an option but may be hesitant to lend to a new business. There are many non-profit and community organizations that offer small business assistance as well.

Depending on your business idea, you are now ready to find a location or begin cultivating your online presence. Your location (in person or online) will be a determining factor in your success. Your market research has prepared you to find the right location and clientele to be successful.

• a. Find a commercial space
• b. Find Business co-working/incubator spaces