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Business Start-Up Checklist

Here is a checklist of the basic areas you should cover before starting a business. The list is not exhaustive; you also may not necessarily complete the items in the sequence shown.

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No.

Key Activity

Status

PLAN

1

Research your market
Target customers, market need, competitors, market size, market trends

 

2

Write your business plan
Executive summary, vision/mission, market analysis, organisation structure, sales & marketing plan, operational plan, financial projections, growth and exit strategies

 

3

Work out your financial plan
Start-up costs, break-even point, sales targets, balance sheet, income statement, cash flow statement

 

4

Plan for long-term success
Clear personal and company goals, marketing plan, long-term planning for risk and failure, the future and for succession

 

5

Choose a good business name
Memorable, unique (offline and online), relevant to your business

 

START

6

Choose the right business structure
Sole proprietorship, partnership, limited liability partnership, private limited company

 

7

Register your business
Eligibility requirements, SSIC code, local address, Medisave top-up, ACRA

 

8

Obtain working capital
Savings, loans, investors, government assistance

 

9

Set up your bank account & accounting system

 

10

Understand your tax obligations
Income tax, filing requirements, dates, GST

 

11

Apply for the relevant licences and permits
Based on industry or activity

 

12

Look for business premises
Home office, government-managed (HDB/SLA/JTC), commercial