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Starting a new business is an exciting endeavor, but without the right preparation, it can quickly become overwhelming. A well-crafted checklist for starting a new business ensures you navigate this landscape effectively, avoiding common pitfalls that might slow down your progress. This guide provides a detailed roadmap, covering every critical step from initial concept validation to operational launch, to help you establish a robust foundation for your new venture.
\n\n\n\nBefore investing time and resources, validate your business idea to ensure it addresses a real need in the market. Develop a minimal viable product (MVP) and engage potential customers through surveys, focus groups, or pilot testing. This feedback is invaluable for refining your product or service to meet customer expectations and market demands better. To learn more about how to validate your business idea, read our article “Do You Have a Profitable Business Idea? Here’s How to Find Out”.
\n\n\n\nUnderstanding your market is crucial for any new business. Deep dive into market research to understand your potential customers, competitors, and market dynamics. This crucial step informs your business strategy, helping you to position your product effectively and identify unique selling propositions that set you apart from the competition. Utilize both primary and secondary research to gather comprehensive insights that guide your decision-making process. We discuss the value of market research and its strategies in our article “Why Is Market Research Important & What Are Its Key Methods?”.
\n\n\n\nYour business plan is the blueprint for your startup’s success, detailing every aspect of your business strategy. It should include market analysis, organizational structure, a detailed description of your products or services, marketing strategies, financial projections, and an operational plan. This document serves as an internal roadmap and a tool to communicate with potential investors and partners. Discover how to write a business plan in our article “Business Plan: Write one like a Pro”.
\n\n\n\nSelecting the appropriate legal structure for your business impacts everything from your liability to how you file your taxes. Options include sole proprietorship, partnership, LLC, and corporation. Each structure offers different benefits and legal protections, so choose one that aligns with your business goals and personal liability preferences.
\n\n\n\nMake your business official by registering it with the appropriate federal and state agencies. Choose a unique business name, register it, and obtain all necessary licenses and permits to operate legally in your locality and industry. This foundational step prevents legal issues and ensures compliance with local, state, and federal regulations.
\n\n\n\nEstablish a separate business bank account to manage finances effectively and transparently. Implement a reliable accounting system to keep track of expenses, profits, and financial planning. Setting up robust financial practices early on is crucial for managing budgets, preparing for taxes, and facilitating future business growth.
\n\n\n\nDevelop a strong, consistent brand identity that communicates your business values and appeals to your target audience. This involves choosing a suitable name, designing a professional logo, and applying a consistent color scheme and typography across all marketing materials and digital platforms. A compelling brand identity enhances recognition and builds trust with potential customers. Your brand is your business’s first impression—make it count.
\n\n\n\nDevelop comprehensive operational and marketing strategies to ensure smooth daily operations and effective customer engagement. Define your business operations, from production to delivery, and craft a marketing plan that leverages both digital and traditional media to build your customer base and enhance your market presence. Learn how to market your startup effectively in our article, “Marketing Strategies for Startups: Tactics for Business Growth”.
\n\n\n\nAs you navigate the complexities of starting a new business, Modeliks offers the tools and guidance to streamline your process. From crafting investor-ready pitch decks to detailed financial forecasts, our software ensures you are equipped to make informed decisions and attract funding. With Modeliks, you can transform your entrepreneurial vision into a viable, thriving business.
\n\n\n\nArmed with a thorough checklist for starting a new business, you are ready to turn your entrepreneurial dreams into reality. Each step prepares you for a successful launch and sustainable business operations. Remember, thorough preparation and strategic planning are key to successfully navigating the complex startup ecosystem.
\n\n\n\nReady to turn your business idea into reality? Discover how Modeliks can simplify the creation of business plans and financial models, helping you to secure funding and make informed decisions. Start your free trial with Modeliks today, and take the first step toward a successful business launch.
\n","slug":"checklist-for-new-business","date":"2024-05-07T07:48:32","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"},{"id":"dGVybToxMg==","name":"Pitch Decks"}]},"mainCategory":{"mainCategory":["business-plans"],"videoHeader":null},"tags":{"nodes":[{"name":"business planning"},{"name":"small business"}]},"featuredImage":{"node":{"id":"cG9zdDoyMjEw","sourceUrl":"/images/cms/Checklist-for-Starting-a-New-Business-Avoid-Common-Pitfalls.jpg","altText":"Modeliks guide on essential checklist for starting a new business, covering validation to operational launch."}},"seo":{"metaDesc":"Master the essentials with our checklist for starting a new business. From market research to operational setup, ensure a solid start. Learn More!"},"modified":"2024-05-07T07:48:32","related":[{"id":"cG9zdDoxMTU0MQ==","title":"How Accountants Can Offer High-Margin Advisory Services","content":"\nThe accounting profession is shifting. Compliance and bookkeeping remain essential, but today’s clients expect more. They want guidance on how to run their business smarter, manage cash flow, and plan for the future.
\n\n\n\nAccording to a CPA.com survey:
\n\n\n\nThis means the demand is already there. The opportunity for accounting firms is clear: move beyond bookkeeping into high-margin advisory services.
\n\n\n\nFor most small and mid-sized firms, the hesitation is simple:
❌ Limited staff time
❌ No standardized tools for forecasting & reporting
❌ Concern about overcomplicating workflows
The good news? Advisory can be delivered at scale, without adding headcount or creating inefficiencies — if you have the right system.
\n\n\n\nModeliks helps accountants transform their existing relationships into advisory partnerships by automating the heavy lifting.
\n\n\n\nHere’s how it works in practice:
\n\n\n\n1️⃣ Connect QuickBooks in Minutes
Sync client actuals directly — no messy spreadsheets or manual imports.
2️⃣ Build Budgets & Automated Financials
Instantly generate a forward-looking P&L, Balance Sheet, and Cash Flow statement, tailored to each client.
3️⃣ Deliver Dashboards & Variance Analysis
Clients see Actual vs. Plan vs. Previous Periods. You provide insight into why numbers moved — without building reports from scratch each month.
Firms using Modeliks see:
✅ New revenue streams by offering planning & reporting as premium packages
✅ Higher client retention thanks to consistent value beyond compliance
✅ No extra headcount required, since processes are automated
✅ Improved positioning as trusted advisors, not just bookkeepers
As one accountant put it:
\n\n\n\n\n\n\n\n\n“Our clients can now make confident decisions. For us it’s a game-changer — we finally sell insight, not just compliance.”
\n
Client expectations are rising. Competitors are moving into advisory. Technology makes it easier than ever to scale.
\n\n\n\nIf you’re an accountant or firm owner, now is the time to position your practice for the next decade. Advisory services are not just an add-on — they’re the future of accounting.
\n\n\n\n📽️ Watch the full video playbook here: https://www.youtube.com/watch?v=UlQEwnWOdKQ.
🌐 Explore how Modeliks can help you launch advisory services in under an hour -> HERE.
📩 Or reach out to us directly to explore how Modeliks can be tailored for your firm.
\n\n\n\nEnjoy Modeliks! We know we are!
\n\n\n\nAuthor:
Modeliks Team
Running a professional services business is demanding. Whether you’re a founder, consultant, accountant, or finance leader, the challenges are similar:
\n\n\n\nThe truth? Many services firms outgrow spreadsheets faster than they realize. A project-based business requires a planning and reporting framework that adapts as you grow – not one that breaks every time a new client, project, or team member comes onboard.
\n\n\n\nThat’s where having a structured financial planning and reporting system becomes a game-changer.
\n\n\n\nThis strategic framework is designed for:
\n\n\n\nIf you run a project-based business, use timesheets, or manage multiple clients, this playbook is for you.
\n\n\n\nProfessional services firms often face profitability challenges because margins are tied to capacity, efficiency, and client mix. Here’s where the right planning approach makes a difference:
\n\n\n\nEach project has its own revenue, costs, and resources. Without project-level visibility, it’s impossible to know which work is actually profitable.
\n\n\n\nIt’s not enough to create a yearly budget. Monthly actuals vs. plan reporting helps you quickly see where projects are off track and adjust before problems snowball.
\n\n\n\nWhat happens if a big client leaves? Or if you add two more consultants next quarter? Scenario planning gives you the confidence to make tough decisions with numbers to back them up.
\n\n\n\nEmployee utilization is the heartbeat of a services firm. By linking financial forecasts to billable hours, staffing, and client demand, you can identify bottlenecks and prevent costly underutilization.
\n\n\n\nAt Modeliks, we’ve built a platform that turns these best practices into a structured, repeatable process.
\n\n\n\nWith Modeliks, you can:
\n\n\n\nMost firms wait until they have 100+ employees to rethink planning. But the truth is, dimensional planning and reporting matters at 20 employees, as much as at 200.
\n\n\n\nThe earlier you set up a scalable framework, the faster you can:
\n\n\n\nGrowing a professional services business isn’t just about winning more clients — it’s about building a system that lets you manage projects, measure performance, and grow profitably.
\n\n\n\nThat’s what this playbook is about — and why we built Modeliks.
\n\n\n\n👉 If you want to see how Modeliks can help you manage and grow your services firm, watch the full video walkthrough here.
\n\n\n\n📩 Or reach out to us directly to explore how Modeliks can be tailored for your firm.
\n\n\n\nEnjoy Modeliks! We know we are!
\n\n\n\nAuthor:
Modeliks Team
Today we released a massive new update of Modeliks. A multidimensional Modeliks 2.0. I am both happy and sad to see Modeliks grow up. I liked baby Modeliks. He was cute and a little clumsy. Now, we created a beast.
\n\n\n\nWe listened to your feedback and made Modeliks by far the best financial planning and reporting tool for SMEs. Alright, I might be a bit subjective, but here is what’s new:
\n\n\n\nAnd there is a lot more to come in the next few months. Stay tuned for new features, and in the mean-time, plan, manage and grow your business with Modeliks 2.0.
\n\n\n\nLet’s recap. Now you can:
\n\n\n\nEnjoy Modeliks 2.0! We know we are!
\n\n\n\nAuthor:
Modeliks Team