list plus

The next item on the pre-business list is List, but I’ll also threw in Legals, Insurance and Associations into the mix, because they’re self-explanatory, so pretty short.

List is basically a compilation of everything you need in order to get your home/office space ready for business – office supplies (paper, pens and staplers), laptop/personal computer, internet connectivity, printer, telephone and so on. You want to make sure you have everything down so there are no surprises later on. The list will also help you calculate your SUC.

Legals is simply understanding the legal requirements of and the responsibilities that come with starting and owning a business in the region you are. You have to consider things like income tax, sales tax, corporate social responsibility, lease agreements and so on. Laws vary by country, state/province, even, city/county, so make sure you understand what is expected before you get into trouble with the municipality, or worse, the revenue service.

Insurance encompasses having adequate medical coverage – health insurance, dental insurance and travel insurance – for yourself and/or future employees. In some countries, it is unlawful to operate with sufficient medical insurance. You work this out with an insurance company, or the national social insurance body, depending on the laws of the region.

Associations are good for networking. As a first timer, or even a new business owner in a new place, you need networking events to meet people, talk to people and make useful contacts. Associations also provide a large pool of experience you can draw from. You could mingle with people in a collective body, like the chamber of commerce – most cities in North America and Europe have a chamber of commerce. You could also mingle with people in your specific industry, or a professional body, like association of chartered accountants and so on.

That’s it for the pre-business list this year. I’ll start off next year with SUC. I think it will help a lot of people planning to start a business in 2015.