Checklist for new entrepreneurs
Checklist for new entrepreneurs
This checklist summarises the most important points that should be considered and addressed when establishing a new company. Review the list step-by-step – you can use it to support your planning, in a conversation with a business advisor, or as a checklist before you click on the “Start a business” button.
💡 Entrepreneurship starts with an idea
A good company is born from a good idea and careful preparation.
- Clarify your business idea – what problem will you solve, to whom will you sell and why would the customer choose you?
- Create a business plan – write down the goals, customers, products/services and procedure.
- Perform profitability and funding calculations – estimate the income and costs realistically. Pay attention to pricing.
- Meet experts and discuss your idea – book an appointment for business guidance and utilise networks.
- Reflect on your own livelihood and unemployment security – how will you live before the company starts to make a profit? Find out about the possibility of a start-up grant and other subsidies.
- Determine your unemployment security as an entrepreneur – benefits are usually not available until the end of business operations; join the Entrepreneur Fund in time if you want earnings-related benefits instead of Kela benefits.
- Apply for funding for the company’s needs from Finnvera, Business Finland or a bank. Private investors and equity investors may also be an option. Remember the self-financing share and securities.
- Check any permits and notifications – are the operations subject to a permit or do they require special approvals?
🏛 The stages of establishing a business
When the foundation is strong, the practical steps are easier.
- Choose the most suitable form of company – trading name, limited liability company, general partnership, limited partnership or cooperative? The form will affect liabilities and taxation.
- Choose the company name and protect it if necessary – check the availability, consider a trademark and a domain name.
- Register the company correctly – submit the start-up notification in the Business Information System (YTJ) and also register with the necessary tax authority registers (VAT, advance tax, employer register).
- Open a bank account for the company and select payment methods – separate the company’s money from the owner’s money. Think about invoicing, payment terminals and e-commerce.
- Arrange bookkeeping and choose an accounting firm – bookkeeping is required by law but also a business management tool.
- Insure the company and the entrepreneur – YEL is required by law. Liability insurance, property insurance, accident insurance, and patient or motor vehicle insurance may also be necessary.
- Acquire facilities, machinery and equipment – compare rental and purchase options, take care of the contracts.
- Take care of safety and information security – make sure that the products and services meet safety requirements, that the instructions and markings are in order and that customer and payment information are carefully protected.
💶 Daily business and managing it
Managing the daily work builds the foundation of a successful company.
- Plan and track marketing and customer acquisition – how do customers find you and what is the customer experience?
- Act responsibly – take the environment, people and economy into account, treat everyone equally, comply with consumer protection and also ensure data protection.
- Manage the company finances – monitor the cash flow, send invoices on time, plan investments and understand the importance of accounting and financial statements.
- Be aware of tax matters – check the payment schedules for VAT and advance tax, apply for changes to the advance tax if necessary.
- Familiarise yourself with the employer’s obligations – if you hire employees, remember the employment contract, insurance policies and pay obligations.
🚀 Business development and continuity
By developing and designing, you are ensuring the future of your company.
- Apply for support for business development – take advantage of the services offered by ELY Centre, Leader, Finnvera, Business Finland and Team Finland.
- Growth through an acquisition? – You can also expand your business by buying another company or part of it, but plan the acquisition carefully and utilise the help of professionals.
- Plan business targets and continuity – discuss the potential sale process of the company, for example, with professionals.
- Build your networks – make use of entrepreneur organisations, regional development companies or municipal business advisors, Yrityskummit business mentors, ELY Centres’ entrepreneur counselling and local cooperation with educational institutions. Network with other entrepreneurs close and further away – you never know what kind of cooperation opportunities you can come across.
