Checklist for Starting a Business

We begin with a tip and a lesson from many other entrepreneurs - start a business where your business focuses on what you are passionate about. Starting a business requires hard work and time but is very fun and educational. If you are also passionate about what you do, it will be much easier.

Formulate Your Business Idea

Before you really get started, it is also good to have a good picture of your future business.

Consider:

• What type of business will your company conduct? For example, e-commerce, consulting services in IT, or perhaps a hair salon.
• What problem are you solving with your business?
• What benefit does your idea create for the target audience?
• What are your goals with the company? Feel free to set milestones so you can enjoy the journey and celebrate each small victory along the way.
• How will you achieve the company’s goals? Formulate your strategy to reach your goals in the best possible way.
• How do you find your customers? You may need to network, visit businesses, find collaborations, or other forums where your customers are.
• What makes your business unique and how will it be profitable?

Write a clear and well-defined business plan that you can easily follow during your start-up.

Tip! At verksamt.se there is good and useful material for you when it is time to develop your business idea. Both about developing your idea and creating a business plan.

Plan the Finances

First of all, look over your finances and whether you will be able to cope with the start. Before you become profitable, the expenses may exceed the income - then it is important to have a good start-up capital.

If you need to, you can choose to acquire extra capital for your business in another way. The most common is, among other things, to apply for a loan or, if your business has the potential to grow big, you can turn to investors.

Think about what salary you want to take from the company. If you have another job, you may not need to take out as much in salary. But if you invest fully in the company, it is essential to count on a reasonable salary for yourself.

Think of:

• Salary costs are much higher than what you actually get due to, for example, tax, social security contributions, pension, and insurance.

Tip! When you take payment, it is normal for the payment to sometimes come later. It is good to have a buffer as collateral if a customer is late with payment or does not pay at all. It is very beneficial to get paid quickly by your customers, so set short payment times and be careful with late fees. Dare to take reasonable and fair payment for your hard work. Make a plan on how to become profitable and think about:

• Will your business have a large enough market to grow in?
• Will the revenue cover the company’s costs?

Select Company Form

Compare different business forms and decide what suits you and your business best.

Consider:

• How much time will you spend on the business? Limited companies have more requirements to fulfill than sole proprietorships.
• What capital do you have? Starting a sole proprietorship is free of charge except for certain administrative fees, and the starting capital is at least SEK 25,000 for limited companies. Remember that it can be used to make investments in the company.
• Are there more than you who will run the company? Joint-stock companies are best suited if you are several owners in the company.
• Will you take financial risks? If you run a sole proprietorship, you are personally responsible for the company’s debts.

Your to-do depending on the form of company:

• If you want to start a sole proprietorship:

  • Apply for F tax
  • If you want a unique company name, you can apply to protect the name via the Swedish Companies Registration Office
  • Check if you need any permission for your business
  • Review how you want to manage your accounting by getting an accounting program or an accounting firm

• If you want to start a limited company:

  • Register the limited company
  • Apply for F tax
  • Register as an employer if you will have employees
  • Register your company in the VAT register
  • Check if you need any permission for your business
  • Review how you want to manage your accounting by getting an accounting program or an accounting firm
  • Choose an auditor (for smaller companies there are exceptions, read more at bolagsverket.se)

Select Company Name

Choose a name that fits the business you are running while not being too narrow - if you want to expand your business in the future. Then check if the name is available. At verksamt.se you can read more about company names.

Make sure that the name does not have double meanings or mean something other than what you intended in another language, this can happen when you use the brand in social media, for example.

Tip! If your idea is unique - investigate whether you can patent it, register your trademark or product design. You can read more about trademarks and patents at verksamt.se and at the Patent and Registration Office. Your company name and brand do not have to be the same, but can facilitate your communication with the market. An example could be that the company name is Kristina Andersson AB, while the brand name is Hårspecialisten i Kinna.

Accounting

Regardless of the company form you choose or the business you run, you need to report your income and expenses. How you choose to do it depends on your skills, how much time you want to spend yourself and what cost you think is reasonable.

Hire an accounting firm If you want to free up a lot of time in your everyday business life, it can be beneficial to hire someone else to take care of your accounting. At Voitto, we take care of your entire accounting for a smart fixed price, and you also get a dedicated team that gets to know you and your company and can give you advice. With real-time accounting, you also get advice and financial insights so you can make proactive decisions. You can read more about how to get started with Voitto here.

Apply for a Permit

Which permits you need to obtain depends on your business. If you are going to start a restaurant, for example, you need a permit for food handling, and if you offer financial services, you need a permit from the Swedish Financial Supervisory Authority.

At verksamt.se you can read more about permits for various businesses.

Take out Insurance Policies

Regardless of the type of business you start, you need to take out insurance, both for the company, yourself and any employees. The insurance you need depends on your business, the industry you operate in, whether you have employees and the type of protection you want.

At verksamt.se you can read more about insurance when you run a business.

Marketing

Buy a domain for your brand to make it easy for your customers to find your website. Once you’ve done that, you can also link to associated emails that are directly linked to your brand. For example, kristina@harspecialisten.se.

Create a Web Page If you want to create the website yourself, there are several tools that do not require knowledge of coding and development, some popular ones are for example Wix and Squarespace.

In connection with arranging a domain and setting up your website, it is also important to investigate whether your brand is available on the social media you plan to use. If your social media is different from your brand, it can be difficult for your customers to find the right one.

Create a Logo Your logo should reflect your business and brand. If you choose to create a logo yourself, there are several programs and tools that will help you along the way, among the most popular are, for example, Canva.

Communication Think about how you want your company to look in communication and marketing for a unified design that suits your business.

• Which keywords do you want to associate with your business?
• What feeling do you want to create?
• How do you highlight what you offer in an appealing way?
• Think about how you plan to communicate and market your business.

How much can you have in advertising budget?

• Which forums are important to be visible in?
• Where should you advertise?
• Do you need to hire an agency for help with communication?

Finally

There is clearly a lot you need to think about when starting a business. But the most important thing is to get started. You will learn a lot along the way when different situations arise. You will definitely have to struggle, but above all, you will have a lot of fun. We at Voitto wish you all the best with your business!