Business Checklist

A basic guide for anyone interested in running a business within the Sunderland region.

Before you start in business you should be able to answer all of the questions on this page. Clear and convincing answers will help you in many ways, especially when you are asking for loans or other kinds of funding.

What is your product or service?
Can you explain briefly and clearly what you will make or do, and why people will want to buy from you?

Who and where are your customers?
Who are they? Where are they? Are there enough of them? How will they know about your product? How will they get hold of your product?

What is your plan?
How much will it cost you to create your product, market it and distribute it? Where will you get the money you need to start your work? Will the cash flow in from your customers at the right rate to keep you going? What plans do you have, if any, to grow the business?

Where will you work?
Will you work from home or business premises? What kind of location do you need for your business?

How will you sell your product?
How will you make sure that people know about your product? How much will you have to spend to tell each customer who buys?

Who are your suppliers?
If you need materials or paid-for information to create your product or service, who will provide them? How will you contract with them for supplies?

Will you employ other people?
If you need employees, how will you recruit good people, reward, motivate and train them?

Will you take out insurance?
Do you need public liability insurance or employer's liability insurance to protect yourself in case of a lawsuit?

Get face-to-face advice
You can get face-to-face advice about all of the above topics from your local business link (or equivalent in Northern Ireland, Scotland and Wales). Initial consultations are often free.

Will you need professional advice?
Businesses often use accountants, lawyers or specialist consultants to help them work within the law, analyse their finances, or grow the business. If you need this advice, it's a good idea to benefit from it as you plan your startup.

What's the right structure for your business activity?
Will you be on your own (sole trader), a partnership, a company or a cooperative?

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