BUSINESS START UP

Starting your business can be a daunting task.  Where do you begin?

There are many variables to look into, especially if you are a new medical practice.  First, we recommend you itemize your goals and vision of your new business in a realistic time frame.  Plan for unexpected delays.  Prioritize items based on your budget, note that marketing is usually your highest budget item for ROI other than employee salaries.  

Market Power Inc. is specialized in start-up small businesses by their knowledge and understanding of all facets involved from incorporation to roll out of your business identity.  

 

Market Power Inc. can assist by completing the essential tasks from becoming incorporated to organizing, and completing our start up task list  to branding your new business!  We do recommend that you consult an experienced accountant (CPA) to steer you in the right direction financially, to assure you will be set up appropriate with taxes and exceptions for your specialty.
 

SAMPLE LIST OF INITIAL STEPS FOR BUSINESS START UP

Average Clinical Practice Start Up timeline is 90-120 days - depending on your credentialing process.

Average Small Business Start up is 30-60 days depending on your specialty.

  1. Develop your Business Plan - Includes Operational budget, forecast-inception to timelines and start up.

  2. Identify your brand identity - corporate/business name.

  3. Verify the name is available on your state corporations website.

  4. Submit corporation application online or as instructed by your State. 

  5. Once you receive your incorporation confirmation, File for your FEIN (Federal Tax ID Number).

  6. Confirm with your accountant filing of additional Forms (example: 8832 or 2553 ) with regard to your new corporation.

  7. File for all necessary Licensure these can take time (i.e. Business license, Occupational License, DOH Permits etc.).

  8. Open your Corporate Business Bank Account.

  9. Develop your identity - Marketing - Brand Identity (i.e. Logo, business cards, stationary, forms, brochures, website, signage).

  10. Business Plan Action Details, Timelines - Start Date Goal, Location acquisition or lease, Build outs.  Allow a "cushion" of time for official open date to compensate for variances. 

  11. Review your Budget Plan - identify number of employees, job descriptions, post jobs online.

  12. Capital Equipment purchases and furnishings.

  13. Develop your protocols, manuals and organization charts according to your business practice.

  14. Hire personnel, complete trainings, set standards with employees for service to clients.

  15. Soft opening introduction of your new location, test period, fix any bugs found in processes.

  16. Throttle your business forward!  Host an open house party at your business location to local businesses and/or potential clientele. Do this within the first 90 days of opening! 

  17. Stay involved in your business! We recommend keep track of your financials at minimum "weekly". Do not fall behind as it becomes difficult to catch discrepancies later on.  Run week end reports to do proper check and balances.  In retail business, this is done daily!

Contact Us Today for a Consultation!

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