Starting a small business requires can be rather challenging especially since one is confronted with myriads of opportunities to choose from. A good business plan, financial structure, advertising plan and licensing among other basic requirements have to be fulfilled for a business to be successful. Read on for more tips for starting a small business checklist. Firstly, determine your most suitable business niche. This can easily be done by determining your personality and skills. A business that is based in your life passions stand greater chances of success since you probably have the basic skills required for running the business hence you will act like the great mover of the business. After determining your passion, ensure that you are investing in a business with a promising future hence you will have room for expansion. Secondly, come up with a good business plan. A study that was conducted by Paul Tiffany called `Business Plans for Dummies’ revealed that organizations that have business plans are about 50% profitable than businesses that have no plans. Thirdly, get the initial investment capital required. There are several sources where potential entrepreneurs can acquire capital from such as bank loans, relatives or personal savings. The initial capital can range from a few hundred dollars to over $100,000 in case one is opening a business such as a retail store. Fourthly, identify a suitable name for your business. This step looks minor but it is highly crucial. Identifying a suitable name will help to distinguish your business from other minor businesses. Besides, the name is good in branding and establishing loyalty to your customers. Branding generally provides your clients with reasons to hire your services repeatedly. The fifth step involves choosing a suitable business structure. The small scale businesses are available in a number of structures such as sole proprietorship, LLC or even in form of corporation. Whichever option you prefer, have in mind that the structure will affect factors such as taxes due, business and fund liability. The kind of structure chosen initially should not make you fret as it keeps evolving as the business develops. Sixth, apply for the business permits and licenses with the local authorities. The kind of business structure and location preferred are some of the main factors that determine regulations followed when registering business. Other paper works that may be required include zoning permits, tax licenses, etc. Lastly, have your small business insured. The investor has responsibility of taking risk liability that may result from litigation, disaster, etc hence the importance of insuring the venture.