-
Have you established relationships with advisors (i.e. lawyer and accountant)?
-
Have you chosen the form of business organization most appropriate for your needs (proprietorship, partnership, corporation etc.)?
-
If you will operate as a partnership, have you drawn up a proper agreement?
-
If you will operate as a corporation, have you registered the necessary documents? (i.e. articles of incorporation bylaws & shareholders agreement, etc.)
-
Does your shareholders agreement provide for:
-
death of one or more shareholders
-
physical or mental disability
-
outside offers to purchase the shares
-
irreconcilable conflict
-
termination of employment and resignation
-
retirement
-
key person insurance / business insurance
-
Have you registered your firm's name and trade marks you will be using?
-
Have you protected unique inventions, processes, or designs used by your firm with patents, etc.?
-
Have you insured your business against major risks it faces?
-
Have you discussed your preliminary financial needs with your banker?
-
Have you negotiated necessary contracts with franchisees, suppliers, etc.?
-
Have you negotiated lease agreements for premises and/or equipment?
-
Have you developed a workable system of records management? (sales, purchases, personnel, inventory)
-
Have you complied with the legal requirements affecting your type of business?
-
Licensing requirements
-
Health and fire regulations
-
Transportation regulations
-
Environmental and Labour legislation
-
Have you developed a business plan?
-
Do you know enough about this business to operate it effectively?
-
Have you worked in this type of business and experienced the practical problems that may be encountered? If not, can you fill the gaps in your knowledge?
-
Have you set objectives for the various parts of your business?
-
Have you broken the objectives down into achievable projects with a practical timetable for completion?
-
Have you assigned responsibilities for meeting these objectives to key personnel?
-
Have you set out reporting procedures that enable you to monitor progress toward these objectives?
-
Have you developed an appropriate credit policy for customers?
-
Have you established a procedure to collect your receivables?
-
Do you feel confident in your ability to deal with customers?
-
Have you developed a way to repair and replace your fixed assets?
-
Have you developed an inventory control system?
-
Have you established contracts with the suppliers your firm will be dealing with?
-
Have you established a procedure for purchasing inventory, equipment and supplies?
-
Do you have alternative sources of supply for major purchase requirements?
-
Have you developed an accounts payable procedure?
-
Have you established credit terms with key suppliers (payment terms, credit limits, discounts and finance charges)?
-
Can you manage your own time commitments to the business?
-
Does your product or service fill a real market need?
-
Have you specifically defined the market segment for your product or service?
-
Is this market segment large enough to support your business at start-up and for the long term?
-
Are you able to truly differentiate your business from your competition?
-
Does your product or service offer advantages over those of competitors?
-
Does this market have good potential for future growth?
-
Do geographical or environmental factors limit this market?
-
Will this market be affected by demographic changes in the future?
-
Will competitors affect your share of this market?
-
Is the market accessible through existing advertising media at an affordable cost?
-
Have you determined how you will promote your products?
-
Have you determined which advertising media are most suitable?
-
Have you determined what selling methods and techniques to use?
-
Have you developed pricing that is appropriate for the market and for your costs?
-
Have you determined the best methods of distributing your product in this market?
-
Have you determined your potential return on investment in this business? Is it an acceptable figure?
-
Have you determined the amount of capital you need to start the business?
-
Have you determined how much of this capital you can raise on your own?
-
Have you enough ready cash to pay your bills during the early months?
-
Have you allowed for monthly operating expenses in your financial planning? (rent, utilities, etc.)
-
Have you allowed for a reasonable income for yourself?
-
Have you determined your borrowing requirements for start-up and the first year?
-
Have you completed a projected balance sheet, income statement, and cash flow for the first year of operation?
-
Have you established a credit rating?
-
Have you determined what employees you need to start the business?
-
What additional employees will be hired in the event of growth?
-
Have you prepared and determined qualifications and specifications for each position that must be filled?
-
Have you prepared full job descriptions for key positions in the organization?
-
Do you know how to find the people you need to fill these positions?
-
Have you given thought to the practices and methods you will use to hire/fire? Are they legal?
-
Are you familiar with the Labour Code?
-
Have you established a policy on wages and salaries?
-
Have you made decisions on employee benefits, including pensions, group insurance, profit-sharing, etc.?
-
Have you developed a method for evaluating your employees' performance?
-
Do you have the skills to lead and motivate your employees?
-
Have you established a corporate philosophy that is basic enough for your employees to follow?
-
Can you communicate effectively with employees? If not, can you develop this skill?
-
Have you applied for your business number? (the GST Registration #, Employer # and all other Canada Revenue Agency government numbers have been amalgamated into one number)
-
Have you chosen a location accessible to a good market for your product/service?
-
Do potential customers live close to this location?
-
Is there sufficient automobile and pedestrian traffic here to support your business?
-
Are there competitors close to this location?
-
Are the employees you need available at this location?
-
Are there any legal restrictions that might affect your business at this location?
-
Does this location have access to basic services - Electricity, Water, Sewer, Gas?
-
Can you ship products easily from this location via truck, train, air or ship?
-
Is the neighbourhood improving or declining?
-
Is there police and fire protection in this area?
-
Does this location allow for the future growth of your business? What about property and business taxes here? Are they reasonable now and will they increase in future?
