BEFORE YOU START Answer Yes or No
N/A if not applicable
How about you
Are you the type of person who can get a business started and make it go? ______

Think about why you want to own your own business.
Do you want it badly enough to keep working long hours without knowing
how much money you'll end up with? ______

Have you ever worked in a business like the one you want to start? ______

Have you ever worked for someone else as a supervisor or manager? ______

Have you had any business training in school? ______

Have you saved any money? ______

About money
Do you know how much money you will need to get your business started? ______

Have you counted up how much money of your own you can put into the
business? ______

Do you know how much credit you can get from your suppliers - the people
you will buy from? ______

Do you know where you can borrow the rest of the money you need to start
your business? ______

Have you figured out what net income per year you can expect to get from
the business? Count your salary and your profit on the money you put into
the business. ______

Can you live on less than this so that you can use some of it to help your
business grow? ______

Have you talked to a banker about your plans? ______

About a partner
If you need a partner with money or know-how that you don't have, do you
know someone who will fit - - someone you can get along with? ______

Do you know the good and bad points about going it alone, having a partner,
and incorporating your business? ______

Have you talked to a lawyer about it? ______

About your customers
Do most businesses in your community seem to be doing well? ______

Have you tried to find out whether businesses like the one you want to start are
doing well in your community and in the rest of the country? ______

Do you know what kind of people will want to buy what you plan to sell? ______

Do people like that live in the area where you want to start your business? ______

Do they need a business like yours? ______

If not, have you thought about opening a different kind of business or going to
another neighborhood? ______

Your building
Have you found a good building for your business? ______

Will you have enough room when your business gets bigger? ______

Can you fix the building the way you want it without spending too much money? ______

Can people get to it easily from parking spaces, bus stops, or their homes? ______

Have you had a lawyer check the lease and zoning? ______

Equipment and supplies
Do you know just what equipment and supplies you need and how much they
will cost? ______

Can you save some money by buying secondhand equipment? ______

Your merchandise
Have you decided what things you want to sell? ______

Do you know how much or how many of each you will buy to open your business
with? ______

Have you found suppliers who will sell you what you need at a good price? ______

Have you compared the prices and credit terms of different suppliers? ______

Your records
Have you planned a system of records that will keep track of your income and
expenses, what you owe other people, and what other people owe you? ______

Have you worked out a way to keep track of your inventory so that you will
always have enough on hand for your customers but not more than you can sell? ______

Have you figured out how to keep your payroll records and take care of tax
reports and payments? ______

Do you know what financial statements you should prepare? ______

Do you know an accountant you can go to for advice and help with taxes? ______

Your business and the law
Do you know what licenses and permits you need? ______

Do you know what business laws you have to obey? ______

Do you know a lawyer you can go to for advice and for help with legal papers? ______

Protecting your business
Have you made plans for protecting your business against thefts of all kinds - -
shoplifting, robbery, burglary, employee stealing? ______

Have you talked to an insurance agent about what kinds of insurance you need? ______

Buying a business someone else has started
Have you made a list of what you like and don't like about buying a business
someone else has started? ______

Are you sure you know the real reason why the owner wants to sell the business? ______

Have you compared the cost of buying the business with the cost of starting a
new business? ______

Is the inventory up to date and in good condition? ______

Is the building in good condition? ______

Will the owner of the building transfer the lease to you? ______

Have you talked to other business people in the area to see what they think of
the business? ______

Have you talked with the company's suppliers? ______

Have you talked with a lawyer about the purchase? ______

Advertising
Have you decided how you will advertise (newspapers, posters, handbills, radio,
TV, mail)? ______

Do you know where to get help with your ads? ______

Have you watched what other businesses do to get people to buy? ______

The prices you charge
Do you know how to figure what you should charge for each item you sell? ______

Do you know what other businesses like yours charge? ______

Buying
Do you have a plan for finding out what your customers want? ______

Will your plan for keeping track of your inventory tell you when it is time to order
more and how much to order? ______

Do you plan to buy most of your stock from a few suppliers rather than small
quantities from many suppliers, so that those you buy from will want to help
you succeed? ______

Selling
Have you decided whether you will have salesclerks or self-service? ______

Do you know how to get customers to buy? ______

Have you thought about why you like to buy from some salespeople while others
turn you off? ______

Your employees
If you need to hire someone to help you, do you know where to look? ______

Do you know what kind of person you need? ______

Do you know how much to pay? ______

Do you have a plan for training your employees? ______

Credit for your customers
Have you decided whether to let your customers buy on credit? ______

Do you know the good and bad points about joining a credit-card plan? ______

Can you tell a deadbeat from a good credit customer? ______

Have you figured out whether you could make more money working for someone
else? ______

Does your family go along with your plan to start a business of your own? ______

Do you know where to find out about new ideas and new products? ______

Do you have a work plan for yourself and your employees? ______

For every YES answer you gave, think of yourself as one step closer
to turning your business dream into a reality. Each NO answer represents
an area to work on - a temporary road-block, yes, but, a dead end only if
you let it be.