Assessing Personal Suitability
• Have you objectively rated your personal strengths, weaknesses and knowledge?
• Are you ready to face the uncertainty and irregularity of income during the early years of your business?

Feasibility Analysis
• Is there a need and market for the product or service?
• Are general business conditions conducive?
• Do you have sufficient information on competition and market?

Financial Analysis
• What is the typical return-on-investment of your business? Is it greater than if the money were invested elsewhere?
• Have you a complete list of capital needed for start-up, including equipment, supplies? and inventory?
• Have you pro forma financial statements, including cash flow, for at least three years?
• Have you discussed your plans with your banker and accountant? Are their attitudes supportive?

Insurance
• Have you investigated insurance coverage for accidents, fire, liability, judgments, or loss of a key employee?

Organizational Form
• Do you know the pros and cons of partnerships, corporations, etc.?

Location
• Have you checked the makeup of the population, and the number and type of competitors in the area?
• Can the area support a business like the one you propose?
• Have you investigated the utilities, parking, police and fire protection, room for expansion?

Alternatives to a New Business
• Have you compared the cost of equipping and stocking a new business with the cost of buying a going business?
• Can the area support a business like the one you propose?
• Have you considered the advatages and disadvatages of franchising?

Purchasing/Pricing
• Have you calculated initial inventory and worked out stock control panels?
• Have you found dependable suppliers with reasonable prices?
• Are you familiar with your competitors prices?
• Have you determined your own price ranges? Costing details? Legal aspects of your price policy?

Advertising/Selling
• Have you determined your selling and promotion methods?
• Do you have a marketing plan?

Personnel
• Do you know your personnel needs and prevailing wages scales?
• Do you have a plan for employee training and motivation?
• Are you informed about required employer obligations to employees?

Government Requirements
• Have you checked the permits and licenses required?
• Are there health, safety or interstate commerce regulations that apply to your business?

Record Keeping
• Has a system been set up?
• Do you know what financial statements you will require and how to use these statements?

Goal Setting
• Have you set realistic goals and dates for them?
• Have you made plans to keep up with improvements in your trade?