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.)? Click HERE for more.
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.)
If there is more than one shareholder of the corporation, 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
- key person insurance/business insurance
Have you registered the firm's name and trademarks 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 prepared a business plan?
Click HERE for more.
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 and regulatory requirements affecting your type of business?
- Health and fire regulations
- Transportation regulations
- Environmental and Labour legislation
Have you applied for your Business Number?
Are there any legal restrictions that might affect your business at its location? (e.g. zoning)
Does your business location have access to basic services - Electricity, Water, Sewer, Gas?
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?