Why am I going into business?

Yes

No

1. I want to make money and achieve financial independence.

2. I can provide a better product or needed service than my competition.

3. I want to fully use my skills and knowledge.

4. I want creative freedom.

5. Other reasons:

Am I really qualified to own a business?

Yes

No

1. Have I developed the skills and experience for performing this type of business?

2. Do I have the education and technical skills to be competitive in this business?

3. Do I plan ahead? Do I Like to make decisions?

4. Do I have the will-power and self-discipline to carry out my plans?

5. Do I enjoy competition from existing or new businesses?

6. Do I like people and get along with others - associates and customers alike?

7. Am I a team leader when trying to achieve a specific goal?

8. Do I have the physical and emotional strength to handle the workload, long hours and withstand the stress?

9. Do I have family support in this business endeavor?

10. Am I and my family prepared to temporarily lower our standard of living and possibly lose our savings?

11. Have I planned how to overcome the weaknesses I identified above?

12. Have I identified costs to overcome these weaknesses (educational costs, marketing research costs or employee costs) to share the workload?

  Pre-Business Plan Checklist

Briefly answer these questions for use in developing a focused, well researched business plan.

What business am I interested in starting?

What services or products will I sell?

Where will I be located?

What will I name my business?

What will be my legal structure? (sole proprietor, partnership, S-Corporation, C-Corporation, LLC)?

What equipment and supplies will I need?

How will I market my business?

What are my personal financial resources?

What financing will I need and where will I get it?

How will I compensate myself?

What insurance coverage (personal and business) will be needed?