Checklist for Starting a New Business

Background work

• assess your strengths and weaknesses
• establish business and personal goals
• assess your financial resources
• identify the financial risks
• determine the start-up costs
• decide on your business location
• do market research
• identify your customers
• identify your competitors
• develop a marketing plan

Business transactions

• select a lawyer (preferably through somebody’s recommendation)
• choose a form of organization (proprietorship, partnership, or corporation, for example)
• create your business (register your name, incorporate the business, etc.)
• select an accountant
• prepare a business plan preferably through a financing consultant (like us)
• do not talk to a banker unless you have consulted a financing consultant. Some of them give you free advice.
• set up a business checking account
• don’t apply for business loans unless you know for sure that you will not be rejected. Once rejected by a Canadian institution, it is very difficult to apply for a loan.
• establish a line of credit
• select an insurance agent
• obtain business insurance

First steps after you talk to a financing / startup consultant

• get business cards
• review local business codes
• obtain a lease
• line up suppliers (if applicable)
• get furniture and equipment
• obtain a business license or permit (if applicable)
• send for federal and state tax forms
• join a professional organization
• set a starting date