WHAT ABOUT YOU? |
YES |
NO |
1) Are you the kind of person who can get a business started and run it successfully? |
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2) Think about why you want to own your own business. Do you want it badly enough to work long hours without knowing how much money you'll end up with? |
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3) Does your family go along with your plan to start a business of your own? |
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4) Have you worked in a business similar to the one you want to start? |
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5) Have you worked for someone else as a supervisor or manager? |
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6) Have you had any business training in school? |
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WHAT ABOUT THE MONEY? |
YES |
NO |
7) Have you saved money? |
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8) Do you know how much money you will need to get your business started? |
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9) Have you figured out whether you could make more money working for someone else? |
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10) Have you determined how much of your own money you can put into the business? |
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11) Do you know how much credit you can get from your suppliers - the people from whom you will buy? |
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12) Do you know where you can borrow the rest of the money needed to start your business? |
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13) Have you figured out your expected net income per year from the business?
(Include your salary and profit on the money you put into the business.) |
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14) Can you live on less than this so that you can use some of it to help your business grow? |
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15) Have you talked to a banker about your plans? |
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EQUIPMENT AND SUPPLIERS |
YES |
NO |
16) Do you know what equipment and supplies you will need and how much they will cost? |
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17) Can you save some money by buying second hand equipment? |
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HOW ABOUT A PARTNER? |
YES |
NO |
18) If you need a partner, who has money or know-how you need? Do you know someone who will fit- someone with whom you can get along? |
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19) Do you know the good and bad points about going it alone, having a partner, and/or incorporating your business? |
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20) Do you know a lawyer to whom you can go for advice and help with legal papers? |
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21) Have you talked to a lawyer about it? |
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YOUR MERCHANDISE/SERVICES |
YES |
NO |
22) Have you decided what products/services you will sell? |
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23) Do you know how much or how many of each product you will need to buy in order to open your business? |
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24) Have you found suppliers who will sell what you need at a good price? |
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25) Have you compared the prices and credit terms of different suppliers? |
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BUYING |
YES |
NO |
26) Do you know how to find out what your customers want? |
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27) Will your inventory records tell you when it is time to reorder or how much to order? |
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28) Will you buy most of your stock from a few suppliers rather than a little from many, so that those you buy from will want to help you succeed? |
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29) Have you made plans protecting your business against thefts of all kinds (shoplifting, robbery, burglary, stealing by employees)? |
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30) Have you talked with an insurance agent about what kinds of insurance you will need? |
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WHAT ABOUT YOUR CUSTOMERS? |
YES |
NO |
31) Do most businesses in your community seem to be doing well? |
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32) Have you tried to find out how well businesses similar to the one you want to open are doing in your community and in the rest of the country? |
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33) Do you know what kind of people will want to buy what you plan to sell? |
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34) Do such people live in the area where you want to open your business? |
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35) Do you feel they need a business like yours? |
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36) If not, have you thought about opening a different kind of business or going to another neighborhood? |
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THE PRICE YOU CHARGE |
YES |
NO |
37) Can you determine what you should charge for each product or service you sell? |
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38) Do you know what other businesses like yours charge? |
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SELLING |
YES |
NO |
39) Have you decided on a selling plan? |
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40) Do you know how to get customers to buy? |
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41) Have you thought about the selling techniques that make customers want to buy from salespersons while others turn them off? |
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CREDIT FOR YOUR CUSTOMERS |
YES |
NO |
42) Have you decided whether to let your customers by on credit? |
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43) Do you know the good and bad points about joining a credit card plan? |
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44) Can you tell a "deadbeat" from a good credit customer? |
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45) Have you talked with other business owners in the area about what they think of the business? |
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46) Have you talked with the company's suppliers? |
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47) Have you talked to a lawyer about it? |
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ADVERTISING |
YES |
NO |
48) Have you decided how you will advertise (newspapers, Internet, posters, handbills, radio, mail)? |
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49) Do you know where to get help with your ads? |
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50) Have you watched how other similar businesses get people to buy? |
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YOUR RECORDS |
YES |
NO |
51) Have you planned a system of records that will enable you to keep track of your income and expenses, what you owe other people, and what other people owe you? |
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52) Can you keep track of your inventory so that you will always have enough on hand for your customers, but not more that you sell? |
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53) Have you figured out how to keep payroll records and take care of tax reports and payments? |
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54) Do you know what financial statements you should prepare? |
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55) Do you know how to use those financial statements? |
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56) Do you know an accountant who will help you with your records and financial statements? |
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YOUR BUSINESS AND THE LAW |
YES |
NO |
57) Do you know what licenses and permits you need? |
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58) Do you know what business laws you have to obey? |
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YOUR BUILDING |
YES |
NO |
59) Have you found a good location for your business? |
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60) Will you have enough room when your business "gets going"? |
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61) Will you have adequate parking facilities? |
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62) Can you fix the building the way you want to without spending too much money? |
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63) Can potential customers get to it easily from parking spaces, bus stops, or homes? |
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64) Have you had a lawyer check the lease and zoning? |
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YOUR EMPLOYEES |
YES |
NO |
65) If you need to hire someone to help you, do you know where to look? |
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66) Do you know what kind of person you need? |
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67) Do you know how much to pay? |
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68) Do you know what benefits to provide? |
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69) Do you have a plan for training your employees? |
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70) Do you have a work plan for yourself and your employees? |
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BUYING A BUSINESS FROM SOMEONE ELSE |
YES |
NO |
71) Have you made a list of what you like and don't like about buying a business someone else has started? |
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72) Are you sure you know the real reason why the owner wants to sell that business? |
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73) Have you compared the cost of buying the business with the cost of starting a new business? |
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74) Are the stock/equipment/fixtures up to date and in good condition? |
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75) Is the building in good condition? |
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76) Will the owner of the building transfer the lease to you? |
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77) Have you talked with other business people in the area the see what they think of the business? |
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78) Have you talked with the company's suppliers? |
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79) Have you talked with a lawyer about it? |
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