McDonald & Co Accountants

Bob Mcdonald CMA,ISP

15736 100 Ave N.W. Edmonton, Alberta Canada T5P 0L1
Fax (780)486-4393 -------- Phone (780)484-1133

Small Business Startup Info :
Preliminary Considerations

For a person considering starting a business, the first steps are often the most difficult and the most critical to achieving success.The followimg are some of the things that should be considered in the preliminary phase.Later on this site you will find more info to help you as you actually get started.

    What are your reasons to want to start a business :

    1. You want to be your own boss
    2. You want financial independence
    3. You want creative freedom
    4. You want to fully use your skills and knowledge

    What type of business is right for you :

    1. What do you like to do with your time ?
    2. What technical skills have you learned or developed - Are they Marketable ?
    3. What do others say you are good at - Is it really true ?
    4. Will you have the support of your family ?
    5. How much time do you have to run a business - Can you give up your day job ?
    6. Do you have any hobbies or interests that are marketable ?

    What niche market will your business satisfy :

    1. Is your idea practical, and will it fill a need?
    2. Who is your competition?
    3. What is your business's advantage over existing firms - Personal Service OR Special Skills?
    4. Can you deliver a better quality service?
    5. Can you create a demand for your business if the demand does not exist now ?

    Other considerations :

    1. What business are you interested in starting (Do you have the required knowledge)?
    2. What services or products will you sell (Can you be sure of having the required Manpower & sources of Materials)?
    3. Where will you be located?
    4. What skills and experience do you bring to the business?
    5. What will be your legal structure (Proprietorship,Partnership OR Limited Company)?
    6. What will you name your business? If Incorporated it must include "Ltd" OR "Inc.". (See More Info
    7. What equipment or supplies will you need?
    8. How will your company's business records be maintained (See Do i need to keep Books & Records)?
    9. What insurance coverage will be needed - Liability, Fire, Fidelity Etc.?
    10. What financing will you need and where can you obtain it?
    11. What are your resources (Personal, Family - Both Human & Financial) ?
    12. How will you compensate yourself (See Do i pay myself wages) ?

    Preliminary Considerations -
    What can you do now :

    From these preliminary considerations you can develop a business plan which will serve as a blueprint as to how your business should operate. This plan should be written down and a regular schedule of cross-checking should be implemented to ensure you are staying on track.The plan may need to be modified as new situations arise.

    The Government of Canada Business Plan for Retailers

    The preceding information is for educational purposes only.
    As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this,
    a further review should be done by a qualified professional.
    Although every reasonable effort has been made to insure the accuracy of the information
    contained in this, letter, no individual or organization involved in either the
    preparation or distribution of this letter accepts any contractual, tortious,
    or any other form of liability for its contents or for any consequences arising from its use.

    Go to McDonald & Co. Accountants - Developing a Written Business Plan

    Go to McDonald & Co. Accountants - Small Business Startup Info :

    Page maintained by R McDonald, bob@rmcdonald.com Copyright(c) 1997.
    Created: 01/07/97 at 5:13:46 AM Updated: 9/12/2004 at 7:52:30 AM