Top 10 Start-up Costs:

1. Down payment on property, rent, fixtures and equipment. 

2. Acquisition costs of vehicles. 

3. Acquisition costs of office systems, equipment and supplies. 

4. Installation of equipment/fixtures, decorating and remodeling. 

5. Starting Inventory.

6. Utility installation fees. 

7. Marketing and promotion for opening. 

8. Licenses and permits.

9. Professional and advisors' fees

10. Product development costs or franchise fees, where applicable.

 
Top 10 Things To Do Before Applying for a Business Loan:

1. Ensure all of your historical financial information is up to date.

2. Calculate your personal net worth to see if you have any personal collateral to offer.

3. Gather all of your company's historical financial statements.

4. Gather all of your personal income tax returns.

5. Prepare a projected statement of cash flow for the next twelve months (at least), to show how the loaned funds will be used and repaid.

6. Make a list of all the current creditors of your company.

7. Make a detailed list of all of the company's assets.

8. Select lenders that already deal with, and understand, companies in your industry.

9. Talk to a lender’s representative to ensure you are preparing all of the information they require to make a loan decision.

10. Get advice from a qualified Accountant.

 
Top 10 Things Lenders Look for in Small and Medium-size Businesses:

1. Competent and respected management. 

2. A well-thought-out business plan.

3. A unique product or service.

4. A high margin business with acceptable financial ratios.

5. Properly structured and efficient organization.

6. Good collection policies and inventory controls.

7. Good company infrastructure.

8. Dedicated and capable employees with low turnover.

9. Financial commitment on the part of the owners.

10. Computerized financial reporting.

 
14 Small Business Management Tips:

1. Remember that your accountant's time is your money.

2. Do not throw away your canceled cheques.

3. File your copy of your sales invoice either numerically or by customer, whichever is more convenient.

4. Keep a file of all invoices and bills that are paid.

5. Perform bank reconciliation each month.

6. Periodically through the year, and particularly at year-end, count the inventory you have on hand.

7. Review accounts receivable on hand at year-end to determine those that are uncollectible.

8. Register for GST.

9. Discuss your financial statements with your accountant.

10. Remember, you are running a business. If you are to keep track of its financial affairs they must be separate from your personal affairs.

11. It is easier to keep track of transactions if you pay by cheque.

12. It is advisable to make detailed deposit slips and keep a copy for yourself.

13. If your books do not balance, try dividing the amount you are left with by nine.

14. If you are starting a new business or have an existing business that is not as profitable as you had hoped, don't be afraid to ask for help.

 
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