Have you been thinking about starting a business but aren't sure where to begin?

We at SprojectsM offer a free 20-minute SPM Business Start-Up Review for aspiring entrepreneurs. We talk through your business idea, who you want to serve, what you'll offer, and some of the basic systems you'll need to get started.

There's no obligation. It's simply an opportunity to turn your idea into some practical next steps.

  The Startup "Four Pillars" 

1. Legal: Is the business legally established and protected? 

2. Financial: Does the business understand its money and financial obligations? 

3. Business Structure: Does the business have the people, processes and systems required to operate? 

4. Strategy & Mentoring: Does the owner have a clear plan and someone helping identify blind spots? 

A startup can generally begin as:

• Sole proprietorship — simplest and inexpensive, but the owner and business are not legally separate. 
• Partnership — appropriate when two or more people own the business. 
• Corporation — creates a separate legal entity and is often appropriate when the founders want limited liability, outside investment, multiple shareholders, or a business intended to scale.

"Is incorporation appropriate for where this business is today and where it intends to go?" 

For a scalable startup seeking investors, bringing in partners, hiring employees, owning significant assets, or entering higher-risk contracts, incorporation should generally be seriously considered.

If the business is still validating its idea with very little revenue and low risk, a sole proprietorship may be an appropriate starting point.

In BC, incorporation creates a separate legal entity, and the corporation has its own legal existence distinct from its shareholders. 

Financial foundation 

Where is the money coming from?

Where is it going?

How long will the money last?

At minimum:

• Business bank account 
• Accounting system 
• Bookkeeping process 
• Chart of accounts 
• Expense tracking 
• Revenue tracking 
• Accounts receivable 
• Accounts payable 
• Payroll, if applicable 
• GST/HST considerations 
• Tax filing calendar 
• Monthly financial statements 

CRA requires businesses to maintain records supporting their income and expenses. 

Mentoring 

"Have you thought about this?" 

A mentor/advisor can help the founder identify blind spots in:

• Business model 
• Pricing 
• Sales 
• Marketing 
• Finance 
• Hiring 
• Leadership 
• Operations 
• Legal structure 
• Growth strategy 
• Funding 
• Partnerships 

The mentor shouldn't replace the lawyer or accountant.

Instead:

Mentor → identifies the issue

Lawyer → provides legal advice

Accountant → provides accounting/tax advice

Insurance professional → advises on insurance

Founder → makes the decision

Determine whether a startup has the legal, financial, strategic, operational and organizational foundation required to launch, operate and grow — and identify the highest-priority actions required to become growth-ready.

What if my startup isn't ready yet?

That's okay.

The purpose of the Startup Readiness Assessment isn't to tell you that your business has failed.

It's designed to answer:

"What does my business need to become ready?

Some startups need to clarify their market.

Others need to fix their financial structure, establish accounting, determine an appropriate legal structure, build a sales process or develop a realistic business model.

Knowing what needs to be fixed before you spend more money or attempt to scale can be one of the most valuable things you learn.

Not every startup needs a 40-page traditional business plan.

However, every startup should have a clear strategy and financial plan.

There isn't a universal startup number.

You should calculate:

Startup costs + operating expenses + working capital + contingency = initial funding requirement.

You should also understand your expected monthly cash requirements and cash runway.

Your responses are analyzed across the major areas of startup readiness.

You'll receive an assessment of:

• Overall readiness 
• Business strengths 
• Business gaps 
• Potential risk areas 
• Financial and operational issues 
• Highest-priority actions 
• Recommended next steps 
• A practical 90-day action plan