Checklist for starting a company: wrapping up the challenges of launching Wiesner Publishing.

• Author: Wiesner, Pat

The idea: Is it something you are willing to bet the farm on? Are you willing to risk everything you own for this business? You will be asked more than once as you seek funding or financing just how much of your own money and borrowing power you have on the line.

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The idea has to be so good to you that you will work almost all the time, invest all that you have. And if you want to get investors, you must convince them you understand your idea and know what you're doing.

The plan: It has to be good enough to convince you, anyone who might want to throw in with you and certainly anyone you might want to borrow money from, that every expense and all dollars in are accounted for, for at least the first year. This would include a people plan and a resource plan.

A good business plan will completely describe the business with no downstream surprises. In financial terms, you should have a profit-and-loss spreadsheet and a cash-flow spreadsheet. Don't even think of looking for financing without a strong first-year plan. You will get one chance to show that you know what you're doing.

Organization: This is really part of the plan. What do you need to accomplish your goals? Who do you need? How will you handle accounting, shipping, etc.? What about cars, buildings, salespeople? All this becomes part of your one-year plan.

The team: Who's going to help get this baby off the ground? How will they be compensated? (We started with three guys and a secretary, but we had no incoming dollars to speak of for five months.) Without these people you will probably fail. Try to transfer your passion to them. Consider ways to give them a piece of the action. (When we started, my two partners had 15 percent each, and I had 70 percent.)

Financing: Few new companies can be financed out of the entrepreneur's pocket. Most of us have to find an investor. Don't approach a potential investor without a winning financial and organizational plan. You will never get a second appointment. Just about all investors except your Aunt Mary will want ownership in your company in exchange for money. Get some professional advice to make sure that the exchange of stock and money...