These can be tough to start the very first time, but will start easy after this.
Since you know you have spark, next thing you need to check for is fuel... is it making it to the carb? and if so, is it going thru the carb? The reason I'm asking is because these tanks are notorious for having junk inside them that can clog up float valves and the main jet, this will stop an engine from running or make one die on you for no reason when cruising etc. Fuel filters are highly recommended for these because of this problem.
Other than fuel it needs compression, but you'll feel it if it's got good compression... Only thing to check here is that the head is bolted down good, a loose bolt can bleed off enough compression to prevent it from starting.
Once you know you got fuel, spark, and compression it should start and run.