Step 1) Pull both plugs. If you are working alone, make a clip lead by attaching an alligator clip at each end of a 2 ft. piece of wire. Attach one alligator clip to the plug electrode, the other to a bare metal surface. Kick the engine over. You should see a spark, usually one per kick. Repeat on other plug. This test proves you are "getting spark" ..... it proves the coils, EI, primary wiring, high tension wiring, battery, and EI trigger are working as expected. It does not prove the plugs are firing under a compressive load, but with new plugs, the plugs would have to be a rare case of new-but-defective if they were not firing.
Step 2) Check that spark occurs at the proper time. With both plugs removed, crank the engine slowly, either using the kick starter by hand, not foot, or with a long bar and socket applied to the cam nut, oil pump nut, or clutch nut. Look into the LEFT plug hole until you see the left intake valve come into view. If you are using the long bar, be sure the crankshaft of the engine is rotating in the normal run direction. Continue rotating the engine until the intake valve fully opens, and then recedes from view. At this point the engine is near BDC. Continue to slowly rotate the engine, and with a long screwdriver or rod, feel for the engine to reach TDC. This is the proper reference point to set up your timing.
I am not familiar with the procedure to set up your EI, but follow "the book", and you should get the spark on "time".
Step 3) Check fuel supply and carburetor.
If you are getting spark, on time, and the engine fails to start, the problem can be either no or insufficient fuel supply, or TOO MUCH fuel supply, that is, an excessively rich mixture.
Quick check for no fuel .... do this test with both plugs clean and dry, or after heating as Fast Eddie suggests. Spray a 1 sec burst of starting fluid (ether) into throat of carb (both throats if dual carbs) as others have suggested. If engine starts and runs for 2 - 3 seconds, the test suggests you are not getting fuel into the carb, or into the spray tube of the carb.
Check for excessively rich mixture .... Kick engine over several times and pull the plugs. If the plugs seem excessively wet, it suggest the mixture may be over rich .... remember excessively rich mixture WILL NOT BURN. Check the pilot circuit of the carb, for proper pilot jet size, and pilot mixture adjust. Try leaning out the pilot mixture.
Slick