Starting
a Business Checklist - Business Finance
About
Starting a Business
Starting
and managing any business takes motivation and a degree of talent.
It also takes a lot of research and planning. Initial mistakes are
not always fatal, it takes extra skill, discipline, and hard work
to regain the advantage. Take time to explore and evaluate your
business and personal goals, then use this information to build
a business plan that will help you reach these goals.
Developing
a business plan will make you think through some important issues
that you may not otherwise consider. Your busienss plan will become
a valuable tool as you set out to raise money for your business,
and it will provide milestones to gauge your success.
Getting Started
1:
List reasons for wanting to go into business. Some of the most common
reasons for starting a business are:
- Self-management
- Financial
independence
- Creative
freedom
- Use
of personal skills and knowledge
2: Then find out what business is right for you. Ask yourself these
questions:
- What
do I like to do with my valuable time?
- What
technical skills have I learned or developed?
- What
do friends say I am good at?
- Will
I have the support of my family and friends?
- How
much time do I have to run a successful business?
- Do
I have any hobbies or interests that are marketable?
3: Next identify your business niche. Research and answer these
following questions:
- What
business am I interested in starting?
- What
services or products will I sell?
- Is
my idea practical, and will it fill a need?
- What
is my competition?
- What
is my business's advantage over existing firms (don't ever just
compete on price) ?
- Can
I deliver a better quality service?
- Can
I create a demand for my business?
4: The last step before developing your plan is the pre-business
checklist. You should answer these following questions:
- What
skills and experience do I bring to the business?
- What
legal structure will I use?
- How
will my company's business records be maintained?
- What
insurance coverage will I need?
- What
equipment or supplies will be needed?
- How
will I compensate myself?
- What
are my resources?
- What
type of financing will I need?
- Where
will my business be located?
- What
will I name my business?
The answers to the questions will help you create a well-researched
business plan that will serve as a blueprint for business operations,
management, and capitalisation.
When
you have completed your business plan, review it with a friend or
business associate. When you feel comfortable with the content and
structure, take it to your Bank Manager. Your business plan is a
flexible document that should change as your business grows.
OCIS
provide general financial information, we urge you to consult an
Independent
Financial Adviser ( IFA )
before making any important decisions about your finances. |
