Are you thinking of starting your own business in 2017?

Are you considering starting your own business in 2017?

You will most likely be wanting to start up your own business because you have a good business idea, the passion and commitment to see it through. Starting a business can be exciting but does require a lot of preparation to get it right first time.

​

There are so many points to consider when establishing a business:

​

  1. Is the idea viable?

  2. Who will be my customers?

  3. Is there a market for my idea?

  4. What is my selling point?

  5. Who are my competitors?

  6. Do i have enough cashflow?





To make it easier for you, we have prepared a 13 point checklist for you to think about now before setting up your business.

​

  1. Why do I want to start a business?

  2. Do I have the right mindset and passion to start a business now?

  3. What capital do I have access to?

  4. What assets (house, money) will I putting at risk?

  5. Do I currently have any personal issues or obligations that will prevent me from putting in 100% effort into the business?

  6. What problem(s) am I solving with my business idea?

  7. Do I have a market for my business idea?

  8. Where will I find my customers?

  9. Who are my competitors?

  10. What will be my uniqueness and competitive advantage?

  11. How will I set my pricing?

  12. Can I run the business part-time before I quit my full-time job?

  13. How would I feel if this business failed? Would I regret it?


With the following points listed above, take the time now to prepare your business so that it is ready to commence in 2017. Don't leave it to chance?
Cheers,
Peter

Comments

Post a Comment

Popular posts from this blog

Cash Flow Series - Managing Cash Flow in Your Business

Image
Welcome to a new series of blogs for 2018 on managing Cash Flow in your business. You have heard of the common expression that “Cash is King”. It's so true and cash is vital for small business survival. Cash is King is critical for businesses starting up, growing or even exiting. At any stage of the business life cycle, cash is vital. Without cash, there is not a chance for business survival. Invoicing is part of good cash flow management. Once you've delivered a product or service, don't wait to invoice - invoice immediately. A product or service that has been delivered is the closest thing your business has to cold, hard cash. The sooner you invoice your client, the sooner you'll receive payment. Some cloud accounting packages have mobile app solutions that will enable you to invoice at client's premises or when you sell a product. Delayed invoicing will harm your cash flow and your business. Consider sending invoices immediately, or on a daily basis, dep...
Read more

Does your Exit Plan need updating?

Image
Not many business entrepreneurs have an   Exit Plan . However, if you do have an Exit Plan in place, is it up to date? Circumstances change in your business and personal life rapidly, so your present Exit Plan might not necessarily fit into your present circumstances. For those business entrepreneurs that do not have an Exit Plan, let me spend a few minutes why it is important for you to have one.  An Exit Plan is vitally important to maximise your business worth and retirement strategy so that you can legally minimise tax and get maximum dollars for your business. Graphic provided courtesy of the http://howtoplanandsellabusiness.com website Exit Planning is a comprehensive analysis of all of the factors that affect an entrepreneur’s departure from their business. While Exit Planning includes succession planning, it also addresses issues more directly relevant and critical to entrepreneurs, such as whether they can leave the business when they want, to whom they want...
Read more