| Australia Tel: +61 7 3012-6287 | United Kingdom Tel: +44 20 3239-8408 | New Zealand Tel: +64 9 889-1940
| Australia Tel: +61 7 3012-6287 | United Kingdom Tel: +44 20 3239-8408 | New Zealand Tel: +64 9 889-1940

Business Success Checklist

Before you get started ask yourself:

  • What is your main driver for this business? Lifestyle? Money? Solving a problem?
  • Do you understand the market and have you identified a need?
  • What do you want to do?
  • What skill set do you have that you can apply to your business?

Knowing what is driving you and your business forward is at the core of being a business owner. If you are not passionate about your business then why are you in it?

Draw up a plan, what will it look like?

  • What are your expectations in this proposed new venture?
  • What income will it generate for you in year 1, 3, 5 and beyond?
  • Will you take holidays? And how do you imagine this will happen?
  • What hours are you prepared to work in this business?
  • Will you remain in this business for the rest of your life, will you pass it on or sell it? And in what time frame?
  • Does your business have longevity? Is it reliant on a trend?

If you want to start a business just because you like the idea of owning you own business, then I don’t believe you’re ready yet.  Keep looking around until you can match your expectations to a suitable business. Remember that the great majority of small business owners have just brought themselves a job – one which they can’t call in sick or take paid time off.

Never forget the numbers

  • What funding will be required for this business?
  • What will you need vs. what do you already have?
  • What component of the funding will be your own cash, what will come from investors or loans?
  • What financial projections have you done?

Planning ahead is the key to understanding the direction of your business and unfortunately, is often forgotten by business owners who are drowning in day to day operations. Stop, look up and plan ahead. Planning, forecasting and budgeting will get you much closer to achieving your dream than aimlessly working away with no direction or strategy. 

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