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Starting a Business Checklist - Business Finance

 

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.