a Business Checklist - Business Finance
Starting a Business
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.
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.
List reasons for wanting to go into business. Some of the most common
reasons for starting a business are:
of personal skills and knowledge
2: Then find out what business is right for you. Ask yourself these
do I like to do with my valuable time?
technical skills have I learned or developed?
do friends say I am good at?
I have the support of my family and friends?
much time do I have to run a successful business?
I have any hobbies or interests that are marketable?
3: Next identify your business niche. Research and answer these
business am I interested in starting?
services or products will I sell?
my idea practical, and will it fill a need?
is my competition?
is my business's advantage over existing firms (don't ever just
compete on price) ?
I deliver a better quality service?
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:
skills and experience do I bring to the business?
legal structure will I use?
will my company's business records be maintained?
insurance coverage will I need?
equipment or supplies will be needed?
will I compensate myself?
are my resources?
type of financing will I need?
will my business be located?
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.
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.
provide general financial information, we urge you to consult an
Financial Adviser ( IFA )
before making any important decisions about your finances.