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Is it a good idea? Do you have enough start up capital? So many questions! Where’s your business plan?
Research shows that businesses with a formal plan have a better chance of survival. It is essential, especially if you are going into business for the first time or entering an unfamiliar industry.
Is it a good idea?
It may sound great on paper, bu conduct a break even analysis so you know how much you will need to generate to cover your total costs and how long this will take.
Do you have enough start-up capital?
This is the money you will need to see you through the early days of getting your business started.
Do you understand the market?
Have you thoroughly researched the market? Up-to-date information on the people who are likely to buy or use your product or service, the price they’ll pay and the type they want, will make or break you, especially at the start.
Do staff and management have the right skills and experience?
People management skills and an understanding of your business area are crucial. Network with others in and around your industry to compliment your existing skills, or consider further training.
What are license or regulation requirements?
Almost all businesses will need to consider licensing or regulatory issues. What’s yours?
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