Starting a Business Checklist

Certain activities are vital to the establishment of a successful business. Each of the following steps should be taken prior to starting a business. Use this page as a checklist to ensure that you have thoroughly investigated each of the following areas.

Have you considered the feasibility of your idea?

A business idea can sound great on paper, but steps must be taken to gauge the feasibility of your operation to warrant the expenditure of your time, effort and money.

You should also conduct a break-even analysis, in order to establish both the level of sales required to cover your total costs and the estimated timeframe within which this will occur.

Have you completed a business plan?

Writing a business plan is an essential step in the process of building a successful business. The task is all the more important if you are going into business for the first time or entering an industry you are not familiar with.

Drafting a business plan will familiarise you with the finer points of your business, industry and the market, and will draw attention to areas requiring further attention. A business plan is also required when applying for a bank loan or taking out a retail lease.

Have you researched the market?

An operator’s understanding of the market can make or break a business, especially during its early stages. Conducting market research will provide you with up-to-date information on the people who are likely to buy your product, the prices they are willing to pay and the type of product they want.

Do you have the appropriate skills and resources?

General management skills and an understanding of the field of business are important skills for an owner operator to have. To complement your existing skills, you should network with others in and around your industry and find out which organisations can provide you with advice or assistance.

Inadequacies in skills or resources should be recognised and rectified before you begin. Further training can help you top up any skill deficiencies as you continue to work on your business.

Have you investigated any license or regulation requirements?

Almost all businesses will need to consider licensing or regulatory issues. For small businesses, your local council can inform you of any licenses and regulations that may affect your operation.