Youth Business

Top 9 Checklists for Young People Starting Business

1. Are you really ready to start a business? 

  • You have to know what is involved in starting a business.
  • You need to know what you want and understand what is involved.
  • You have to remember there will be personal sacrifices.
  • You need to be prepared to put in long hours if necessary.

2. Have you any skills and talents you can use?

  • Evaluate all your personal skills and experience.
  • Know the areas where you can apply your skills and talents.

3. Have you don’t any research?

  • You need to do research to find out if anyone wants to buy your product or service.
  • Do you know what a market is and what market demand is all about?
  • Do you think the market conditions will be good for your business?
  • Have you talked to your friends, family and others to obtain business information?
  • Have you researched government agencies and trade organisations to see what help they can give and what programmes they have available to help get you started?

4. You need to market and promote your business.

  • Do you know anything about promotion and marketing?
  • If not, can you learn by getting the information together or getting the necessary books?
  • Do you know that you have to set yourself apart from your competition somehow?

5. Your business structure.

  • You will need to decide on the type of business structure your business will use.  You can either be a sole proprietor, a partnership, or incorporate into a company.

6. Costing and pricing of your goods or services.

  • Do you know what it costs to produce your products or services?
  • Do you know what prices will be acceptable in the marketplace so that people will buy?
  • Have you worked out what your break-even point will be?
  • Have you worked out what your sales revenue could be?

7. You need a business plan.

  • You will need to prepare a detailed business plan.
  • You will need to have your business plan assessed by a financial adviser as a precaution in case you missed something.

8. What about the money?

  • Have you calculated what you need to start up the business and also to run it for a few months until it gets revenue?
  • Have you worked out where you will get the money?
  • Where will you operate?
  • Will you operate from home or will you find some premises?
  • How important is the location?
  • Have you considered that the rental cost is one of the highest costs in running a business? Will it fit into your business plan and financial budget?

9. Running your business.

  • Who will run your business with you?
  • What are your hours?
  • Who will arrange the production of your product or service?
  • Who will arrange the delivery of your product or service?
  • Who will manage the overall operation of the business?
  • Will you need any staff?
  • Can you run it on your own for a period until it gets on its feet?