Checklist of What You'll Need Before Starting Business

  1. What product or idea do you have to create a business from?

  2. What is your knowledge of business and finance?

  3. What business experience do you have and is it relevant to the type of business you are looking at?

  4. What skills do you possess that will contribute to the success of your business?

  5. How much capital do you have, or have access to?

  6. Will you need to borrow money?

  7. Do you have a good credit history?

  8. Where would you run your business from – at home, a shop front or office?

  9. Will you need employees?

  10. What is your target market?

  11. Can you run your business part time until it builds up?

  12. Do you have to leave your current job immediately in order to operate the business properly?

  13. Is it the type of business family members can help with for little or no payment?

  14. Is it a business you can work with independent contractors, so you don’t have a wage bill every week?

  15. What type of plant and equipment do you need?

  16. Can you discipline yourself to work unsupervised as your own boss?

  17. Are you prepared to put in the hours necessary to help the business grow?

  18. Do you have good advisers to call on?

  19. Are you computer literate and are you experienced with the Internet.

  20. Do you have skills managing people – do you get along with them?

  21. Have you taken any business courses; can you understand the principles involved in running a profitable business?

  22. Do you know anything about accounting and bookkeeping?

  23. Are you prepared to do a basic bookkeeping course?

  24. Do you need to buy extra vehicles or can you use your current vehicle?

  25. Can you manage money or could your spouse or someone else look after this area?

  26. If you intend to work from home, can you set aside a separate room as your office – i.e. away from the living quarters?

  27. Are you allowed to operate the type of business you have in mind from your home? That is, does it comply with the local council or authority's regulations and bylaws?

  28. Do you want to run your business as a sole trader, partnership or company? 

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