Check List

Before you start your business we would suggest you have a look at this Check List to make sure you are aware of what is required in the operation of a business.

• Are you sure you want to work for yourself, or should you consider employment
   
• Is going into self employment your choice or do you feel it is the only thing you can do. If so working for yourself may not be for you.
   
• Have you clearly decided what it is that you want to do in your own business.
   
• Is it something you do well, and you have been involved in for a while being an employee that you can continue doing and that is a growing market. If not it maybe worth your while to do some market research before you go to far.
   
• What is your product or service and why would people want to buy from you.
   
• How will you make sure that people know about your product and how much money will you need to spend to tell each potential customer.
   
• You can have the best product or service in the world but unless you tell people about yourself you can end up with a warehouse full of products and waiting for customers to contact you.
   
• Who and where are your customers and are there enough of them. How will they get hold of your product or service.
   
• What is your plan and how much will it cost to produce your product, market it and distribute.
   
• Where will you get the money needed to start your work and will the cash flow from your customers be at the right to keep you going
   
• Is there a real market for the product or service you wish to provide or is it something you have really hoped for but cannot be sustained.
   
• Have you clearly identified the potential customers for your product or service and investigated the prices you can charge.
   
• If your potential customers are being serviced by other suppliers, why should they come to you. What do you offer that they cannot get from there current suppliers. You cannot rely on a price advantage because when the competition lower their prices to match or better yours, they are just as likely go back to them.
   
• Where will you work. Will you work from business premises or from home.
   
• Who are your suppliers. Suppliers are an essential part of a business operation. If you need materials, products who will provide them. How will you contact them. You need to negotiate with suppliers before you start your business to make sure you have a regular supply at a competitive price and also discuss payment terms.
   
• Will you employ other people and if you do need employees, and how will you recruit good people, reward, motivate and train them. If you are employing people you need to get yourself up to date with employment regulations such as what are the requirements in regards to the Employments Contract Act.
   
• What insurance do you require.
   
• What's the right business structure for you business activity.