Use this checklist to help you track your progress in commencing your business.
This checklist will help you assessed your personal readiness for the type of business you want to start as well as the business management skills required to run a successful business.
Assess your business idea
- Have you determined whether there is a market for your product/service?
- Have you conducted industry research?
- Have you surveyed potential customers about your business concept?
- Have you completed a SWOT analysis?
- Have you analysed and compared your competitors?
Build your business plan
- Have you completed a business plan?
- Choose your business structure
- Have you sought advice from an accountant to discuss the various business structures and their tax implications?
- Have you determined which structure your business will operate under?
- Have you completed a business licence report?
- Have you registered for an ABN?
- Have you registered a business or company name?
- Have you registered a domain name?
- Have you registered for all relevant taxes?
- If applicable, have you protected your intellectual property?
- Have you researched your insurance needs?
- Have you drafted legal documents for your business?
- If employing staff, have you determined your obligations?
- If locating your business at home have you applied for the correct licence?
- If leasing commercial premises have you sought advice from the SBDC regarding your lease?
Build your support team
- Have you selected an accountant?
- Have you selected a lawyer?
- Have you selected suppliers?
- Have you met with an SBDC or Business Local adviser?
- Have you considered joining your industry or business association?
Figure out your finances
- Have you determined if you can afford to start this business?
- If necessary, have you secured a reliable funding source?
- Have you completed financial forecasts (e.g. expenses, sales, cash flow)?
- Have you determined which record keeping system you will use?
- Have you developed a credit management policy?
Market your business
- Have you conducted market research?
- Have you profiled your target markets?
- Have you identified your unique selling position?
- Have you set marketing goals and budget?