Passion and commitment is not enough to launch a new business venture. Starting and managing a business can be extremely rewarding.  However, it can also be a huge learning curve with exposure to risks, long hours, hard work and frequent challenges.

To ensure your new business’ viability and longevity you need to undertake thorough research and due diligence. This checklist and the associated links will guide you. Addressing each individual step is critical for success.

CHECKLIST
  • Have you developed a Business plan?
LINK to How to develop a business plan
  • Do you have a clear vision statement?
LINK to How to differentiate between a Mission Statement and a Vision Statement; LINK TO Best Practice Tips for differentiating between a Mission and a Vision Statement
  • Do you have a clear mission statement?
LINK TO How to differentiate between a Mission Statement and a Vision statement; LINK TO How to write a good Mission statement; Best Practice Tips for differentiating between a Mission and a Vision Statement
  • Have you undertaken a feasibility assessment?
LINK TO Best Practice Tips for assessing the feasibility of a new business idea; Checklist for assessing the feasibility of a new business idea
  • Do you have a very clear idea of the market area in which your business idea will operate?
LINK TO Checklist for assessing the feasibility of a new business idea
  • Are you sure it will be commercially viable? That is, are you sure that there are customers out there who genuinely need what you are considering offering?  And that the marketplace is not overcrowded?
LINK TO Checklist for assessing the feasibility of a new business idea
  • Have you looked at all costs involved and determined if you have the financial capabilities to make it happen?
  • Do you have the required skills to get the product or service to market?
  • Are you aware of any factors that could potentially delay your business?
  • Do you know what regulatory requirements exist?
  • Will you need intellectual property protection?
Final questions: If this venture is a start-up, are you ready for the potentially different lifestyle, hard work and long hours involved? Are you ready for failure? Are you ready for success? Have you considered your personal goals in relation to achieving your business goals?