Any business start-up requires a lot of careful planning, and as any business expert will confirm, the planning stage will determine whether the business is ultimately successful or not. AS there will be a considerable investment of both time and money, it is essential to cover every possibility, and eliminate as many risks as possible, before starting to trade. Here is a checklist to help ensure that the business takes off, as one would hope.

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Compile a solid business plan

All new businesses should have a business plan, which includes the following,

  • A comprehensive overview of the business – This would include the business, the products or services offered, and more importantly, how the company will secure a share of the market.
  • The goals of the business and how one will achieve those goals.
  • The advantages of the products or services the company offers.
  • A comprehensive list of start-up capital required.
  • Revenue forecasts – These should be realistic and achievable.

Retail business

If one is going into the retail industry, signage is essential, so spend some time to find the right sign company that can give the new business the right image. Digital signs are very popular today, and are long-lasting and durable, and with the right lighting, can enhance any retail outlet. If an entrepreneur in Western Australia were looking for a sign company in Perth, an online search will provide the ideal partner for any new business, preparing the new store for its grand opening in style.

The right insurance

All businesses require public liability insurance (PLI) and if the business has even a single employee, then employer’s liability insurance (ELI) is compulsory. PLI covers the company against any claims made by third parties for personal injury or property damage, and even a one man show should be covered, as one never knows what might happen. Employer’s liability insurance (ELI) must be taken out if the business employs even one worker, and many brokers will customise a business insurance package to include everything specific to that industry.

Sufficient capital

The number one reason for a new business to fail is lack of funds, so plan to have a certain amount of money set aside for an emergency, and a new business should have adequate funds to run for six months without receiving any income. If the new entrepreneur does not have access to sufficient capital, it might be an idea to talk to the bank manager, and don’t forget to show him or her the business plan, which will explain in detail how the business will make a profit.

Hire the right people

A business is only as good as its human resources, so spend some time selecting the right candidates, should you need to hire staff. Most companies will hire a recruitment agency to deal with human resources, as they are experienced in placing the right people in the right positions.

More than half of new businesses fail in the first year, and to avoid being on that list, make sure that everything has been thought out, and the right preparations have been made.

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