Before doing anything

3 basic steps to check before doing anything at all

Check 1 – Develop your vision and goals. Educate yourself about business

Make sure your vision and goals are clear. Set up a big file to keep absolutely everything in. Every piece of paper or work paper calculations or news article or report must go into that file. Keep everything. Keep good records because they will stand you and your business in good stead later on. Your papers are worth more than money if it ever comes to a Court case because they could “save your hide” against a dishonest business person or firm.

Get your hands on some business books and other business material and educate yourself much as you can. Make sure you think through your plans again and again and talk it over with your spouse and trusted business friends and associates, especially those who were successful in business.

 

What you should do:

  • Develop your Vision, Dream and Goals.
  • Set up a Big File and start putting into it your written ideas, thoughts, plans, news articles etc – miss nothing out. Build up a large information database about small business and your business proposals.
  • Think it all through again – and again and again. Then have initial serious talks with spouse/partner and together be in agreement.
  • Start to read Business Books, join a good Business Site – take a small business course and attend any small business seminars that are going) (get any handout or notes and put them all in your file)

 

Check 2 – Be clear on what’s involved in running a business

Be clear on what you are looking at doing. Be clear on what’s involved in running a business including the risks. You must be certain about what your business is all about and that you will start from scratch rather than buy an existing operation.

Finalise what products and services you will be selling and whether you will operate from home or from outside premises.

What you should do:

  • Understand fully what will be involved in Starting/Running a Business, the financial risks and gains and the sacrifice for family etc.
  • Have first talks with close family – siblings/parents/ business uncle etc and others you trust incl respected family friends or associates with successful businesses
  • Finalise the Type of Business you’ll run. Be happy with your option of starting up the business from scratch (rather than buying an business or franchise)
  • Finalise whether you’ll operate from Home or Premises.
  • Finalise the Products or Services you will sell.
  • Make initial calculation of money you have available for the business

 

Check 3 – Talk with your accountant and other successful business owners

Set up a meeting with an Accountant that you have selected to be your adviser. Talk everything through and ask him or her to be honest and point out the good as well as the bad to you. Ask him/her to advise on your plans as if he/she was going into a similar business themselves.

It is a good idea also to talk with business owners in your trade or industry (but not your competitors) as they may be able to shed light on any problems in the market or point out opportunities that could be valuable to you.

What you should do:

  • Make a “gigantic” list of questions you need to ask an accountant – miss nothing. Then have a 1st meeting with the accountant or adviser (discuss your goals, ideas, plans, risks, education, regulations, tax, GST, business structure, home use, premises, staff)
  • Decide on your Business Name & Domain Name and finalise whether you’ll be a sole trader, partnership or company? What about partners or shareholders?
  • If possible, talk with experienced people in your trade/industry/profession and open up to  a trusted successful friend or associates in the same type of business
  • Check Regulations and Law requirements for your type of business with council and others – e.g. IRD and Employment regulations.
  • If going into a Partnership – all partners should agree to proceed to the next stage. If going into a Company – shareholders must all agree to proceed.

 

 

2017-08-28T03:44:36+00:00