006. Are You Ready to Start a Business?

Welcome to Small Business All Figured Out.

Before you invest considerable time, effort and money on a business idea, you first need to find a way to evaluate yourself and your proposed business idea. 

In this episode, we help you determine if you’re ready to start a business and how to test the viability of your business idea. We talk you through how to undertake this analysis using the Small Business All Figured Out Pre-Business Plan Framework.

In this episode, we cover off on:

The personal considerations of starting a business; to help you work out if starting a business will be the right decision for you which includes:

1. Be clear about your ‘why’
2. Comparing your character traits to those required of a small business owner
3. Understanding if you have what it takes to endure the running a business - from a  physical, emotional and financial perspective; and 
4. Business skills - do you have the necessary skills to run a business or are you prepared to learn them?

The feasibility of your business idea using the 4 Step Evaluation Tool, to  determine if your business idea has a genuine chance at success, which includes:

1. Evaluation of the business idea
2. The market
3. Your competition
4. The environment in which you’ll operate your business

This analysis will really help you to identify whether you and your business idea have the potential to succeed.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au