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Have you identified a market niche that is big enough for you to create a profitable business?
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Have you done market research on the industry or have personal knowledge of the industry you are going into?
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Have you done a realistic pricing of your product or service?
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Have you tested the market using the above prices?
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Have you done an analysis of your competitors' businesses and know what they do well, as well as what they don't do well?
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Have you done breakeven analysis of the business?
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Have you checked out Intellectual Property issues in relation to names, designs, patents etc?
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Have you or your partner got skills in key areas of your new business?
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Have you ascertained legal requirements including partnership agreements, contracts, licensing and taxation issues and have you got your house in order?
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Do you understand your compliance obligations in regard to GST, taxation, ASIC regulations, employment issues such as superannuation, payment of wages, withholding of tax etc?
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Have you and your partner written your personal goals to ensure a match with goals of the business?
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Have you done a financial plan that includes cost of start up, potential sales, cash flow profit and loss and balance sheet? Two years minimum. More if the business is to be a large one.
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Do you have enough capital (money and other resources) to commence your business and keep it floating until it becomes profitable?
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Have you done any business training or worked in a business management area before?
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Are you or your partners up to date with financial recording systems?
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Have you done a Marketing Plan that includes costs and timing of events?
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Have you completed a written business plan and had it checked by an outside professional?
