Whether you have a great idea for a business or are looking to take over an existing operation, having accurate information about your business obligations, the industry market you are entering, competitors and understanding your finances is vital to building a successful venture.
To give yourself and your business every chance at success, you need to fully understand what is required through thorough research and planning before you make your decision and begin operating. This is so you can make the best decisions for your business.
Before you start a business, you should answer a few important questions.
Your answers will help you understand whether you are ready to start a business and whether your business idea is likely to succeed:
Is what you’re doing actually a business, or just a hobby? Ask yourself:
Not every idea becomes a successful business so ask yourself:
Do you have what it takes to run a business?
Start-up costs for a business can often be quite high so you need to consider how you will finance these. Initially, you may need to pay for premises, vehicles, stock and equipment. You also need to consider the cost of fees will need to pay, such as registration, license, insurance, legal and accounting fees as well as staffing costs (including income for yourself).
Northern Sydney Insitute TAFENSW Brookvale Campus
Northern Beaches Campus offers courses in automotive mechanics, business, building, community services and welfare, digital media, event management, fitness, hair and beauty, HSC, general education, marketing, maritime, office administration, technology, tourism and hospitality, visual arts and ceramics and welding. - See more on the NSI Tafe website
Northern Beaches Community College
Northern Beaches Community College is a non-profit making association, governed by a College Council elected by its members annually. The College receives a small grant from the Department of Education & Communities for delivery of vocational training. It is their business, as an integral part of the community, to provide quality educational programs at affordable rates to meet the needs and interests of adults.
Local Business Networks
There are many local networks in the area that offer support to local businesses. See our Business Networks section for contact details of local networks.