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Ready. Set.

Ask Yourself

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Look to yourself and answer these questions about your new business venture:

  • What is your business and is it in demand in your area?
    • Is your business type common and will you stand out next to your competitors in your area?
  • Is it a good idea and why?
  • What does your idea look like in the real-life version?
    • What kind of financial backing do you have to start a business?
    • How will you balance work, life, family and your new business?
    • Think about your concept; will there be a physical premises, online store or both?
    • Will you be running your business solo, with partners, and/or need to hire staff?
  • What education, experience, skills and certifications do you possess in the industry?
  • Would you be able to do your own books or afford an accountant?
  • What local courses can help you achieve business success?
  • What financial plans do you have in place if your business fails or is unable to turn a profit after the first 18 months?

If you find your business is common in your area, you need more guidance on your idea, or need direction with local courses, you can head to the Casey Cardinia Region website for local support.

While starting a business is a wonderful milestone, it can also be a physical, mental, and financial burden if you haven’t considered all of the variables.

The financial repercussions of starting a business can be detrimental; be sure you have sufficient funds to cover start-up costs and cash flow when the first few years may not be consistent.