I’m sure you have heard the statistics. In Australia, more than 60% of small businesses fail within the first three years. There are various reasons cited for this including cash flow issues, trading losses, inadequate training and lack of capital. However, I believe most businesses fail because the owners are so excited about their idea that they forget to do their homework and properly plan.
The MACHUS Solutions Business Pre-Launch Checklist
I have put together a MACHUS Solutions Business Pre-Launch Checklist to dramatically improve your chances of success and to ensure your business is not another statistic. The checklist is by no means exhaustive, but it’s a great starting point to ensure you adequately plan and think beyond your initial great idea.
If you are in doubt about whether your business idea will work, undertake more research and even redesign your business model. Above all, you need to make absolutely certain your business idea will attract enough customers because without customers, you’ll have no business.
- Do I have a business model?
- Do I have a clearly defined product or service?
- Do I know who my customers are?
- Do I have reliable suppliers and service providers?
- Do I know what my point of difference is?
- Is my point of difference sustainable?
- Do I have a marketing plan?
- Do I have budgets and cash flow projections?
- Do I have enough information to complete a business plan?
- Name and Structure
- Do I know how the business will be structured?
- Do I have a registered name for my business?
- Have I secured a domain name?
- Do I know how I will fund the business?
- Do I know what outside skills I need to engage?
- Do I need to secure plant and equipment?
- Do I plan to secure or develop intellectual property?
- Do I know how to protect intellectual property?
- Have I secured a shop front?
- Have I covered all insurance requirements?
- Do I need a website?
- Permits and licenses
- Australian Taxation Office (PAYG & GST)
- Occupational Health and Safety (OH&S)
- Fair Work Australia
- Other industry specific requirements
- Have I resolved bookkeeping needs?
- Do I know how I will monitor sales performance?
- Business Advice
- Do I have a business coach, advisor or mentor to assist me?
We have over 30 years business consulting experience and we have worked with dozens new businesses in nearly every industry. If you need help with your great business idea, please contact us. It could be the most important call you will ever make.