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Many people have great ideas for new business ventures but get stuck on how to turn that business idea into reality.

We recommend reviewing the feasibility of your business idea as the first step, which means determining whether the goods and services you are offering can generate satisfactory profit through both good and bad economic times.

Other factors to consider before you undertake a more detailed business plan and commit time and money to the venture include:

  • Determining whether you can meet all your fixed and operating costs until the business can generate sufficient cash flow from sales;
  • Prepare a cash flow projection for the first year to ensure you can meet your expenses;
  • Determine your business break-even point;
  • If you are buying a business, request details such as 3 years trading figures, break-up of purchase price, history of business and reasons for sale;
  • Determine your own financial position, i.e. your assets less liabilities – and whether you will be able to raise sufficient finance to covers costs;

ETC provides the Explore Being My Own Boss program which has a variety of workshops that help you to assess the viability of your business idea.

Need more information?

If you would like some advice on whether your business idea is financially viable and how to take it to the next step please contact us via the Enquiry Form.

 

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