Considering Business
When preparing to start a business we can assist with:
- a feasibility study more…
- market research
- a business plan more…
- licensing/ legal aspects etc
- application for funding more…
Not all business ideas will result in sustainable businesses. A feasibility study can help to determine if your idea may result in a good business. There are a number of questions to answer before you begin. Our Business Adviser can help assist you in finding the answers to these questions, devise the solutions and then assist you to make the right decisions.
For example you will need to ask yourself the following:
- Do I have enough knowledge, the right skills and the right attitude to commit to a business? Remember there is training available if needed.
- Is there a significant need for the product or service I want to take to the market?
- Who will be my competitors and how much room will they leave for me to develop a business?
- Are there any limitations from a legal point of view or licences required?
- What are the costs of going into business – up front and on-going – for the first few months?
Our Business Adviser will help you develop and refine your Business Plan, with all its integrated parts: the Marketing plan, the Operations plan, the Financial plan and the overarching Management plan.
A business plan will help you achieve a number of goals:
- Gain a better understanding of what your business would look like, with all its aspects, some of which you may not have considered in the beginning.
- You will have a blue-print for your business and have a clear plan of action, as well as some clear benchmarks, to help you monitor your activity in the future and take appropriate actions if things get off track.
- The Business Plan will help you communicate your plans with prospective funders, Government Agencies or commercial lenders, investors, prospective business partners etc…
Funding
There are a number of sources of financial assistance available to small businesses in general, and a few more available to Indigenous Small Businesses in particular. Our Business Advisor can assist you to identify the most suitable funding source for your business and develop applications for funding or loans.