 | Once a business opportunity has been identified the
following areas need to be investigated:
 | sources of information available
 | professional advisors- accountants, solicitors,
bank managers, management consultants, State governments- small business
unit, business enterprise centre, Federal government- Ausindustry,
Australian bureau of statistics, Ausinfo, Local government, Chamber of
commerce, Australian small business association, Trade associations,
Electronic information services- the internet and libraries or reference
materials. |
|
| skills required
| accounting |
| computer skills |
| staff management |
| business administration, including inventory
control, rosters and general 'paperwork' |
| marketing |
|
| financial considerations (capital)
| Finance refers to the funds required to carry out
the activities of a business. |
| Questions to consider:
| How much debt can the business afford?
|
| How much do I need or expect to earn from the
business? |
| How much will it cost to start the business?
|
| How much capital do I need to operate the
business? |
| What financial success have other similar
businesses achieved? |
| What funds do I have available and what will I
need to acquire? |
| From where will I finance capital requirement?
|
| How much debt can the business afford?
|
|
|
| competition
| There are two main ways of achieving
competitiveness:
| cost will largely depend on production
techniques- you can try to make your production cheaper. |
| differentiation is about making a product or
service different, unique or better than its rivals. |
|
|
| the business idea |
|
