Prepare yourself for business

culled from:http://www.business.gov.au

You may be thinking of starting a new business, or you may be looking to buy an established business. Perhaps you've decided to turn your hobby into a business or to become an independent contractor.
Whatever business structure or type you're thinking of starting, now is the time to honestly evaluate yourself and decide if your business idea is likely to succeed. Owning a business can involve a lifestyle change as well as large financial commitment. Analysis can help you anticipate any challenges you may face and help you overcome them.

Analyse your business idea

Is your idea feasible? Before you get started, find out if there is a demand for your products or services. It's also useful to find out who your competitors are and whether the market can sustain your business.
Have you started your business plan? This is the first step in thinking through your business concept and deciding on your goals and objectives. Researching all aspects of your business idea involves gathering, analysing and evaluating information. This will help you define how you will meet the goals you've outlined in your plan.
Some questions to consider are:

• What product/service will you provide?
• Is your idea feasible?
• How will you protect your idea?
• Is there a market for your product/service?
• What skills do you need to develop your business idea?
• Who are your competitors?
• What difference will you bring to the market?
• Do you have the financial capacity?

Analyse yourself

Are you ready to venture into business?
Operating a small business is not just about working for yourself, it's also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed.
At the outset it’s important to consider whether you really understand what's involved and whether you're suited to business and self employment.
Examine these questions:

• Why are you starting a business?
• What are your business and personal goals?
• What are your skills?
• What income do you need to generate?
• What are the advantages and disadvantages of starting your own business?
• How long do you plan to run a business?