Starting your own business

About us Business Structures Business Plans Business Finance Flexible Business Loans Small Business Marketing Start an Internet Business Home Based Business Company Formation Accounting and Bookkeeping Business Zone Business Dictionary
Latest News : The Top 10 types of expat in Thailand (2019) - The Thaiger      9 Tips for Starting a Business in a Crowded Digital Marketplace - mySanAntonio.com      How to start a business in Australia - World First Foreign Currency Exchange      Printer leasing | The popular alternative to buying a printer - Startups.co.uk      Business start-up Walk A Mile produces life story videos for looked after children | Suffolk and Essex Business News - East Anglian Daily Times      

Guidelines for a Business Appraisal

 

Whilst there are no hard and fast rules for what must be included in the appraisal of an idea for a new business, some general guidelines might aid in the process.

Talk to Friends and Family First

Ideas in person’s head may sound better than they do when spoken out loud. Whether family and friends are business minded is not often important, their common sense will generally assists in the analysis of an idea or proposition.

In any case the person voicing the idea and methodology should have the required business and any technical knowledge necessary for the appraisal.

Discuss the Plans with People who know you

Another group of people who might be able aid with an assessment as to whether there will be light at the end of the tunnel are colleagues and business advisors.

A main point of consideration would be to weigh up the potential benefit of gaining valuable opinions against the risks of an unscrupulous person engaging in the business area as a result of hearing the ideas.

Do the Sums

A good idea is only the beginning of succeeding in business. Overall cash requirements as well as the timing of money flows are paramount to ensuring that a new business has a reasonable chance of succeeding.

Cashflow forecasts can not only provide estimates of cash needs and money burn, they can also show the sensitivity of the flows and can be used to predict “what if” scenarios.

 
Email This Page  Print This Page


 
 
Site Search
Take the 6 question quiz and test your knowledge on matters relating to starting your own business
1. When running a business, which of these statements is generally true?
 
Profit is the same as cash in hand
Profit is not the same as cash in hand
Profit and cash are usually about the same
  
Submit
 
Single Question Survey
Did you know that company formations can be carried out entirely online without any need for paper or written signatures?
 
Yes
No
  
Submit