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 : From North Korean gun running to El Chapo's drugs cartel; New Zealand Police have received more than 350 criminal investigation enquiries about NZ companies the notorious Taylors established - Interest.co.nz      Control is how SME owners can thrive - Bdaily      These are the 33 best places to do business around the world, according to the World Bank - Business Insider      Daily News 29 / 11 / 2018 - EU News      Where Should You Set Up Your EU Entity? - Government, Public Sector - European Union - Mondaq News Alerts      

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