Here’s a handy list to make sure you have all you need to start your business:

• Have you identified the need you wish to service? Is it a real need? How many people have that need? e.g. your neighborhood, your city, nationwide

• Is the need of high, medium or low priority? High priority needs are food, shelter etc. low priority needs are luxury items or items that are not used daily e.g. cable television, holidays etc.

• Where/ who is your market? How much demand do you anticipate for your product/ service?

• If it is a product, have you designed or got your prototype? Have you sought feedback from your potential customers?

• If it is an invention, have you patented it?

• Have you collected enough technical information for the business?

• Have you developed a business plan?

• Have you got a suitable business name?

• Have you set up your shop, office, factory etc establishment? if you are cash-strapped get creative! you can ask family or friends that have some space to house your enterprise until you can afford to rent or buy your own space. Apart from pitching in to share rent, you could also offer them shareholding in your business instead of rent. Business incubators are another alternative.

• There is quite an argument for purchasing an existing business. It can be much less risky, and you may see a profit sooner. Is there an existing enterprise that may be interested in selling? If so, it is important to understand their reasons as maybe they are selling to exit a non-viable industry.
  
• Have you registered your business? Have you got the required licenses?

• Are you assured of a steady supply of your raw materials?

• Have you got enough money to start?

• Have you figured out your purchase and selling policies? (will you ask your suppliers for credit and will you offer credit to your customers?

• Have you ensured that your equipment/ machinery is in working order? Do you know maintenance technicians and where to get affordable spare parts?

• Have you figured when and how you will advertise your products/ services?

• How (or who) will you distribute your products?

• Have you sorted out the administrative stuff? This includes bank accounts, tax PIN and VAT (if registering), business licence from the council, etc.

• Are your business branding materials prepared? These include your logo for stationery, brochures, website and business cards.

• Probably the most important: does this business opportunity excite you? can you get so passionate about your new enterprise that you are prepared to work long hours to get it off the ground? As a business owner, if you do something you love, you'll have a greater chance of success.