Check list for Starting a Business


So you want to become your own boss? Then there are a lot of aspects to consider before you should consider making this a reality.

The Personality


It is without question, that one needs a strong personality to make a successful business. Especially in service sectors such as culinary, hospitality and tourism. Customer satisfaction is always top priority and having to work with staff and keeping things operating smoothly.
The following questions may help you in your process:
  • How is your health condition?
  • Are you a person that can make important decisions?
  • Are you a person that is willing to take risk?
  • Do you possess the ability to assert yourself?
  • Would you have the support for your family and friends?
  • Do you project a positive feeling?
  • Are you out-going?
  • Do you work well under pressure?


Expertise


Do you have the skills that are needed, both technical and commercial, to make your business a success. Here are some specific points to consider:

  • Have you received training in a professional hospitality establishment and knowledge about the commercial characteristics?
  • Have you sufficient job experience?
  • Could you collect already experienced management?


Foundation Idea and Decided Target Group


As a future entrepreneur you must always be aware to new trends in the market to keep the public interested in your business. Here are some important aspects that play into the roll.

  • Which target group would you like to appeal to?
  • Are the premises suitable for your idea (size, rent etc.)?
  • Which services will you offer to your customers or guest? What is your USP (unique selling point)?
  • Who are your competitors and what is their proximity to your location?
  • What are the strong and weak points of your competitor?
  • In what areas can you improve to be better than the competition?


Funding


Many ideas never last due to a lack of sufficient funds. Therefore, the following points and aid you in understanding what sort of capital is required.

  • How high are the expenses of your private lifestyle?
  • How expensive are the prices of what you will need to open?
  • What is the cost for renovations?
  • How much is the deposit?
  • How much is the first order of stock and supplies?
  • How much are the base expenses?
  • How much are the operating cost and the cost for the Grand Opening advertisements?


Location


Location, Location, Location. This expression says it all when it comes to property. Without a suitable location a business can be affected drastically.This is most seen within restaurant and hotel industry, along with good advertising you need the establishment to be easily noticed by the public and the correct demographic. Therefore, you need to be clear of the following questions:

  • Is the area popular enough to bring patrons and is the location easy to get to?
  • Are there sufficient parking spaces available?
  • Which advertising plan is going to work and which is not?
  • How do the conditions of the premises appear? How can you utilise the space to its fullest potential?
  • Which requirements from the authorities or the building lease are to be upheld?


Suppliers


The suppliers must always have an upstanding reputation of having quality products, particularly fitting the criteria of selection and reliable delivery. Often the basis of a supplier’s contract is teamwork. With a suppliers contract it is important to consider the following points:

  • How long do you want the duration of the contract to be?
  • Are there possibly minimum quantities provided?
  • Which payment agreements have been agreed?
  • Is there compensation for Under/Over ordered quantities?
  • How do the delivery obligations look for your needs?


Personnel


Having the right staff is a vital component that can make the beginning of your business considerably easier. Therefore it is important to have some fact clear before making a decision.

  • How many personnel will be needed?
  • Which positions are to be assigned and which skills will the staff need to provide?
  • Which mental or physical duties will the personnel provide?
  • Will you need full-time or part-time staff?