form 1

1. Are you clear on your reasons for wanting to start a business and the impact it will have on your life?

I haven't really considered my personal motivations to start a business. I'm very clear on my motivations to start a business but I haven’t really considered the impact on my life. I'm very clear on my motivations, and have some idea of the financial and personal impacts that I'll need to consider. I'm clear on my motivations, have assessed the pros and cons of starting a business, and have plans to manage the time and financial impacts.

2. Have you considered the different ways to become a business owner (start, buy or franchise)?

I haven't really considered the different possible pathways and approaches to becoming a business owner. I am working through the pros and cons of starting my own business or buying an existing business or franchise I have selected my preferred pathway to becoming a business owner following detailed evaluation of the options and with professional advice on the implications of the different approaches.

3. Have you done research to confirm that there is demand for your product or services?

I haven't undertaken any research to test demand for my business or business idea. I've shared my business idea with friends, family and trusted contacts who all think it's a great idea. I've done extensive market research using methods like search demand, surveys, and with advisers to check and confirm there is demand for my business idea.

4. Have you confirmed how your business will be more attractive to customers than your competitors?

I haven't done any assessment of possible competition for my new business. I've done some basic online research to check whether there are businesses like mine in the area I'm wanting to serve. I've done a detailed evaluation of competitors in my area including visiting their premises, viewing their websites, checking their prices and trying their products. I've planned how my business will be more attractive to customers than my competitors across all the key areas of my business.

5. Have you undertaken a feasibility analysis to confirm the viability of your new business?

I haven't done a feasibility analysis for my new business idea. I've done a basic feasibility analysis covering financial and operational viability. I've completed a detailed feasibility analysis covering financial, operational, legal, product and service, resourcing and business model viability.

6. Have you calculated the costs required to start and establish your business, and are you able to fund this?

I haven't calculated the costs I'll need to set up and establish my business. I've done a basic calculation of the costs I'll need to set up and establish my business, but I haven't secured the necessary funding yet. I've done detailed forecasting of the costs I'll need to set up and establish my business and have secured sources for all the funding I need.

7. Do you know what licences, registrations or permissions your business will need?

I don't know what licences, registrations or permissions my business will need. I have identified all the licences, registrations and permissions that my business will need. I have identified and obtained all the licences, registrations and permissions that my business will need.

8. Have you considered your personal skills, capabilities, available time and readiness to run your own business?

I haven't assessed what skills, capabilities and time it will take to start and run my own business. I know what skills and time it will take to start and run a business but haven't formally assessed my ability to meet these requirements. I have formally assessed myself against the skills, capabilities and time requirements it will take to start and run my business and have identified ways to address any gaps. I have relevant business or industry experience, and a plan in place to access all the skills, capabilities and time needed to start and run my business.

9. Have you created financial forecasts like a cash flow or profit and loss budget for your new business?

I haven't created any financial forecasts for my business. I have created basic financial forecasts for my new business. I have created detailed financial forecasts for my new business for at least the next 3 years. I have detailed financial forecasts for my new business for at least the next 3 years and these were developed or reviewed by a financial professional.

10. Have you completed a business plan document and SWOT analysis for your new business?

I haven't created a business plan document or SWOT analysis for my new business. I have a basic business plan document and SWOT analysis for my new business. I have a detailed business plan document including a SWOT analysis for my new business. I have a detailed business plan document and SWOT for my new business, and this was developed or reviewed with a mentor, adviser or consultant.

11. Have you identified and set up an appropriate legal structure (e.g. company, sole trader, partnership) for your business?

I haven't researched or identified a legal structure for my business yet. I have identified a legal structure that I think is right for my business but I'm not sure about all the implications and requirements. I have set up the legal structure that I think is right for my business but I'm not sure about all the implications and requirements. I have identified the legal structure for my business by doing research and taking professional advice and have a full understanding of the implications and requirements, but I haven't set this up yet. I have the legal structure in place for my business and fully understand the implications and requirements by doing research and taking professional advice.

12. Have you confirmed (and registered, if required) the name of your business?

I haven't decided on a name for my business yet. I know what name I want for my business, but I haven't checked if this is available yet or set it up. I have carefully considered the name I want for my business, and it is now set up (and registered where needed) with all the required bodies.

13. Have you identified and obtained the premises you need for your business?

I haven't identified what type of premises I need for my new business, or the costs involved. I have identified the type of premises I need for my new business and established the costs associated with this. I have obtained the premises I need for my new business but not completed a fit-out yet. I have obtained and fitted out the premises I need to run my new business and it's ready to start trading.

14. Do you have staff and suppliers in place to operate your business?

I haven't identified the staff requirements for my new business or the suppliers I need. I have identified the staff and suppliers I will need for my new business but haven't secured these yet. I have recruited and trained the staff I need for my new business, and have all my stock, materials and supplier agreements in place.

15. Do you have a marketing plan in place to attract customers to your new business?

I haven't got a marketing plan in place. I have a fully costed marketing plan in place and a budget in place to deliver it. I have a marketing plan and all my marketing materials created and in place.

16. Have you developed a 'go live' launch plan and checklist for opening your new business?

I haven't got a launch plan for opening my business. I have a launch plan in place but haven't tested it yet. I have a launch plan in place and have successfully used this for a 'soft' launch' ahead of my official business opening.

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