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James Millar
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Hey Mel. Some questions for you.

1. Have you undertaken any form of financial forecasting (formal or informal) to determine the viability and likely profitability for this venture or are you just going on gut feel / instinct? (yes many people do)

2. Have you undertaken any form of business plan (long or short) that documents the major items, SWOT etc.

Merely running through this process will teach you a lot about the business and what to expect. Our research shows that only about 50% of startups undertake either of these (and my guess is the half that don’t have a much higher fail rate). You don’t need to spend a lot of money on these either (it’s actually important that you do most of it).

Something to consider.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900