Home topics start-up-entrepreneur Opinion Startup Tech Opinion Starting a business checklist Stephen Barnes May 17, 2018 Starting a business can be both exciting and overwhelming – where do you start, and will it be a success? Below is my checklist for those looking forward to the challenge of starting a business. Will it be a hobby or a business? All businesses start as a small business and a lot of small businesses start off as hobbies. So, what is the difference? A hobby’s primary purpose is to provide enjoyment and fun. A business is primarily commercial in nature and the purpose is to make a profit. Another distinction is that a business is an activity that is planned, organised and carried out in a business-like manner. Once you have decided whether the activity you are undertaking will be a business, you should assess whether it will be viable or feasible. The Victorian government has a free booklet called ‘Planning and Starting Your Business’ – A short guide for new starters available from www.business.vic.gov.au. It includes a ten-question quiz to help you self-assess if your business idea is feasible. If a business is feasible, it is realistic and workable – not only from a financial perspective. Have you considered the positives and negatives? Let’s be real, starting and running a business is not all milk and honey. There are negatives attached to the venture and there are positives too. Positives of starting a business include: You make your own decisions –