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Before you start

Starting a business requires a lot of effort and commitment. It’s important to know what's involved and if you're suited to business and self-employment.

We recommend you take some time to critically evaluate yourself and the challenges of owning a business. See if you're ready to start a business.

It's important to research and analyse your business idea and consider its potential.

Some questions to ask yourself are:

  • Is there a want or need for your product or service?
  • How hard will it be to develop your idea?
  • Is your idea financially viable?
  • How will you protect your idea?
  • Who are your competitors?

Researching your business idea involves gathering, analysing and evaluating information to that will also help you write your business goals.

Work out if your activities are that of a business or a hobby. There are different tax, insurance and legal obligations depending on what you are.

If you are unsure, read our information on the difference between a business and a hobby.

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