...My daughter and I are thinking of 'living the dream' - so either a new dive business or, buying/leasing one that is already established and up for sale. ...I should have added that the area we are looking at is Indonesia/Malaysia
I've owned a LDS and a dive charter business. I lived for several years in Asia (Jakarta) while directing the commercial diving operations (Asia/Pacific) for the world's largest diving contractor (Global Industries now Technip). So I'm generally aware of the region you've identified and the business you're interested in getting involved in.
I believe that you have three needs to fulfill to be successful. The first is having an understanding of the industry you are getting into. If you're running a dive shop, this will include retail and diving instruction. If you plan on having a dive boat to take out divers, you require knowledge of boat operation and being a Divemaster.
Secondly you need to know how to run a business. This involves business licenses, liability insurance, accounts payable/receivable, general accounting, payroll, etc. You will have to purchase and maintain a compressor and rental equipment as well as some inventory.
Finally you have to have a good understanding of the country. What's required to live and work there, where to live, the moving process, etc. It's a really big deal.
A marketing study should be completed to insure that there is a need for the type of business you have in-mind for the location you've selected. Write a business plan to insure you're going in the right direction, understand the capital costs before you invest and to interest other investors (if this is something you wish to do).
Personally I believe that you don't have to do all the work yourself, but you need to know how it's done. You can't ensure things are being done properly, unless you know what the issues are. If I can be of any assistance, just send me a personal message. Good luck!