Check if GameObject.Find returns null

Ofcourse,

This function only returns active GameObjects. If no GameObject with name can be found, null is returned.

 var item = GameObject.Find("test");
 if (item == null) 
 //do whatever

For performance reasons, it is recommended to not use this function every frame. Instead, cache the result in a member variable at startup. or use GameObject.FindWithTag.

Note: If you wish to find a child GameObject, it is often easier to use Transform.Find.