Steps to Starting a Business…
You have a great idea, but what steps do you need to start a successful small business?
1. Define your idea
In the words of Simon Sinek, “Always start with why.”
“It may be wise to differentiate between [whether] the business serves a personal why or a marketplace why in this process. When your why is focused on meeting a need in the marketplace, the scope of your business will always be larger than a business that is designed to serve a personal need.”
Look into what demographics your desired field attracts and what the leading companies in your industry are doing. Understanding how others got from point A to point B can help you get to where you want your small business to go. Gather as much information as you can about your desired field, and you will be able to make informed decisions that will help your new business thrive.
3. Define your target audience
Get clear on who your product or service is for and their pain points. Too often, people jump into launching their business and spending dollars without spending time to think about who their customers will be and if there will be enough of them to make a profit.
4. Refine your idea + write a business plan
Use the research to refine your idea, create a business plan, and identify what makes your offering different. Next, talk to your target audience and those interested in buying your product or service and refine your offering from their responses.
5. Consider an exit strategy
It’s also a good idea to consider an exit strategy as you compile your business plan. Generate some idea of how you’ll eventually exit the business forces you to look to the future. For example, are you creating a business to sell? Or will you close up shop when you move on to something else?
6. Get clear on how much you need to budget
Will you need to borrow funds to start your business? Many start-ups fail because they run out of money before turning a profit. So, it’s never a bad idea to overestimate the amount of start-up capital you need, as it can be a while before the business begins to bring in sustainable revenue.
You can determine how much money you need to perform a break-even analysis. This essential financial planning element helps business owners determine when their company, product or service will be profitable.
Starting a new business can be costly, but our SMALL BUSINESS DESIGN PACKAGES have everything you need to start your business professionally from the beginning and start as you mean to go on. A great start is to choose a GET ONLINE PACKAGE. There are 3 design packages to pick from so you can be within your projected budget.
7. Determine the legal structure
Before registering your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong. The four most common structures in Australia are:
- Sole trader
The Australian Tax Office website has some great information on this.
8. Coming up with a name
Look at your research to select a name that links well with your target audience and makes you stand out from your competition. Make sure you check the domain name is available for your new business name. A good tip is to purchase the .com.au, .au and .com domains. You don’t want to just purchase a .com.au domain only to have someone else purchase the .au domain. Just think about it, they can easily pretend they are you, and they may not have the best of intentions! Check out domain availability here.
Don’t forget to check Facebook, Instagram and other social media platforms as well. You don’t want someone to already have a business page with your name.
9. Build your brand
Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal doors for business.
Check out our new business packages with all you need to open your door professionally. A great start is to choose a SMALL BUSINESS BRANDING PACKAGE. There are 3 branding packages to pick from so you can be within your projected budget.
10. Some other questions to ask yourself
- Will you need insurance? What type?
- What will your team/ company structure look like, and how will you build your team sustainably?
- Which suppliers will you need to work closely with to succeed?
More detailed information is available HERE.
There is a lot to consider when starting a new business but I am here to help your small business grow. CONTACT me today.