You might be a hard-working employee who is unhappy at your place of work and the idea of setting up your own business is definitely appealing. Indeed, it has never been easier to create a small business here in Australia, which we outline in this short article.
Coming up with a business idea
This can be very difficult; most entrepreneurs enter an industry that they have a lot of experience with, as this gives them a stable foundation. On rare occasions, a person has a eureka moment and that leads to a business concept that eventually results in the formation of a business. You could sell a product or a service and whatever you choose, there must be a demand for the product/service and once you have found something suitable, you can take things one step further. It might be a tech product, in which case, you will need to contact a SaaS marketing agency that specialises in software as a service.
Writing a business plan
If your business idea stands up to scrutiny and it is doable, the next step is to create a business plan. This important document would detail every aspect of the business and should be your guideline.
A typical business plan would include the following:
- General overview of the business
- Sales & marketing
- Organisation flowchart
- List of company assets
- Detailed account of start-up costs
- Running costs
- 5-year business expansion plan
A comprehensive business plan would be 15-30 pages in length and when you feel it is complete, ask a business expert to take a look. The chances are they will find issues or unanswered questions that require further investigation, which helps you to have a clear picture of the business and how to manage things. You should be a devil’s advocate when it comes to your business plan; look for weaknesses and be realistic, which should lead to a tight business plan.
Build a website
A business with no website lacks credibility, therefore you need to design and build a digital platform to represent you on the Internet. If you have zero experience in web design, don’t worry because a single provider can design, build, host and manage your business website.
Digital marketing
When setting up a business, digital marketing is not an optional extra, rather it is necessary due to the high level of competition. Talk to an award-winning digital marketing agency at the very outset and they can create a digital marketing plan that delivers the desired results, while also monitoring the campaign in real-time, ready to make changes, should it be deemed necessary. Click here for the many benefits that digital TV marketing can offer a business.
Finding business capital
Of course, without funding, your business idea will remain just that, an idea. First, you need to calculate the amount of money that you will need to launch the venture and if you are short of money, you can take out a business start-up loan and repay that over a period of a few years. You should also have a slush fund set aside to pay for unexpected costs that will present themselves. The number 1 reason for a small business to fold is lack of funds, so make sure that you have adequate funding prior to launching the business.
Register the business with the Australian government
Of course, you want to stay within the confines of legality and that means registering the business with the government, which is pretty straightforward and can be completed online. We advise you to consult with a business lawyer prior to choosing a type of business, as the legal professional can provide some insight into the pros and cons of each option.
Bookkeeping & accountancy services
Source a local bookkeeper to record all transactions from day one and your accountant can file your tax returns when the time comes. Don’t make the mistake of thinking you can leave bookkeeping until the business grows, as this would lead to serious issues. Every single transaction needs to be recorded, while all receipts must be stored somewhere safe.
Minimise risks
As a business owner, it is your responsibility to minimise the risks to the business, which means taking out the right kind of insurance. You need to insure all company assets, plus take out general liability insurance that covers you if any 3rd party claims compensation.
We hope this short article goes some way to helping you to start your own small business that will grow into something that will provide security for you and your family. You will need unlimited energy and a commitment to being successful.
