Some might say this is not the ideal time to be thinking about setting up a business, while others would view this as an opportunity and if you have a great business idea that’s worth investigating, here is a checklist to ensure nothing is overlooked.
- Business Plan – This would be the very first step, after you are sure the demand is there, and a comprehensive business plan covers every aspect of the venture. Start-up costs, general overview, mission statement, running costs and most importantly, your marketing plan; how you intend to reach your target groups. A typical business plan would be 15-30 pages and when finished, ask a business coach to take a look; if there are issues, he will find them. Every business should have a concept; it might be to offer a 5-star service, or be unbeatable with price, or simply offering natural, eco-friendly products. Define your business identity, which should be included in the overview.
- Business Registration – You have to be legal these days and the Australian government offers a lot in terms of support for new businesses. Seek legal advice regarding the type of business you register and make sure you are always compliant.
- Business Premises – Once you find the ideal venue, talk to a commercial lease lawyer in Parramatta and you can rest assured that your interests are best served. The last thing you want is to find out there are some restrictions in the small print that affect your business and the legal expert is on your side.
- Capital – Of course, you have to crunch the numbers and calculate how much money it will take to get the enterprise off the ground. On top of that, include an amount that would support the business for the first six months; the most common reason for a new business to fail is lack of funds, all it takes is a couple of unexpected expenses and a little bad fortune to leave you broke.
- Insurances – As the business owner, it is your job to minimise the risks to the business and taking out suitable insurance policies will help to protect the business. Inventory, real estate and vehicles all need to be covered and some public liability insurance is a must.
Don’t make the mistake of thinking you can skip digital marketing; if you want to create and develop a strong online profile, you’ll need some professional help. Set aside a monthly budget for SEO services and with a lot of hard work and determination, your new business will enjoy steady growth.