Starting a business and then running it successfully is not easy.
What most business owners and business managers lack is the patience, determination, and the ability to plan for their success.
The old cliché, “proper planning prevents poor performance” serves as being both great advice and a warning for all business owners and business managers.
It is one thing to have an idea in mind to, but it is another thing to have the passion and desire to drive your idea further.
The key to starting and running a business successfully, is to have a plan. Your plan does not have to be complicated. It just needs to be something simple to guide you.
Here is a list of steps you can use to guide you through the process:
Step #1: Take the Time to Fact Find
Fact -finding is where you take your business idea and brainstorm with a mentor or trusted friend.
It is important to realise, that your aim as a potential new business owner is to think about every aspect of your new business and then try to come up with suitable answers to every question. For example, consider thinking through the following questions:
- Who is your target market for your product or service?
- What do you want your potential customers or clients to know about your business?
Step #2: Create a Business Plan
After you have taken the time to fact find your business idea, consider putting together a good business plan. When putting together your business plan it should at least include the following information:
- A brief description of your business (i.e. what makes your new business unique?)
- A market analysis (i.e. your competition and your target market?
- The structure for your new business (sole trader, partnership, limited liability company, or trust);
- A description of the product or service line your new business is offering;
- Your marketing and sales strategy;
- Your cash flow and profit projections.
Note: You can click here for a sample of a business plan template.
Step #3: Develop a Brand-awareness Campaign
Before launching your new business off the ground, think through your ideas to create a brand-awareness campaign for your new business. This involves:
- Your marketing plan;
- Your sales strategies;
- Your target markets;
- Your business branding (i.e. slogan, website, and SEO domain names);
- Your social media strategy;
- Your site location, and loads more.
Step#4: Get your Accounting and Tax Records in order
Set up proper accounting, bookkeeping and tax records up front. You may think it is relatively easy to do your own business taxes when running a solo business. However, you should keep in mind that laws and regulations vary by state and territories.
With this in mind, you should consider seeking expert advice from an accountant who is an expert and who can ensure that your accounting and tax records are done correctly.
Step #5: Consider Legal Issues
Consider seeking legal advice on issues such as:
- Trading terms;
- Specific industry registrations (i.e. council permits, liquor licensing, building approvals, etc).
Step #6: Keep Track of Regular Tasks
Once your new business is up and running. Keep track of the regular tasks that keep your business running smoothly. This may involve:
- Doing the payroll;
- Keeping up with inventories/stock;
- Updating your website and blogging regularly to promote your business; and
- Using social media to promote your business.
Step #7: Set Future Business Goals
To be successful in business and to move your business forward, continuously set future business goals. This involves deciding on:
- What new business goals need to be set; and
- What needs to happen to move your business forward.
When deciding on what business goals need to be set, you should consider:
- Examining your competitors; and
- Brainstorming with your employees.
Contact Us Today
Now that you know what it takes to start a new business, and if you require more information or assistance, please call our consultants today on 1300 4 SINGH, or simply click here to send a question.
DISCLAIMER: This blog post is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.