We are living in a world where it has never been this easy to go it alone; you can register a small business via the web and in no time, you can be a trading entity. Some might liken starting a business to making a dish; all the right ingredients have to be there and just the right quantities to bring out the best in flavour.
We asked a team of business coaches for a few top tips and they obliged!
- You can never do enough market research – Choosing a product or service is a big decision; get this wrong and the entire venture might fold! Does the commodity have a future? Is there currently a demand? Thorough research should tell you what you need to know and then you can take it to the next level, a feasibility study to see what kind of markup you have.
- Dress for the occasion – Wear custom business suits for those Sydney CBD meetings, if there are any, otherwise, smart casual is fine. What you wear says something about you, so always bear that in mind. People notice your attire, especially in a business setting and if you are well-manicured and presentable, you are projecting the right image.
- Your business plan is everything – Some people think a business plan is to show investors and while that might be done, the main reason for writing a business plan is to uncover the many potential issues and work out how to overcome them. There are some great resources online to help you write a good business plan and they are free.
- Digital marketing – Whatever the nature of the business, you need professional help with digital marketing. Search engine optimisation is a service that boosts your rankings within specific Google searches and when you consider that millions of consumers use Google, it is important to have a high ranking. Social media is another powerful platform that a small business can use to advertise and get their name out there. There are other forms of marketing such as flyer distribution and TV and radio.
- Minimise risk – Of course, as the business owner, it is your responsibility to do what you can to minimise risk to the organisation; take out the right insurance policies and always have an emergency fund that you can fall back on. The first 12 months are critical and you need to be sure you have the funds to deal with any unexpected situation.
- Work smart – Make good use of the latest generation of specific business software and that will make things much easier. Whatever your industry, there are developers with customised solutions designed specifically for your business sector, which automates almost everything and a single person can manage what 5 people would normally handle.
- Lifestyle Startups – A business that focuses on the lifestyle its founders love, such as a surfer opening a surf shop.
- Business startups are businesses that aim to serve a niche market and generate revenue on a regular basis. They don’t typically seek outside funding and may operate as a sole proprietorship or an LLC. They are often local businesses and focus on generating a consistent income for their owners.
Once you have a business idea that becomes a concept, crunch the numbers and write a business plan; only then can you think about actually doing anything. Once the business has been registered with the Australian government, you are ready to go!