Key Steps to Starting a Business
How to start a business in Australia?
Ready to start your own business? Great! Want to put everything in place to ensure that your business not only gets off to the very best possible start, but also has everything in place for a sustainable, profitable future? Of course you do! That’s where this guide is really going to help. We’ve identified a number of actions which business owners can take in order to optimise the chances of starting a business that stays the distance. Use our business start-up checklist to make sure you cover all bases, setting you up for success. In addition, read on to discover the five things that could absolutely transform the way your business will operate.
Starting a business in Australia checklist.
So you have a general idea of what it is you want to do and who it wil
l appeal to. Now it’s time to turn an idea into a plan! Thorough planning is one of the hallmarks of a successful business. With studies showing that businesses with a realistic plan are significantly more likely to thrive, the time to start putting your ideas on paper and fleshing out the detail is now!
How to come up with a great name for my business?
The name and tagline which you adopt for your business are two aspects which are surprisingly important. Names needn’t be exotic or unusual, but they do need to be picked with a firm eye on SEO appeal and target audience. The inclusion of a geographical location can be perfect for service-based businesses, whilst a business with a wider reach might benefit from a name which makes a statement to their audience. Combined with the tagline, the name plays a key role in defining the business.
Register your business on everything!
As well as registering your business name (and trademarking if appropriate), you also need to be securing that name across social media and acquiring a suitable domain. Even local, service based businesses will need an online presence in order to do well. The right domain name can boost customer awareness, as well as ensuring that you can develop a consistent brand across all devices. Domain, Google+, Facebook, LinkedIn, Instagram, Twitter, YouTube – Everywhere. Secure your name across as many platforms as you can so that it can’t be taken.
Planning your business startup
It’s time to put the flesh on the bones! Your business plan needs to cover everything from what you need through to financing options, how you will overcome key challenges, who your audience is and, crucially financial forecasts. It’s worth spending a bit of time working out several scenarios: from worst-case where you make no profit for a year or more through to a best-case option where profits soar. Remember to be realistic and build in contingency plans to solve any problems which may crop up. Make sure that you have clear, measurable goals against which you can measure progress.
Check you business legal arrangements
Before moving forward, it’s vital to make sure that you have the necessary insurances, lease agreements and contracts in place for your business to run. Particularly when it comes to complying with relevant legislation, making sure you are operating legally is a priority. Get in touch with Legally Shalini shalini@legallyshalini.com.au who is absolutely brilliant to work with. https://legallyshalini.com.au/about/
Launch your website and finalise your branding.
The sooner you can begin to grow your online presence, the better. Even if you haven’t begun trading yet, making your audience aware that you’re in the picture and ready to start trading is a good way of optimising the chances that you hit the ground running. Take the time to define what your business is about: not just what makes it unique, but also what values and characteristics underpin the way you work. Consider your audience: what is it they want? Creating a distinct persona for your business, along with distinctive branding (for example a logo, corporate colours or other design specifications), helps you generate interest from the start. Deciding who you are and what you’re about is the first step towards creating consistent, high-grade marketing that should see you get the results you deserve.
It is super easy setting up a website, contact us to learn 5 simple steps to setting up a WordPress website or ask us to help you. Bluehost offers some great hosting services and in no time you will be up and running.
Consider the presentation (packaging) of your product and/or service.
Once you’ve established your branding, the best way to present your products or service will become much clearer. You’ll already be clear what values your business intends to emphasise, and also have a clear idea of the colours and designs which are going to define the visual aspects of what you provide. Armed with this information, working out how best to showcase your business is usually a fast, straightforward process.
Why marketing your business is so important?
Marketing is critical to success! If people don’t know you’re there, they’re not going to use you! Whether you’re starting a business with a local reach or attracting national (or even international) clients, marketing matters. Although there’s plenty you can do yourself, a professional touch often gives the added value needed to move your marketing from mediocre through to magnificent.
Think about a tagline? A tagline is always suggested to those who have a business name that hasn’t given an obvious connection to the services or products provided. You can also register and check for name availability here.
Once you have a name you will need to register it. Now this does not fully protect your name so sometimes (depending on your business) you can look at Trademarking which can protect your name and branding. More info can be found here about Trademarking. 
Five values that define business start-up success.
Adopt these five values and see the difference they make to your enterprise.
1. Be persistent! Starting a business is the easy part: sustaining it is the challenge. Remember that nothing worthwhile is ever easy. Keeping going is one of the defining features of business owners that make it.
2. Revisit your plan. Don’t leave your business plan gathering dust! Its value as a living document which helps hold you to account can be enormous. Regularly checking back to ensure you’re on track helps to ensure coherent operation and sensible decision-making.
3. Don’t expect to make much money initially! Businesses frequently take years to mature. If you expect to immediately make a living from your business once it launches, you may well have to think again. In the first instance, it’s wise to have some other way of paying your bills for the first twelve months or so of operation. Put your profits back into the business!
4. Pursue customer loyalty. Your business depends on not just attracting customers, but engaging with them. Treat your customers like gold! From making the purchasing process as appealing as possible through to providing opportunities for engagement and rewarding loyalty, treating customers well isn’t just good manners, it’s also pivotal to your success.
5. Operate in an honest, transparent manner. Your customers will value exactly the same things in their business dealings as you do. By acting with honesty, courtesy and accountability, as well as providing an excellent service or product for a fair price is the best way to show customers you’re the organisation they should be doing business with.
9 steps to start a business
Apply this rule to anything in life and you will conquer. Write down a check list of the things you need to accomplish in preparation of launching your business.
- Register a business name
- Prepare a business plan
- Business Finances – Self Funded or Funded? How do you plan to cover loss? Seek a good Accountant to help you. Choose a system that works well for you such as Xero or MYOB. When to add GST, don’t apply GST if you don’t need to, it only creates extra cost and added work to your monthly bas, however eventually you will want to aim for this position keeping in mind building your business takes time and eventually you will get there.
- Branding – You will need a logo and some kind of branding strategy. Branding can take a while so get this started while working on other preparations. More on this in a later blog!
- Insurances and Contracts – this is so important. Seek a lawyer to draft up your contracts and shop around for the right and most affordable insurances.
- Images, Advertising and Website Content – Will you be needing a Website? How will you be advertising your products professionally?
- Investment – What will be a priority now is what you will outlay now but don’t inject into your business with things you don’t need, this can potentially set you back. Inject when you know you can afford it and when it moves up on your priority list.
- Packaging? How will you be delivering your Services and Products?
- Marketing Plan – Set yourself up to succeed
How to build your business Successfully?
It takes time! When I started Telling Designs, in the first 12 months everything I made went straight back into the business. We prepared for this and prepared for the first 12 months to go this way. If you’re not prepared for this then you may not be ready or your may need to look at taking out a business loan! I chose to self fund my business and almost 6 years on I am proud to say Telling Designs is completely self funded. I started out with very basic equipment and over time I gradually upgraded and to be honest it feels dam good to do this all on your own. However it depends on your business and your initial outlay. If its big then you may need to take out a business loan to set it up.
60% of Australian businesses fail within the first three years. 🙁 So keep yourself grounded, watch your expenditure and don’t take the good times for granted. Cash flow is so important, once you can maintain a sustainable cash flow, manage it and learn to save!
Under pay yourself! Yes you need to underpay yourself in the first few years. Running a business cost! Expenses are unavoidable so keeping your finances in check will make for a healthy and sustainable business. Not only this but a sustainable business should have a healthy savings. Saving is so important as it will help cover unexpected costs and it will be your investment to inject back into the business when required. Practicing this strategy and learn to work smarter not harder! If you can’t afford to underpay yourself or you cant afford to not pay yourself in the first 12 months then making a sacrifice can also help. Work that second job to get you by until you get your business off the ground. This is called HUSTLE. No excuses! How bad do you want it?
How to stand out in your business?
Business success
Yes this is my number one piece of advice. Set yourself apart from your competitors and you will do well. What can you offer that is better than your competitor? Now I am not talking price here I am talking SKILLS. You can under value yourself, sure go right ahead that works too. People are always going to be fishing for the cheapest deal but in time you will be setting yourself up for FAILURE. If you feel you need to undercut yourself and your competitors then it is time to reassess! Why do you feel that is all you deserve? In the long run you will become burnt out, unable to afford financial business injections which will restrict your business to grow and probably hating what you once loved doing. Don’t become that 60%. Another reason why you shouldn’t undervalue yourself is you will ATTRACT the wrong clients = NIGHTMARE!
Finding your purpose is how you bring integrity into your business. Bringing integrity and purpose into your business will make you happy, your clients happy and your finances happy. Everybody wins!
We hope this has given you the pointers you need to enjoy stunning success with your business start-up.
