Advice for Starting a New Business
Starting a new business can be very scary. For a new business owner, it can be very difficult to know where to start. If you are looking for advice, then you have come to the right place. This article will help you get started and give you tips for where to go next.
The first step to any successful business is a business plan. You need to make sure that you have one of these laid out. Throughout the life of your business, your plan will adapt and develop as your business grows.
Your plan will contain many important points. Firstly, you will need to look at your budget. Do a cost count and do a projection of the setup costs for the first 12 months of operation. When doing this, look at the costs month to month. If you can, factor in both the worst case scenario and the best case scenario.
Next, define your business strategy. Define your target market. Who are going to be your clients/customers, and why have you chosen this group. Do a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats). By considering the current state of your market you can look at what sets you apart from the others and where you stand.
When starting a new business, you need to access what makes you unique. You are competing with already established business. You need to give potential customers a reason to come to you instead! This leads on to the next item you need to consider; an exit strategy. If you cannot draw the customers, you will need to have a plan to get out. Is it therefore wise to get others involved? Can you be prepared to sell your business? These questions are tough but you need to have answers for them.
On top of a business plan, you should also consider getting a mentor. A great mentor is an important asset to your business. They can give you a different perspective on your business decisions, and provide wise advice. As long as you are prepared to listen to tough advice, a mentor will be of great help to you.
The next question for you to ask is who should be your mentor. Don’t only look to advisors within your business field. You are first and foremost an entrepreneur. Look to a successful entrepreneur who has a proven record in business.
Lastly, be sure you register as a business. To register in Australia, choose a business name with the ABR (Australian Business Register), the ASIC (Australian Securities and Investment Commission) and your state’s Department of Fair Trade. Make sure your business name is available. Otherwise, your business will not be counted!
Starting a new business can seem overwhelming. Don’t worry; its not that hard! The important thing is to keep a cool head and not get overwhelmed. With these tips you should be setup and running in no time.