More and more Australians are leaving their regular jobs and setting up small businesses, and we don’t blame them. With rising prices and inflation, a regular salary might not be enough to support your chosen lifestyle, and some people are starting a business while still working their regular 9-5 jobs, which is probably wiser than quitting their regular employment.
In this article, we offer a few important aspects to consider with a startup.
- Create a business plan – The most important document of all, a good business plan should cover every aspect of the project. Starting with an overview of the business and an organisation flowchart to show who is responsible for what, so that every participant understands their roles and responsibilities. This should also include a digital marketing plan, a list of company assets and a detailed costing of the startup. Other components include a 5-year forecast, a list of assets, a detailed costing of the start-up and an estimate of running costs; a good business plan would be at least 25 pages in length. Once you think the plan is finished, ask a business expert to take a look, and if there are any issues, they will be revealed.
- Sufficient capital – It is critical that you have adequate funds to not only launch the business, but also to support it for the first 6 months. There are always unexpected costs, and you need money set aside for emergencies. The number one cause for a new business to fail is lack of funds, so even if you have to take out a business startup loan, you need to be sure you have enough capital to keep the business afloat. All it takes is a few unpaid invoices to put you in serious financial trouble, and there are always unexpected costs when running a business.
- Digital marketing – We are living in a digital age, and you can’t afford to overlook online marketing. Talk to a leading digital marketing agency and let them put together an on-point plan that includes SEO and social media marketing. There are SEO solutions in Sydney from a leading agency that has a great reputation in the industry, and they can put your platform on page 1 of search results. It might take a few months, but once you make page 1, you can expect a high volume of organic traffic, and due to the ever-changing nature of the Internet, you need ongoing SEO to retain that top spot. Don’t make the mistake of thinking you can get by without some form of online marketing. Simply put, you have little chance of sustained success without a decent digital marketing plan.
- Outsourcing – Using 3rd party providers will keep costs down, and you have less liability when you hire small businesses to handle essential services. There will be many local businesses that can handle your bookkeeping and accounting, printing and even general office work. If you are planning to directly employ staff, use a local recruitment agency, and they can shortlist candidates for you to interview. Outsourcing has become a buzzword in the business world, and it empowers small businesses and allows them to compete with larger organisations. From office cleaning to cyber-security, there are 3rd party providers who offer competitive rates.
- Set goals – You should have short and long-term objectives, which will motivate you to achieve success. Tick each goal off the list when you have achieved it, and don’t forget to set new goals, which should be realistic; don’t be afraid to ask for professional help when goal-setting. You could connect with a business guru who would assist you in many ways. Click here for essential tools for SEO for small businesses.
- Minimise risks to the business – This is important, as you never know what the future holds; take out specific insurance policies that offer the cover you need and shop around because packages vary greatly, as do premiums. As the business owner, it is your responsibility to protect the business as much as practically possible, and insurance policies are the best way to do that.
- Register the business with the Australian government – Gone are the days when you can operate without officially registering the business, and this can be done online via government websites. You might even qualify for financial support, which you can check online via their business portal.
- Location – Setting up a company headquarters involves choosing the most suitable location; if there are logistics involved, you want to be close to a main route and possibly have easy access to major ports. Talk to a leading commercial real estate agent, and when they have a list of your needs, they can check their listings to see if they have anything suitable.
If you have done your homework and applied yourself 100% to the task, there is every reason to expect a level of success, and there will be issues that you have to overcome. Stay positive and dedicate yourself to the project, which should lead to a successful launch. A new business needs to be carefully monitored and cared for, much like a young tree sapling, until it has grown to the level where it is able to sustain itself.
