A Checklist for Starting a Business

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More and more Australian people are making the switch from the safety and security of a salary by branching out with their very own business. Going it alone has never been easy, and let’s face it, if it was, we’d all be company owners, but that said, starting your own company has never been as easy as it is today, and with that in mind, here is a checklist to ensure that your new business venture is primed and ready to go.

  • A Sound Business Concept – This is most important and one can determine whether or not a business idea is feasible by honestly answering a few questions. The obvious question, “Is there a market for your chosen product or service?” needs to be carefully considered. Demand and supply are crucial components, and with a little market research, one can generally calculate the level of both demand and supply, and if you feel there is a market share to be had, you have the basics for a successful venture.
  • Digital Marketing Plan – It is essential that you map out a strategy to market your products or services, and ideally, you would enlist the help of a digital marketing agency who can help you to get your message across. Social media can never be overlooked and by creating business profiles on sites such as Twitter and Facebook, you can gradually develop a strong following. Search engine optimisation (SEO) is an absolute must and by uploading high quality content, your customers will be well informed and more likely to take advantage of the current market conditions.
  • Start Up Funding – Many businesses fail to make it through the first year, and the majority fall by the wayside due to inadequate funding. Traditionally, banks have always been wary of start up business loans, and with modern solutions, there are online lenders that focus on aiding new businesses to get off the ground. If you aren’t completely sure how much you will need, as a benchmark, you should have adequate capital to survive a full 6 months without having any revenue at all! Online solutions make for a rapid application approval, and with the funds available, your business idea will very soon be a reality.
  • Create a Business Plan – Some business owners think a business plan is only for the eyes of a potential investor, and while it is true that some lenders would require you to submit a business plan, the main beneficiary of the plan is yourself. The business plan shows that you have done your research, and with some good friends acting as devil’s advocate, you can make sure that you have, in fact, covered every aspect of the business. The plan would typically include year by year revenue projections and also a clear marketing strategy that outlines exactly how you intend to carve out your market share in the chosen industry.

If you have addressed all of the above and are confident in your business concept, all you need to become a successful business owner is a lot of determination, unlimited enthusiasm and a little sprinkle of good luck.