If you have had enough of the rate race and have finally come up with a dynamic business idea to service the local community, you have come to the right place. More Australians than ever before are setting up a small business, which has never been easier; in fact, the entire process of business registration can be done via the web, which is amazing!
Compile a comprehensive business plan
Assuming you have already crunched the numbers and are satisfied that the venture is doable, the next step is to write a business plan; don’t view this as something only relevant to showing investors, your business plan is so much more than that! Think of it as your guide to long-term success, which covers every aspect of the organisation, including the following:
- Overview of the business
- Startup & running costs
- Business Assets – A list of all inventory, property, equipment and vehicles.
- Sales & marketing – Brochures, stickers and other promotional material.
- Digital marketing – A clear plan on how to generate a social media following.
- Suppliers – List of all 3rd party providers.
- 5-year forecast – Data collection and analysis.
When you think your business plan is complete, ask a business guru to take a look and he may well find a few issues that need to be addressed.
Funding
Of course, in order to turn your dream into reality, you will need adequate capital to launch and to support the business for the first year. Crunch the numbers and add 25% to that figure, which covers unexpected costs. You could approach an online lender for a business startup loan; many Australian entrepreneurs have used such a finance package to get their foot on the business ladder and if you shop around, you will find a package to suit your needs. Click here for the benefits of training a management team.
Digital marketing
Of course, you can boost your exposure with promotional stickers and labels, but you really do need to forge an alliance with a leading digital marketing agency. Start with a Google search and a local agency would carry out an online audit to determine the strength of your existing digital profile, then, after an informal chat with you, a dynamic digital marketing plan is proposed.
IT needs
Even a one-man show requires an online presence and talking to a local freelance web designer should lead to the development of your business website. You will also need a host for your digital platform and all the IT services you need can be found with a single provider. They can administer the site if you prefer, while also providing comprehensive cyber-security, which is essential to protect your data from hackers.
Minimising risk
You should approach a commercial insurance provider and tailor a policy that covers you for almost every eventuality. General liability covers legal fees and any compensation awarded to a 3rd party, while you should also take out a policy to protect inventory, vehicles and your business premises.
Here is some free information on business registration from the Australian government. They offer assistance in many ways.