Tip 1. Love what you do
I know some people will roll your eyes but really think about the industry you are about to enter. If you love what you are doing your business will never become a job, it will never become hard work. It will be a labour of love.
Tip 2. Write all your ideas down:
Invest a couple of dollars in a hard cover note book and carry it everywhere. Whenever you have an idea, vision or future prospect document it in the book.
It will become your road map for your business.
This was the best advice I received when setting up a business. You will be amazed when and where you get inspired. Write it all now down to action later.
Tip 3. Voice your Idea to friends / family / respected peers
Talking to trusted people about your ideas is the first step in creating the business.
It’s not just to get trusted advice from your family and friends, some people will try to persuade you not to do it, for one reason or another, mine was that my husband already runs a business and its not safe to have two business.
If you get any you can’t do it responses use it to prove them wrong…
You may just get some great advice also: ideas on where it should be located, Pricing, Marketing ideas, etc.
But more than just asking for advice it’s the first step in bringing the business to life, by admitting to people that this is where your passion is.
Tip 4. Don’t procrastinate start acting before someone else does
Start setting it up:
Register a business name
Apply for an ABN
Start social media pages
Start getting your Web page designed and created, (you don’t have to spend a fortune)
Tip 5. Find a good Bookkeeping software that is easy to use and is suited to what you need.
No point going cheap on this option you will regret it in the long run, get a quality package with real time information.
I’m partial to Xero. But don’t let me influence you please make your own choice. The best people to ask is not your accountant, it will be other small business owners, ask as many as you can, what they use and why they like it.
A good bookkeeping software will help in a huge and vast way, not just accounting compliance but also will help in getting bank loans, give you real time information to be able to make good business decisions, and have every bit on information at your fingertips all sitting in the cloud whenever and wherever you need it.
Tip 6. Be conservative with start-up costs
Be smart with what you purchase do you really need it right now, can it wait??
What is the best marketing methods, that will make the biggest impact. Be careful there are a few cookie cutter marketing agencies out there, that will try to sell you the same package as they sell every business in any industry.
Every industry is different, and your business should be different to any other business in your industry, so design your marketing that way.
Tip 7. Research
There is never such thing as too much research.
Research what your competitors are doing
Research what your ideal customers/clients are doing
Research software that will be useful to your business
Research the best equipment you need
Research, Research, Research……..
Tip 8. Be aware to put funds away for GST / Tax and Super obligations.
Too many business struggle or go under because they were never aware or were carless with their cashflow and neglected their Tax and Super obligations.
Just because business struggle with cashflow does not mean they don’t have to pay Taxes and super. So please make sure you regularly put some money away so you can pay for these when they come up.
Tip 9. Have a big picture
With your invested note book from tip 2 start writing down how you want your business to look in 5/10/20 years. What is your role, where do you need help and employee/outsource. Growing your business can not just mean you doing everything and working stupid hours.
- What is the product(s)/ Service(s), will you be adding.
- How do you differ from the other business in your industry.
- What is the Image of your business.
- You don’t necessarily need to know the answers now, but it should be something you should always be thinking about.
Tip 10. Have an exit strategy
How can you get out of the business, is it a sellable business without you?
Somethings you might want to consider.
Do you have to have your name as the name of the business?
Do you have to personally answer every email or is there someone else that can?
How do you start integrating other employees into the business and start doing the work?
From day one start making / designing best practice manuals, they don’t have to be written they can be video, check lists, etc. Just make sure that when you are ready for new employees they have some sort of manual to refer to and they know how important the quality of your product/services is.