Are you looking to start your own small business?
It goes without saying that starting a new business requires a lot of hard work and dedication.
While many Australians dream of becoming successful entrepreneurs, only a lucky few manage to turn their dreams into a reality.
But that doesn’t mean you can’t create a lasting business that protects your financial future and kicks your professional goals.
If you are thinking about setting up a new business, it’s important that you arm yourself with the right information.
You will encounter various challenges when attempting to get your business off the ground. Common obstacles such as self-doubt, lack of crucial information, lack of finance, or lack of advice. It’s never easy to start anything from scratch but you have to stay committed to your vision.
For all entrepreneurs out there, here are 8 tips that should help you start and run your own business in no time.
#1 – Focus On What Makes Your Business Different
Now, as an upcoming entrepreneur, it’s important for you to establish whether there is an actual demand for the product or service you have in mind for your business. At the very beginning, you must do a lot of due-diligence and consultation to figure out whether your business idea is feasible in the current market.
It’s very important that you have a comprehensive business plan in place before making the final decision to start your own small business enterprise. You should streamline your existing business plan to formulate a proper and comprehensive business plan for your new business.
Once you have this all sorted out, you can proceed to the next stage of starting your business which is planning.
#2 – Planning and Paperwork
After successfully completing the initial stage of research and consultations, you can now move on to the next stage of dealing with administrative tasks like planning and paperwork.
The order of planning and paperwork is key according to the experts at Metro Bookkeeping, who explain “first, you’ll need to come up with a tentative structure for your business. Next, you’ll need to get an Australian Business Number (ABN) that will be used by government agencies and other businesses to identify your business.”
From there you can proceed to register your business name which will be linked to your ABN. You’ll need to establish which taxes your new business will be liable to pay. You’ll also need to establish which registrations and licences your new business will need to secure before starting operations.
As part of the paperwork, you’ll also need to establish the exact location or premises that will host your new business, as well as insurance for your new establishment. This will also be vital for any complementary digital marketing strategies like Google My Business.
#3 – Requirements For Hiring Employees
If you are planning to hire any employees or staff in your small business, it’s important to establish whether there are any requirements set by the government or local authorities in your area.
You will need to identify any regulations or laws you need to comply with as an employer when hiring people to work in your new business. A ‘Taking-on An Employee’ checklist can come in handy to guide you in the process of hiring people so that you don’t go against the rights and freedoms of employees.
This is a strategy used by the team at Cessnock Tankworks who streamline their onboarding process, explaining “we’ve introduced an onboarding system that has helped reduce uncertainty and speed up the process of getting new staff and trainees out and providing a service. It all starts with having clear goals, clear communication and room for feedback.”
#4 – Establish What Kind of Support You Are Entitled To
It’s never easy to start a business from scratch. The good news is that you can get some help or relief from the Australian government. At business.gov.au/smallbusiness, you will find a filter tool that compiles all the help and support service you qualify for from the government. This tool makes it easier to know what kind of support you are entitled to.
The process of getting information on relevant government support only requires you to answer a few questions about your new business. Once you have answered the questions, you are given a list of all forms of support you qualify to get from the government.
#5 – Get Yourself An Experienced Mentor
The first year in business for Australian startups varies across the board.
For some, the year is characterised by a lot of trial and error as the owners try to figure out what consumers really want. For others, the first year in business is very successful thanks to a lot of hard work and some luck in many cases.
However, no matter how much you achieve in your first year, it’s very important that you learn and listen in the early stages.
According to professional coach and development expert Joanne Antoun, you don’t need to look far beyond your existing circle to find an experienced mentor, she explains “make use of your connections to find a quality mentor, like an experienced bookkeeper or accountant, someone who is familiar with the ups and downs of starting a new business in your niche industry.”
#6 – Set Flexible Key Performance Indicators (KPIs)
Once you have come up with a proper business plan, it’s important that you follow it and keep updating it where necessary.
Your business plan should not be fixed or unchangeable. It should be flexible so that your key performance indicators can change as your enterprise evolves. Consult your mentor or look for support from other trusted business associates when setting your KPIs.
#7 – Think Globally
Act locally, but think globally.
It’s never too early to think of how your product or service would fair in the international market.
The government strongly advocates for and offers support to local Australian businesses that wish to venture into the global market.
Exporting your product or service to other markets can help your business grow exponentially.
A good example of how the Australian government supports Australian startups in the global scene is an initiative called Landing Pads that guarantees easy access for Australian entrepreneurs to commercial hubs such as Singapore, Berlin, Shanghai, Tel Aviv, and San Francisco.
#8 – Remember Your Motivation
Always remind yourself why you started your business in the first place.
Managing a startup may be difficult but the rewards are unlimited. Right from the time you get a spark or idea in your mind, up to the time you opened your new business, you should never forget your main motivation.
One of the best motivations for starting a business is enjoyment and freedom to do whatever you want. Never lose sight of this. Whether you’re running your small business over the holidays or growing your team as your business succeeds.
Never lose hope in the course of your entrepreneurial journey.
Did we miss any tips that you found important in setting up your business?