If you have a great business idea and have crunched the numbers to see if it is doable, which is very much is, the path ahead is going to be long and full of obstacles. Success is never a given when you launch a new business venture and here is our checklist to ensure that nothing is overlooked.
- Thorough business plan – This should be your business Bible, your guide to creating a successful organisation and you should spend a lot of time on this document. The average business plan would be 25-30 pages in length and would include a general overview of the business, start-up and running costs, plus a section that details your marketing strategy. When you think your plan is finished, ask a business guru to take a look and see what they can find in terms of weaknesses. You could play devil’s advocate yourself, looking for aspects that are not covered, or querying the marketing strategy. Talk to a leading digital marketing agency in AU and let them help you put together an aggressive digital marketing plan.
- Numerous insurance policies – No one can predict the future and as the business owner, it is your job to minimise risks to the business; general public liability and some employee liability insurance would be required, plus you should cover inventory and business premises.
- Business premises – It might be possible to run your business from home, which would certainly save you some money and who knows? Many giant corporations began in someone’s bedroom.
- Register your business – Of course, your business must be legally registered and by talking to an experienced business lawyer, you can make the right choices. Take legal advice at the very outset and this will enable you to set up the best type of business and your business can grow steadily.
- Essential funding – The number 1 reason that a new business folds is lack of money and you should crunch the numbers at the very start, making sure that you have the finding you need. Add at least enough to keep the business afloat for the first 6 months.
The main thing is that your product or service needs to be in great demand and with a solid business plan and adequate funding, your new venture should enjoy steady growth. Expect to have to deal with a lot of obstacles and if you have a positive ‘can do’ attitude, this should see you through hard times.