Setting Up a Small Business – What You Need to Know

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If you have a brilliant business idea and you wish to take it further, ask yourself if the product/service you will offer has adequate demand; if the answer is yes, the next stage would be to write a business plan. A comprehensive business plan encompasses every aspect of the business; accounting, logistics, marketing and other important aspects.

Crunch the numbers

Costing the business launch is essential and this will help you to calculate the funding you will need; if you need funding, you can apply for a small business loan from an online lender or invite another entrepreneur to form a partnership. Both parties can provide 50% of the necessary funds and with a partner, you have help when it is most needed. The most common reason for a small business to fail is lack of funds, so make sure that you have access to emergency funds, should the business come across hard times.

Register the business

Register the business and obtain an ABN, which you can do online, open a business bank account, hire an accountant and set up a bookkeeping system that you can use from the very outset. Gone are the days when you could moonlight with a small business, it is much better to keep on the right side of the law.

Digital marketing

Of course, part of your business plan would be a digital marketing plan; talk to King Kong, a leading Australian digital marketing agency and let the experts get to work. Without a decent marketing plan, your business is going nowhere and you should resist the temptation to ignore marketing, as it is critical to the success of the organisation. 

Overcoming obstacles

Ask any successful entrepreneur and they will tell you how hard it was when they started their business; you need to apply yourself 100% to the project and there will be many obstacles you have to overcome. Stay positive and when things are not going your way, identify the causes and do what you can to effect an improvement.

Talk to a local business coach

A business coach can help you in many ways, he/she can check that you have a comprehensive business plan, plus they can observe your skill sets and teach you things you need to know. The first 6 months are critical, if you survive this, the business has a good chance of making it.