SO YOU WANT TO START YOUR OWN BUSINESS
Do you have an idea that constantly sits in the back of your mind? Or you’re just in a situation where you’ve been in your current job for too long and are looking to do something different with your life, or that you’re sick of working for the boss, making him/her rich – you want to be the boss!!!!! Well you’re not alone and it seems that with the increasing financial stress on people and the want for a more work/life/balance, more and more people are starting their own business.
Owning and running your own business is not for everyone. It can be one of the biggest decisions that you make in your life and you need to be prepared. So here are a few things to consider for those wanting to take that big step…….
1. Research – have you done your research??? Is your idea new or existing?? Are you entering a niche market or saturated market?
2. Competitors – who are they? List what they do well and what they don’t do well. What is going to be your point of difference?
3. Surround yourself with professionals – if this is your first venture into business, you really need to get some professionals on board to help you make important decisions. You will need a good accountant and solicitor. Develop a relationship with your banks business manager – you will need them. Find a good marketing agency who can help you develop your brand and achieve your marketing goals.
4. Setting up the Company structure – how will you set up your company? Will you be a sole trader or start a Pty Ltd company? You can apply for your ABN online. Is your proposed business name available? Visit www.asic.gov.au, www.abr.gov.au and www.companyplanners.com.au and www.fairtrading.nsw.gov.au for lots of useful information about setting up your business and how to do it.
5. Finances – you will need a little money to get yourself going. Depending on your company structure, you will need to pay to register your business name and if going Pty Ltd – there are fees payable to ASIC. If you don’t have already, find a good accountant – someone who an help you set up the best structure for you. Allow for your website, register your domain name and business cards.
6. Business location? Do you need to set up a shop front or can you work from home? Do you need to consider location? Do you have the space at home to set up your office? Working from home requires a significant amount of discipline and structure. Ensure that your work space is limited by distractions in the home.
7. Marketing – how will everyone know that you are in business??? No matter what type of business you plan on running – you need to advertise. Every business must have a website. Use social media – it’s free and one of the most effective ways to network and advertise your business. Consider having your own Facebook page and Twitter account. Network – attend many events in your industry and what’s even better – tell your friends. Word of mouth if one of the best forms of advertising for any business. Build an email database – communicate with your clients or customers, make them a part of your brand and include them in your business.
Marketing doesn’t have to be expensive either. The Social Factory is helping many small businesses achieve their marketing goals through PR, advertising, design, creative and brand development. Contact us today to have a chat about how we can help you.