Thinking of starting a small business?
Do these things first
Is starting and growing your own small business something you have dreamed of? If you are going from dreaming to doing, congratulations! Starting your own small business is an amazing journey and the benefits of business ownership are immeasurable.
Before you get too ahead of yourself, though, there are some important steps to follow that will help ensure your success. Don’t rush through these business preparations, it could cost you money, time and headaches later on.
1. Develop A Sound Business Plan
No matter how small your business is, you will need a plan. Creating a business plan may feel overwhelming, but it will help save you time, keep you focused and increase the likelihood that you’ll get financial backing for your business. You can start by having a look at the range of templates and resources on this Australian Government website.
2. Check All Legal Requirements
It’s always good to check and double-check local and regional business law to ensure your business is in compliance so you don’t get surprises or fines down the path.
3. How Will You Fund The Early Days Of Your Business?
It may take months or even longer for your business to become profitable. How will you pay business and personal expenses during this time? Will the money come from savings? Loans? Other employment?
4. Will You Have Employees?
If you are running a one-person business, things are less complicated. If you have employees, you’ll need to ensure the well-being and safety of your employees. For example, superannuation and workers compensation are important matters you will need to understand and get right from the beginning.
5. Have A Plan For Growth
This is something that owners tend to overlook. Yes, it’s always a good idea to plan for challenges and lean times, but it’s also a good idea to plan for success and growth. You wouldn’t want to structure your business in a way that limits growth should things really take off.
Remember to take your time and go through each of these steps, but don’t go through them alone. Even if your business is run and operated by you, you will still need help. From business advice to insurance, superannuation options and other points in your to do list, you will need to consult professionals in a variety of areas to help you make the right choices for your business.