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A solid start: Guide to give your new business the best chance to succeed

Do you have an aptitude for business? Do you want to be your own boss? Do you have that one idea you think has great potential if given a chance?
If the answer to all these questions is a yes, then you are ready to take that leap of faith. Recent unprecedented times have made all of us reassess our lifestyle and work, Maybe you have had that desire to start something of your own all along and just didn’t have the time to do anything about it. It’s time to start now. It’s time to give your dreams some shape and take that plunge. We have gathered some tips on how to get your business off to a good start. A solid foundation is so critical for a new business to succeed.

Research:

Company4me- Research is the key for new business

The idea for your business can come to you in various ways. It could be a product that you want to sell or a service that you want to provide, the right amount of research needs to be done. Use the online tools available, do your market surveys and talk to people. It will help you figure out whether there is enough demand for your product/service. Follow other similar businesses and see what can be done differently to give your idea an edge. Your existing plans are great but do not shy away from making changes after the research. It helps the already existing great idea to become a better version of itself. Remember, in business change is the only constant. Use tools like ABS statistics to work out the market size, use google keyword tool to see how many people are searching for your product/service and what it can cost you to run Ads on google, and use Google Trends to see what’s trending as that may assist in some industries.
Business Plan:
Have all the information about your business put together in one place and have a business plan ready. It would include a brief summary of what products and services you are offering, marketing and sales research data, your funding requirements and plans to acquire it etc. Talk to people around you who you trust. You might come across ideas to improve and areas of opportunities that you might have missed. A strong well-researched business plan will help you approach a bank or a private investor for funding with confidence.

 

Funding:
Company4Me Funding
Probably one of the most important questions to ask is, where is the money going to come from? You might have some money saved up and decide to self-fund the business. It sounds simple and fantastic, but often not possible and extremely hard, A lot of banks offer loans to small businesses, have your business plan ready. Your local government might have some programs and schemes to offer grants to start-ups. Check if there is anything on offer and check your eligibility. Make changes in your business plan if required to help get that eligibility. See if you have any like-minded peers, who have faith in you and are ready to invest in your idea. You can have your funding from one source or a few different sources. Once the funding is secured, you are off to a great start. If you need assistance we can get you in touch with non-bank lenders and investors reach out to us if you want to know more.

 

Name:

Choosing a name for your business is not as simple as it sounds. It’s tricky to choose a name that stands out from the crowd and is different. Your business name becomes your identity. Once you have something in your mind, check if the name is available or not for you to use you can check business name availability here and company name availability here. It might have been listed already. Have a backup name ready and follow the whole drill again. Ask for suggestions from friends and family. You will start building your brand with this name from day one. The company logo, your business cards, all the other literature of the company, social media campaigns, everything will start with the name.

Government Registration:

If you have come this far, that means you are well on your way to making your dream a reality. It’s time to register your business with the local government and tax office. The process with ATO and ASIC is free but getting support or understanding the complex forms can be hard. Our simple online company registration form and business registration form make the process a lot easy to understand. Best you have the phone and chat support if you get stuck. We deal with the government offices for a reasonable all-inclusive fee (usually $70 on top of the government registration fee). With one less to worry about you will have time to concentrate on other important aspects of your business. We also me it super easy to update your company details like a change of address, change of director, etc

Visual Identity:

Visual Identity is more than just your company logo and how the homepage of your website looks, It expresses your business values which are often based on your personal values. Spend time choosing your color palette, font, pictures and photographs, tone of slogans, and catchphrase. Settle on something that is simple and inviting and can be used across all channels of communication. Keep it consistent. Our clients value the fact that we guide them through this process and save them a lot of time and money.

Accounting and managing your finances:

If you have a background in accounts and finance, it becomes a little easier to manage that side of the business. But if you are not a number person, it’s time to sort out your finances. Open up your business bank account in a bank you trust. Keep all your professional dealings through that account to keep it clean and avoid any confusion. Keep a budget for a reliable accountant and tax agent to help you with all the end-of-year tax management. Do not hesitate to spend money on these services as getting them wrong can cost a lot in the long run.

Your Story:

Your new business is your baby. You have nurtured this dream for a long time and finally have had the time and courage to start. You have given it your all, blood sweat, and tears. It’s time to share that story and build some relationships. If you do not have the budget to get some help from a PR agency, do it yourself. Tell the story of your humble start on your website. Use social media to your advantage. Get help from your local newspapers and magazines. People like to connect with real people with real stories to tell. Doing business is all about connecting and building those relationships. We assist all our clients and try and find them the right partners be it for SEO, google advertising, print advertising, or Social media advertising. If you have not registered a business name or a company with us but want us to assist just reach out to us on phone or email, contact details here.
Prioritize:
Setting up your business is probably the most stressful thing that you have done in your life. It can take a toll on your mental and physical health. You will often find that you have no time to socialize and your personal life is suffering too. This leads to burnout and eventually, your business may suffer as well. If you find yourself in this never-ending cycle of stress and are struggling to cope, then it’s time to stop and look after yourself. The keyword is prioritizing, do not try to handle everything yourself. Ask for a helping hand. Spend time with your friends and family. Also, spend some time alone doing things that you like, The key is to create a healthy balance between your personal and professional life. Simple things like automated invoicing, marketing followups, linking your eCommerce store to your accounting store, outsourcing your bookkeeping, and offering a lot of self-serve services to your clients can assist.
The right mindset, hard work, and determination will take your business places. Use these tips and tricks to get yourself a good start.
Good luck!