Updated: Dec 22, 2020
With the uncertainty that 2020 has created, many professionals are looking at ways to harness their skills and start their own business.
But getting started can be a daunting process, especially when you have no idea where to start.
Here are some tips on how you can get the ball rolling:
Define your why. Why do you want to start your own business. Is it for more money, flexible hours, a better lifestyle? Determine what your end goal is and then create a 5 year plan that will help you achieve your goals.
Determine your carrot. You need to define your niche in the market. What will you be offering your customers that is different to your competitors. You need to determine what will make you stand out in the crowd.
Work out your finances. Most businesses don't make a profit in the first 12 to 18 months so you'll need to factor that in. If you don't have the capital to invest, you'll need to source a financing option.
Consider your audience. How are you going to sell to and where are they located? If you don't need a physical store, do you need to be in travelling distance to a certain area?
Register your business. You'll first need to come up with a name for your business that is relevant to the products or services that you offer. Then you'll need to register your business and obtain an Australian Business Number (ABN).
Open your business bank account. For tax purposes, you'll need to set up a business account in the name of your business.
Consider your operational processes. Take some time to work out what you process will be. When you gain your first few customers, you'll want to ensure they experience a smooth transaction, otherwise you'll have bad reviews from the get go.
Develop your business plan. This includes your personal and business goals, your financial targets and KPIs and your marketing strategy. This should be your bible that you reference against to determine if you are on or off track.
Create your website. Whether you have a physical store or offer a professional service, it is imperative that you create a website for your business. In these times, having an online presence is more important than ever before to help your customers find you.
And this just the beginning of a long, exciting and sometimes stressful journey. You must always take time to work on your business to make further improves, rather just in your business doing the daily grind.
Remember, Reflect, Regroup, Revisit.