Setting up a business can be a big step, complete with financial risks and plenty of pressure resting on your head. If the cautionary tales of businesses failing in their first few years don’t put you off, then you’re already in a good place to start. Follow these tips to ensure that your new Australian business has a good chance of success.
Make a solid business plan
Whether you’re looking for a loan, seeking investment, or just trying to figure out if your business will work, a business plan is a must. It must be as realistic as possible, and as detailed as possible. Carry out market research so that you can create good sales estimates as well as costing everything out. Make sure you know the total amount of your overheads, and how much money you will need in order to get started. This will form the backbone of your business.
There’s never a good time for a business to waste money, but right after starting up is probably the worst possible time. Don’t throw away opportunities to save. Look for discounts that may be available for start-ups, and never pay more for anything than you need to. For example, use a Euroffice discount code to save on all the office supplies you need. These costs can add up if you’re not careful!
Decide on structure
What kind of structure will your company take? If you’re working on your own, then it’s best to set up as a sole trader. If you are employing or working with others, then the other three options might be better: a partnership, a trust, or a company. There are a lot of factors to consider when choosing your structure. It will affect your tax status and legal issues, so be very clear about this before you make a choice – you don’t want to get it wrong.
Protect your name
Next, you will want to consider protecting your company name so that no one else will be able to use it. First search the internet to see if anyone else is already using it – if so, you might want to rethink. Next, register social media accounts on any network you can think of (even if you’re not going to use them – think of this as reserving your spot), buy a domain name that fits your business, and consider registering your business name as a trademark.
Market your product
Before you even start selling, you should be marketing your product as early as possible. Even if it’s as simple as setting up a splash page asking for email addresses so you can inform people of your official launch, with some accompanying social media posts, it can make a huge difference. You want to make sales as early as possible to start powering your growth!
Starting a business is difficult, no matter what country you set up in. But by following your local regulations and trying some quick and easy steps to ensure you’re off to a good start, you can hugely increase your chances of making it through the first year.