Starting your own business can be an exciting and somewhat daunting task. With the right knowledge, resources and encouragement, it can also be an incredibly rewarding and fulfilling experience.
There are 2.6 million businesses in Australia, with the majority of them, (98 %) being small and medium enterprises.(www.ausbanking.org.au)
So how do you set yourself apart from the rest and what should you do to ensure you are set up for success?
Get a Name!
You will want to pick a really good name – one that stands out from the crowd and helps create the image that you want for your business.
Business Structure.
It’s important right from the start, to decide on your business structure. This business structure identifies how you operate as a trading business and can affect your legal and tax obligations. There are a number of structures you could operate under, you might be a sole trader or a company, a partnership or trust.
Plan for Success!
Now you should start developing a business plan – this plan will include your vision and goals for your business, your target market, your ideal customers and so much more. This plan will help you stay organised and focused and will be useful if you need to seek funding from investors or the bank.
Know when to get Help.
Getting the right support is vital when starting your own business – there are so many resources available to help you succeed, including online resources from agencies such as Business.gov.au or ASIC .
Get yourself a team!
Get a good lawyer to help you with your legal steps and an accountant to set you up financially. And of course you can engage a business coach or mentor (like me!) who can help you on this journey.
This is the start of really great things, new adventures and if done right, lots of FUN!
You got this…I believe in you!
Remember always, Keep smiling!
