It’s all about the planning
You have an idea that you’re sure you could turn into a business, and you know you have the passion and the ambition to make it a success. So how do you get started in building your business?
There are all kinds of tools available to entrepreneurs to help them get started and to teach them what the do’s and don’ts are when it comes to business. There is a plethora of advice online on the steps to success.
But every successful business person knows that before you take any action on a business, you must first have a good plan.
Developing a business plan
A business plan is a blueprint that will guide your business from the start-up phase through establishment and then growth. Business plans differ between types of businesses, which means it’s important to do your research before you even consider starting your business.
Your business plan should outline what you hope to achieve, and how you are going to achieve it. Sounds simple enough, but identifying and explaining these two important elements: “what” and “how” takes a lot of research and thoughts.
It is a good idea to seek help from professionals. In Western Australia, new businesses can speak to the Small Business Development Commission, which supports new and existing small businesses with a range of free advisory services and workshops.
What things should be outlined in a business plan?
When developing your business plan, take into consideration the following:
- Finances: Starting a small business will involve some initial investment, as well as the ability to cover ongoing expenses before you are turning a profit. Put together a spreadsheet to keep track of all expenses you can expect, which will then give you an idea of the investment you’ll need to get started.
- Business Name: Your business name plays a role in almost every aspect of your business, so you want it to be a good one! You’ll need to check that the name is available to you, and then register your name through Australian Securities and Investments Commission. And don’t forget to purchase your domain name for your website.
- Licenses, Permits and Insurance: Paperwork is a part of the process when you start your own business. Depending on your type of business, you will need to research whether you require permits or licenses to operate. Business insurance is a must, so discuss your needs with a broker.
- Choose an Accounting System: Your business will require a good accounting system to manage all your incoming and outgoing expenses. An accounting system will also manage your budgets, create your invoices, and even lodge your taxes.
- Business Location: Consider whether you will operate your business from a home office, from a shared or private office space, or a retail location. Think about what equipment you may need and whether you need to rent a commercial space.
- Get Your Team Ready: If you will be hiring employees, now is the time to start the process. Your business plan will recognise the positions you need to fill, and the job responsibilities that are part of each position.
- Advertising and promotions: Once your business is up and running, you need to start attracting clients and customers. Your marketing plan will vary depending on your type of business and the clients you are looking to attract. You will also need to consider an advertising budget that you will need to spend.
Starting your business is an exciting time, and with a strong business plan, you will be better prepared to take the first steps.
References for more information: https://www.smallbusiness.wa.gov.au