Cultivate your clever idea with the MYOB Starting a Business Guide
Discover essential tools for planning, building and running your dream business.
Download the free guide to find out how to:
Ensure your business idea is a promising one
Put your idea to the test so you can develop a compelling business strategy.
Approach planning and gather resources
Attain essential support, whether it's expertise or funding, and build your strategy.
Successfully launch and build customer demand
Put your internal processes to work effectively and focus on your potential customers.
Stay in operation and scale your business
Stay afloat and make it last, make it better and if you want, make it bigger.
1. Dream it: creating a viable business concept
First, the fun stuff. You start out with a great idea, and you're ready to turn your passion into profit. This is the time to flesh out your ideas, to brainstorm, to think and then rethink.
But equally important is ensuring the strength of your idea. You need to do the research required to get a sense of whether your business will survive in the current market.
Key themes:
Identifying your points of difference
Scoping out the competition
Identifying your audience
Building your network
2. Plan it: working out the details and gathering resources
Now you're ready to start putting the wheels into motion. You've got a clear vision, and it's time to devise the logistics that will make it a reality.
It's important to gather resources during this stage, and put them to use in a strategic way.
Key themes:
Implementing the right funding options
Budgeting and forecasting
Choosing a business structure
Meeting legal and tax requirements
Choosing your style and location of operation
Formulating your business plan
3. Launch it: building your business and reaching your customers
It's time to start operating! Now you have a real, up-and-running business.
To operate effectively, you need the right people and the right business processes. Once you've got your internal foundations, it's time to get your name out there, and make your business known to your customer base.
Key themes:
Recruiting the right people
Effective business processes
Digital software for business processes
Marketing and advertising
4. Run it: staying afloat and scaling your business
Now you're in it for the long haul, and it's time to focus on making your business last, and perhaps growing your business.
Over time you'll face challenges and mitigate unexpected situations, learning as you go. With practical experience, you'll gain insight into how to best scale your business.
Key themes:
Establishing work-life balance
Building your brand
Re-evaluating business goals
Fostering business growth
Maximising revenue