Don't be a statistic: 5 ways to ensure start-up success
Starting a business can be both exciting and rewarding. There's just one issue many potential business owners face: Where to start?
1. Coming up with a great concept
Businesses always start with an idea. Are you thinking about:
- Turning a hobby into a profession?
- Creating a new spin on an old idea?
- Do you see a gap in the market?
No matter your approach, now's the time to gather information. Begin by:
- Researching competition
- Learning what products and services are in demand
- Visiting startup forums
- Determining your business value proposition.
Planning makes perfect
If you've found your business has a place in the market, great! Now it's time to develop a business plan. This plan should include:
- Your target market
- A marketing strategy
- Finances and sales prospects
- Business milestones
If you become stuck at any point, your business plan can be an invaluable resource to reference.
2. What kind of business are you?
Once you determine your business plan, you should understand whether you are operating as:
- A sole trader
- A partnership
- A company.
Knowing this is important, as administration, tax obligations and legalities are unique for each.
To go solo, or not to go solo?
Most new businesses start out as sole traders and expand from there. If you decide your business requires employees, there are other things to consider.
Heard of Single Touch Payroll?
Want to learn more about STP?
If you're unsure about how STP will affect your business?
Check out the range of resources available on our site.
3. Making your business official
Registering your business is important as it lets the government know what kind of business you have.
You'll need to register the following:
- Your business name
- An ABN
- GST (only if you'll potentially make over $75,000 per financial year).
What else does your business need?
With these important bits applied for, you can look into relevant licenses or permits (such as a liquor license) to ensure your business operates legally.
This is also a good time to register the domain name for your website. Although not mandatory, it's possible to trademark a business name to protect your brand in the future.
4. Working out your finances
There are all sorts of financials involved with a business, and now is the time to start working them out.
Finances related to a business will usually include:
- A budget
- pricing of goods and services.
Staying on top of the numbers
Good bookkeeping is an important way to track all these incoming and outgoing numbers. Without proper bookkeeping, tax returns can be less accurate, which can harm a business is several ways.
5. Getting yourself out there
With your business all set up, there's no time to put your feet up. Your market may be competitive, so now is the time to show potential customers why they should choose your business.
Plan to be big
- create a social media page
- send emails
- start blogging
- Create paid advertisements
- run promotions
- learn tools like search engine optimisation.
And there you have it! Although not a comprehensive guide, these steps should help you better understand how to start a new small business. Good luck, and remember that we're here to help with your number crunching!
Discover more ways to better organise your business
Getting organised is easier than you think. To learn how simple it
can be, we've got 50 great tips to help you get back on track.
Just enter your details and we'll send you each chapter of our small business guide as a downloadable pdf. We told you it was easy!
- Chapter 1: 10 ingredients of a great business plan
- Chapter 2: 10 tips to organise your processes
- Chapter 3: 10 tips to organise your staff and recruitment
- Chapter 4: 10 tips to get more customers
- Chapter 5: 10 tips to organise your marketing
Why customers choose MYOB small business products
"I’m not exactly the most tech-savvy person, but I find MYOB very simple to use. It allows me to do everything myself - from allocating transactions to being able to see weekly sales totals. It’s a huge help."
Courtney - Raw Galore
"Time. It saves heaps of time. Takes the headache out of spreadsheets and writing up invoices manually."
Jessamy - Think in Colour
Never worry about lost receipts again
Let's ditch the paper. Essentials lets you sort expenses, and upload receipts to your software with your phone. We even give you a helping hand and match them to your bank transactions.
Ready for Single Touch Payroll
Stay on the ATO's good side without the need for multiple forms, repeated tasks and end of year payment summaries. Stress less.
Understand your finances at a glance
You'll never be in the dark again. Your software gets updated when you get paid and when you spend, so your decisions are always informed - and based on accurate data.
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