Unlock the secrets to a successful start-up business

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Make your start-up more successful as we cover:

LEAPING

Develop a strong idea

Welcome to MYOB's Business Building Program. Over the next few weeks, we will send you weekly emails with tasks to complete, blogs, tools and free resources. The idea is to break your learning down into bite-sized experiences, building on your start-up to succeed.

Each task will help you to validate your business idea and discover what to do next. The program is action based, with easily digestible information; it is designed to prevent over-thinking, and form a new habit of entrepreneurship.

Let's get started!

PLANNING

Develop your vision & hypothesis

Put your hand up if you have ever prepared a business plan? What about a budget? The leading cause of startup failure is a lack of adequate planning.

Plan your vision on a 'perfect world' scenario, where everything goes to plan. The following five tips create an effective vision:

  1. Inspiration
    Create an inspirational vision to motivate and engage you employees; the vision 'sells' your ultimate objectives, and gets everyone pulling in the same direction.
  2. Passion and energy
    It must be able to drive you and your people through the tough times you might experience along your journey.
  3. Action-oriented
    Without action, your vision remains as a dream.
  4. Memorable
    Keep it short, sharp and punchy so it can be recited from memory.
  5. Live it
    Prove that it's more than just words - where possible, link achieving key aspects of the vision to rewards.

Let's get started on building your vision and proving your hypothesis.

LEARNING

Build your minimum viable product, test and pivot

An minimum viable product (MVP) is the first version of software that's fit for release to customers. It requires a quick build to determine where an idea can go to market.

The two lessons you need to stick to when developing your MVP are:

  1. Keep it simple
  2. Test, test, test

Once you have developed your MVP, release it to users to collect feedback. The feedback that you gather here will guide the future development of your product's features and functionality. Find out what's working, what's not and what users would like to see from the product next.

Successful entrepreneurs have found that the introduction of a new product or service generally requires many course corrections or "pivots" to find a successful product formula. Sometimes a startup discovers a way to achieve the same solution by using a completely different technology. And early user testing could help you decide on where efforts should be spent.

Let's get started!

EXPERIMENTING

Build in incubators, accelerators & co-working spaces

Start networking early on to build yourself a professional support system. Networking from the get-go will also improve your chances of securing revenue.

Explore various incubators, accelerators and co-working spaces. Especially now that innovation is on the national agenda, there's a lot of talk around incubators, accelerators and co-working spaces. It's important to understand them if you're thinking of using their services.

Let's get started!

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Easy online accounting for startups

MYOB Essentials is easy online accounting and puts you in control of running your business.

It comes complete with everything you need to manage GST, invoices, reporting, expenses and payroll.

MYOB Essentials saves you time and gives you the freedom to operate and manage your startup from anywhere and on any device.

MYOB Essentials