|
|
The Essential Business Start-up List
Starting a business might be a life long dream. Or maybe the idea came out of the blue. You’re sick of ‘working for the man’. Or you’ve created a product no-one else makes, or found a market no-one else has tapped.
If you’re reading this – exciting times lie ahead! Starting a business is a creative, rewarding and potentially lucrative step. But there is a serious side to business start-up.
Unless you are on top of things, your dreams may come crashing down before you’ve even begun.
This page is dedicated to eight business start-up essentials. It’s designed to inspire, support, provoke and challenge. We suggest you get a pen and paper (or open a new page on your computer) and start a file dedicated to your new business. Let’s get started …
1. Pot of gold or pie in the sky?
You’ve got a great idea. It’s time to give it a nudge and see if it’s got wings. Test it. Talk to people you trust and get them to ask you questions about your business. Find people who use a similar product or services and ask what they love and what they hate. Research similar businesses. What are they good at? What are they missing? Still excited? A business is like a relationship – it may start with passion but to go the distance you’ll need patience, dedication and energy. Make sure your original inspiration has the goods to last the distance.
2. Be true to yourself
Are you big picture or detail? A motivator or a worker? Do you like lists or hate them? Can you cold call? Keep a spreadsheet? At business start-up stage you will have to play many roles. You need to be realistic about this. Capitalise on your strengths. Be honest about your weaknesses. Above all – seek help where you need it. Don’t let pride or ignorance get in the way of your business success.
3. Money, money, money
You need enough up front capital to get your business going. Then you need to ensure you have sufficient working capital to run your business day to day until you start making a profit. This may take up to 2 years. If you’re borrowing money to finance your business make sure your repayment plan is incorporated into financial projections. Don’t put your head in the sand about tax or superannuation. Get advice and know exactly what your obligations are.
4. Nuts and bolts and chairs and tables
Where are you going to operate from? Home? An office? A factory? What equipment do you need? How much do you already own? Have everything you need to run your business ready to go before you start. This includes insurance, software and communications. While your start-up business might run fine from a lap top and a filing cabinet, once it begins to grow you don’t want to be held back by inadequate infrastrcuture.
5. It’s simple – systems work
Just like your physical set up, you need to get going early on a systems set up. This needs to cover marketing, sales, book keeping, supply chain, invoicing and potentially contracting, outsourcing or employing staff. A business plan is a good way to check off the essentials for your first couple of years. Do some research, maybe a short course will suit you, or put some of your capital towards engaging a business consultant.
How are you going to launch your business? Have you considered an image, a brand, a website? Have you researched your market and discovered how they like to receive information and advertising? Getting the word out can be tricky and expensive if you don’t have a plan. Choose a few specific avenues for paid and/or unpaid marketing, test the results and then refine your strategy. Word of mouth may be one of your best marketing tools, which leads us to …
7. Do you who know your customers are?
You may have started a business because you are already tapped into a network of customers. Or your idea may be inspired by a gap you’ve identified in a market place, or a personal product or service you’ve created. It’s essential to have a realistic idea who your potential customers and how you are going to reach them. The best start to this is researching similar businesses to yours – especially ones you admire and that are successful!
8. Coaching, mentoring and networking
Setting aside funds for a coach or mentor can give you a vital source of knowledge and support. You might also consider joining a industry group, forum or network. The internet is an excellent resource for this aspect of your business start-up. Search for recommendations of coaches, groups and mentors, contact industry bodies, and above all – talk to business owners already doing what you want to do.
For further advice about your business start-up contact Stefan Kazakis for a complimentary consultation
|
|
Upcoming Events
Profit Explosion Business Mastery Program
Group Mentoring Program
REGISTRATIONS CLOSED!
Next event scheduled for 2011.
Attendance at single modules available.
Contact direct for details.
----------------------------------------
5 Ways To Super Profits
Free Seminar Series
Register here
8 September, Melbourne
----------------------------------------
|
|
|
