You might have a brilliant business idea and with no experience setting up a business, creating a successful organisation might seem like a daunting task, which is perfectly understandable. Those with no experience will learn on the fly and with that in mind, here is our beginner’s guide to launching a successful business.
Feasibility Study
Once you have established that there is a market for the product/service, you need to crunch the numbers and calculate your total cost of bring the product/service to the customer. Simply put, you need to know your markup to find out whether or not the business is a viable proposition. In the event there is sufficient profit, the next step is to write a comprehensive business plan.
Business Plan
A good business plan covers every base and if you are looking for help, the Internet is awash with free resources. Take your time with the plan and make sure that you have included everything, such as:
- General overview of the business
- List of company assets
- Startup costs
- Running costs
- Organisation flowchart
- List of employees
- Sales & marketing
- List of insurances and policies
- 5-year profit forecast
A thorough business plan would be 15-25 pages in length and when you think the plan is complete, ask a business guru to take a look.
Business Registration
Whether registering a foreign company in Australia or New Zealand, you need to enlist the help of an experienced business lawyer. There are numerous types of business and the lawyer can explain all the options and advise you accordingly; there could be tax implications if you choose the wrong type of business registration.
Marketing
Every business needs a digital marketing plan; talk to a leading Australian digital marketing agency and let the professionals create a dynamic digital marketing plan that incorporates SEO and social media marketing. You might be planning a launch party which you can stream as a live event; identify your target audience and decide on the best marketing strategies, as this is your guideline to long-term success.
Strong Management
A new business demands strong leadership from the CEO or general; someone who can lead by example and delegate key tasks to capable employees. Decisions need to be made in a timely manner and without firm direction, the business is unlikely to succeed. Click here to find out how small businesses can compete with large companies.
Bookkeeping & Accounting
You need to record all transactions from the outset and we recommend approaching a local bookkeeper and giving them access to your cloud network. Don’t make the mistake of leaving bookkeeping to a later date, as things can quickly get out of hand; store all invoices and receipts and number them according to date received.
Once the business has been registered, you are ready to start trading; make sure that you are always compliant with Australian laws and you can outsource HR compliance to a third party.
