Have you ever been watching films like The Social Network and Jobs and were inspired to start your own business? You’ve thought of a great idea but didn’t know where to start? I know I’ve come up with 20 ideas but didn’t follow through with any of them because I didn’t know whether they would be successful or how to go about it. Through reading different websites and different articles, I have come up with what I think would be the most important steps when starting a business. Who knows, you might be the next Mark Zuckerberg or Steve Jobs.
Choose a Business Idea
Do you have an idea you are passionate about? The first step in any business is to have a great concept. This could stem from an interest or you could see a need or want for it in the market. It is important to look into the market you are aiming at and see if other companies are selling your product or service. Conducting market research such as questionnaires and surveys will help you decide if your product or service will be successful and if they are interested in your idea.
Decide on a Structure
Who is in your team? Its important to work out what type of business structure you intend to use. Steve Jobs started with a partner, however, that type of structure might not work for you. Other types include sole trader (by yourself), a company or a trust. The company structure is based on your personal preferences, this means it depends on what level of control you want, your personal liability and the amount of tax.
Write a Business Plan
Now that you have a great business idea, it’s important to work out your priorities and find the direction to your business. A business plan is essential to making your business successful, it helps investors see where you see your business going, the goals and objectives you want to achieve and outlines what your company is all about. The steps in a business plan include:
- Executive summary
- About section
- Goals and objectives
- Market analysis
Register your business
This is a crucial step in your new company. Your business needs to be registered by different bodies such as:
- Do an online name availability check through Australian Securities and Investment Commission (ASIC)
- Register your business name
- Apply for an Australian Business Number (ABN) which is a unique number that anyone can identify your business with.
- Register your website domain to create an online brand for yourself.
Now that you’ve found a great idea, you are probably asking yourself “How to I pay for my business”?
First you need to work out what expenses you have, this can include paying for an insurance policy, any products you need and staff you might need to hire.
After creating a budget, it will be easier to work out how much money you need. Ways to fund your business include investors, applying for a loan and paying for it yourself. If you need help securing finances for your business, ECON Business Solutions can help you secure a loan to finding investors.
It’s not enough to just have a website, it’s important to market your business to raise brand awareness. There are many ways to do this such as print media, word of mouth and social media. Print media such as flyers is a good technique for a younger audience at universities and going to shopping centres. Word of mouth is good for an existing group however, it can be difficult when you first start up and social media is great for getting attention. Using Facebook and Twitter is good for getting as sense of community and building up your awareness, whereas, Linkedin is about solving problems.
If you need help with any business needs such as starting a business, contact ECON Business Solutions now. The first consultation is free.
Phone: 03 9545 6552