Let’s be honest, the idea of starting a business can be overwhelming especially if you’ve never done it before. To top it all off, there’s the struggle of not knowing where to begin, or what to think about.
Fear not, with strategic planning, it’s possible to focus your efforts on the right tasks to kickstart your new business with as much ease as one can have. Here are a few ideas of where to begin your new business journey.
Identify your Big Idea
Everything starts with an idea. “Eureka!” moments could happen at any time - while zoning out from an office lunch chat about superhero movies that you clearly have not seen yet or doing laundry on a Saturday afternoon. What makes a good idea “good”, is its ability to fill a specific need that no other business has.
It is also wise to ask yourself: What makes you the best person to start this idea? The answer: you might have formal education in this field, an indescribable passion for it, or years of experience doing similar work from previous jobs. Whatever it is, it’s ideal to have some type of connection and possess the skills needed to do the primary work of the business you’re planning to start.
Do your research
So you’ve decided that your business idea is brilliant, but how do you confirm that? Drum roll, please…Do your research!
Collect relevant demographic information on your clients to gain an understanding of opportunities and limitations when it comes to gaining market share. Then answer these important questions:
Is the “need” for your product or service enough?
Does your product niche fall into a fad, trend, stable, or growing market?
Are there similar products or services available to consumers? If so, how many?
What is your unique selling point?
How much do potential customers pay for the type of service or product you're to offer?
When starting a business, you’ll also want to make sure you understand the existing restrictions that will apply to specific services, food, chemical products, and more.
Choose a Business Structure
One of the most important decisions when starting a business in Australia? Choosing the right business structure.
Your chosen structure influences your business operations, tax obligations, and your liability. It's a decision that should be about which structure can offer your business the perfect balance between financial and legal protections.
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