Is this a great idea? – Research as many aspects of your business as you can before you start it – for example; is there a market for your product/service? Who are your competitors? Do you have the financial capacity to start a business?
Building a solid structure – Similar to constructing a house, you need to have a solid business foundation to achieve the results you want. Get your business spine in place and have a solid clarity & strategic plan, this will enable you to operate with confidence and certainty.
What’s in a name? A good business name not only identifies you to your customers, but has the potential to make you stand out from your competitors.
Licence and registration please – don’t get caught out by not having the right licences and permits for your business activities.
Own your product rights – do you have a great business name? Or perhaps a unique design or patent? Protect your intellectual property (IP) rights by registering for the right IP.
Assurance by insurance – businesses deal with risk on a daily basis. Insurance is vital to guard you against events that may not be within your control.
Advertising on the cheap – there are many ways to market your business, regardless of your financial budget. Ensure that your advertising efforts are rewarded by doing research on your market. You want to make sure you have a good return on your investment.
Tax tips for small business – new to business and tax? The Australian Taxation Office (ATO) has a guide to help educate you on your taxation obligations. They are currently running a series of webinars, to assist small business. Click here to register.
Social media is the new black – with the rise of technology in the workplace, having an online presence is becoming more and more important.
Seek help when you need it – running a small business can sometimes make you feel isolated. Make sure you get the professional advice you need. It can be challenging to keep up to date with the constant changes within the business environment, so getting the right advice from the start could save you in the long run.
If you are thinking of starting your own business or want to develop the framework to achieve long-term growth, profitability and sustainability then contact Lynda on (03) 9744 7144.