Working in a desk surrounded by pastel color walls for a boss that you may or may not like is not really living the dream. Every person, at one point, dreams of starting a business and being their own boss. Nobody wants to grow old being an employee right?
Starting a business in Perth does not have to be complicated; as long as you have an idea about a business or products to sell then you’re practically halfway there. While it’s true that there is more to setting up a business than what meets the eye, knowing how to go about it makes things easier.
Tips for Starting a Business
The birth of an enterprise is a very exciting period for the entrepreneurial go-getter as ideas have a tendency to come at will. Even those that were lost and forgotten in the moment will come back and prove you were right in the first place. Once you have planted your feet and feel ready to start running, here are some tips that you can use to help you along the way.
Assess and Reassess Your Idea
All businesses start with an idea, no matter how silly or great it may be. Take an idea that you have had for the longest time and study it. Depending on the complexity of your idea, this exercise should take no more than two hours to do.
Grab a piece of paper and write the idea on the top part of the paper. Then proceed to divide the paper into four parts. Each part will contain your ideas’ Strengths, Weaknesses, Opportunities, and Threat of SWOT as it is popularly known.
A SWOT analysis of a business idea lets you lay out the risks and benefits that will result from it and it should result in an informed decision. The input of others should also be welcomed as everything should be in black and white, without bias and prejudice in regards to your idea.
Some ideas might result in a draw or in an impasse. It is at this point that you would need to either reassess your business idea and come up with different takes on it or think of another one that would have a better feasibility than your first choice.
Draft Your Business Plan
“A business plan gives you an overview of what you will need to accomplish within a certain time period. It is a structured checklist of the things that need to happen before your business can take off the ground,” says Adam from westcotttowbars.com.au.
Drafting a business plan also saves you time and stress as a well-prepared business plan prepares you for the next step ahead. Most financiers also require you to have a business plan when you present your loan application.
Don’t be afraid to change your plan when needed; most of the time this change is for the better.
Find the Right Market
Part of the business plan is determining your niche. The business idea that you have might be a popular one, and if this is the case then you need to discover new ways of presenting it. Either you can market it in a different way or find a niche within that idea that nobody has explored.
Finding an unpopular niche and making it your own increases the chances of you getting more clients and making your business profitable. If others follow suit, then you would have the advantage of knowing what there is to know and be able to come out on top.
Check Out the Competition
If you decide on an idea that several other people have already implemented, then you should make it a point to check how they run their businesses and observe areas where they need to improve.
Imitation is flattery as they say, but you don’t have to imitate them with everything that they do and sell. You can add personal touches here and there and you can also improve on their failings but more importantly, you can present an improved idea.
Find a Partner
Unless you have sufficient funding to start a business on your own, it is always advisable to search for a business partner that will support you with your idea and help you establish it. This can either be a close friend or a colleague who shares the same interests or maybe not, but you should be amenable to working with them and find their work ethics sound.
Another alternative would be to pitch your startup to angel investors. Angel investors are businesspeople with a lot of capital who are willing to invest in a startup for a percentage or the company’s ownership.
Review Related Legislature and Guidelines
It helps if you are familiar with the rules and regulations that will affect your business in the long run. This can be an excise tax on imports or regulations for food processing and manufacturing.
Check for Patent and Trademark Availability
If you will be selling a product or a service that can be patented, you better check the intellectual property office for any related products. This will raise your awareness about similar products to yours and, if you don’t see any, it will be the chance to file for a unique patent so no one else can take the idea from you. This goes the same for trademarks as well as business names.
Register Your Business Name
When you are deciding on a business name, give it your full attention. Check out a business name database where you can search and find businesses with the same or something close to your business name. Think of alternate names in case there is a possible match. You can change the spelling or do wordplay so it will be different.
Decide on Your Marketing Channels
One of the most important aspects of running a business is knowing how and where to market your product. You can go old school and market it through newspaper adverts or magazine spreads. You can also utilize a key marketing tool that has revolutionized the marketing landscape: social media.
Marketing through social media is easy and reaches many more audiences that old school marketing can only hope to do. There are automated services that can greatly increase your efficiency in this area and websites where you can source out tasks like graphic design and e-commerce listings.
Determine the Workload and Number of Employees Needed
Once you have a solid business plan, you should be able to get an overview of the daily operations and the number of tasks that need to be done. This will allow you to compute for the manpower hours needed and then divide by 8 to come up with the number of employees you would need to start with.
This list of tasks may look daunting and tiresome but it does not have to be complicated. Use this checklist and then customize it to fit your own schedule. Don’t be afraid to outsource tasks when needed.
Source: Home Business
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