Many Australians dream of working for themselves and running their own business but without a solid plan that dream will never eventuate into a reality. Here are list of things to do to help you set up your new business.
Know Your Numbers
Before launching your business, you need to be aware of the set-up costs and know exactly how much money you will be needing to spend prior to being able to make your first ale.
In regards to your set up costs you need to identify how much it is going to cost you to buy things such as; your equipment, your vehicles, your initial stock and your marketing material and any other costs you have to pay before you launch.
You also need to estimate how much cash you need to have in your savings in case any unexpected costs arise. You also need money in the bank to pay for the salaries of your employees who will be helping you run your business.
It is a great idea for you to make a cash flow forecast so that way you can determine any fluctuations that might occur in regards to your sales and your expenses. By creating a cash flow forecast this will make it easier for you to predict what times if year you will have more or less cash available.
Figure Out What Licenses and Permits You Will Need to Operate Your Business
For anyone who launches a business you will need to have an Australian Business Number (ABN) and also a Tax File Number (TFN). The Australian Tax Office (ATO) expects every Australian business owner to have a TFN so they can keep track of your tax obligations and make sure that you keep up to date with them.
You will also need to find out what license and permits you will need to operate your business. For example; if you run a bar or a venue where alcohol is serviced you will need to have a license to provide alcohol and you will also need to make sure that all your staff have a Responsible Service of Alcohol (RSA) certificate.
Put Together A Business Plan
The purpose of a business plan is to write down the current and future goals associated with your business. A successful business will use a business plan as a resource that aims to organise the direction that the business is hoping to move towards.
A business plan will include a title page and contents. The investors of your business will read your business plan to get a better understand of your business.
You should also include a mission statement that will summarise the products business sells. There will be a product description which will outline how each product or service will benefit your customers.
Another important section associated with your business plan is your market analysis which will explain who your target audience is and also explore the expectations of your intended customers.
You also need to include a SWOT Analysis which will evaluate the strengths, weaknesses opportunities and threats associated with your business. Your business plan will also discuss who your competitors are. The business plan will also discuss your unique selling point and explain why your customers should decide to choose to purchase your products instead of the products your competitors sell.
Promote Your Business on Social Media In The Lead Up To Opening Day
Social media is a great way to promote your business and get the public interested. Social media can be used to inform your followers about different products and services you offer. It is important to make sure that you choose which social media platforms you use to promote your business wisely. This means that it is important to make sure that you are present on the social media platforms that your customers use. If you want to appeal to teenagers and young adults it would be a good idea to use TikTok, Instagram and Snapchat. In comparison if you want to reach baby boomers it would be a good idea to predominately be present on Facebook.
Thinking of starting a business? Craig is running events in 2023 on starting your business and what you need to know. Visit here to see when the next session is on.