If you are seriously thinking about a business startup here in Australia, you certainly aren’t alone, as many entrepreneurs choose to create a business with sound prospects for the future. You might be a tradesman who is unhappy with your employment and after discussing it with a few of your colleagues, you are thinking of joining forces by setting up a small construction partnership.
Here are a few valuable tips for would-be entrepreneurs.
- Funding – One of the toughest aspects of setting up a business is the funding; crunch the numbers to discover the total cost of launching the business, then think about ways to acquire the capital. If you have equity in your home, you can take out a second mortgage and release the capital, or you could approach an online lender for a business startup loan. If you are going into partnership, each stakeholder should come up with equal shares, with an amount set aside for emergencies.
- Minimise risks – Take out owner builder insurance which covers you for damage to a build or loss due to contractual reasons. Nothing is certain in this world, aside from birth, death and taxes, of course, and by taking out a range of combined policies, you are minimising risks to the enterprise.
- Compile a comprehensive business plan – This will be your guideline to success, which is measured by sustained growth; there are resources online to help you write a good business plan and we recommend spending a lot of time on this. Play devil’s advocate and look for things that could jeopardise the venture and you could ask a business guru/coach to take a look.
- Digital marketing – Regardless of your chosen sector, you will have a lot of competition and they will all be using online marketing to get their message out. The smart small business owner has a monthly budget for SEO and with an on-point digital marketing plan in place, your business will make an impression. Streamline your business with these hot tips.
- Set up a secure cloud network – Managing your business is a breeze when you use the cloud; you probably won’t be spending too much time in the office and with cloud data storage, you can access your data from any location and using any digital device. If you would like to learn more about the cloud, talk to a managed IT services provider and let the professionals give you a demo.
- Business registration – Gone are the days when you can run a business on the fly and the good news is that small business registration can be done online. If you need help, a local business lawyer can help you with a) business registration, b) insurance and c) taxation.
Some would say that now is not the time to start a business, but fortune favours the brave and with a lot of planning and a little good fortune, your business will enjoy steady growth.
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