Tips for new businesses
Make a business plan
Before doing anything, you should put in writing exactly what your business will be, how you will fund any initial startup expenses, how it will operate, your target market (who your clients will be) and your marketing strategy (how you will market to them), profit forecasts, what your running-expenses will be, any risks and issues and how these will be mitigated.
You will also need to decide on the structure of your business: Sole trader, partnership, company or trust. Refer to the "Businesses" section of the Australian Taxation Office web site for information about the different types of structures. If you are unsure of the best structure to choose, seek the advice of your accountant, tax adviser, solicitor or other business adviser.
This step is extremely important and setting it all down will help cement your ideas and prove that the business is, in fact, a good idea which won't send you broke!
You can find Business Plan templates on the internet - simply Google "Business plan template free" or click here to download one from business.gov.au web site.
It is good practice to regularly review your business plan and keep it updated.
Decide on a business name, domain name and trademark
Australian Business Names - check availability
When you think of a great name for your business, and before you do much more than prepare your business plan, it is a good idea to check that the name is available for use. You can do this through a Federal Government website - ABN Lookup page, click here.
Domain Names - check availability
Before going ahead and registering your ABN, it is a good idea to also check on available Domain Names (e.g. www.focussedonline.com.au). Ideally a registered business name that matches your domain name (e.g. Focussed Online and www.focussedonline.com.au) is best.
Most web hosting companies provide a domain name search facility and some are better than others. MelbourneIT's domain name search is quite good - Click here.
Register the ABN and Domain Name
Once you find an available business name and domain name, you can register them.
Click here to browse to the Australian business Register site where you can register an ABN free.
Click here to register a domain name. This link will take you to SmartyHost (owned by MYOB) which I have found to provide good service at reasonable prices. They currently charge around $20 per year for a .com.au domain name. Other reputable companies that have been around for a while include: MelbourneIT, Web Central.
Trade Mark
You may also like to register a trade mark which will grant you proprietary rights over the business name and logo and will ensure you have exclusive use of your business name throughout Australia. Click here for more information about registering a trade mark.
Government assistance
Check out the following links for free Government advice, assistance and education:
business.gov.au - Federal Government site which includes information on registration and licenses, OH&S, employing people, taxation, grants and assistance, home-based business, news and events.
Qld Government Departmental workshops and seminars for businesses - Most of these are low-cost or no-cost.
Qld Government Smart Skills - includes business planning, marketing, negotiating and networking.
Qld Government Business Development
Logo and branding
You will have to establish a professional identity for your business and use this identity consistently in everything!
Your business identity (logo, branding, colour-scheme, slogan or tag line, look and feel) is how your clients will remember and recognise your business. It needs to stand out from the crowd and relate to the services or products you provide.
Studies have revealed that for brand recognition, that person needs to see your brand 7 times before they will recall and recognise it, so it needs to be memorable, consistent and persistent!
Your branding should appear consistently on your business cards, flyers, brochures, signs, web site, promotional items such as pens and mouse mats, advertising, invoices, letterhead, emails. Whenever anyone sees you or your business they should see it's branding.
Focussed Online can assist with logo and branding! Contact us on 0413 852 774.
Website
These days, every business needs a website to be competitive and provide information to customers and prospective customers 24 hours a day. It is a cost-effective and efficient marketing tool. Please refer to our "does your business really need a website?" page and contact Focussed Online today to arrange a free consultation.
Marketing
Your business plan should also include a "Marketing Plan" which documents how you intend to advertise and attract your customers.
Your plan can include tasks such as flyer distribution, newspaper advertisement, radio or TV advertisement, billboards. And don't forget advertising through social networking mediums! (see below)
Google "free marketing plan templates" to get you started.
Networking
Social Networking
Social Networking is fast becoming one of the most popular forms of marketing for businesses and, it costs nothing but time to administer and you could potentially reach thousands of people very quickly.
Facebook | LinkedIn | Twitter are three of the most popular.
Face to face networking
Nothing beats human contact and speaking to prospective customers face to face to build a relationship. Networking groups also often provide motivational and educational guest speakers at their events.
Again Google can provide information on your local networking groups.
Brisbane Bay side: The Kitchen Table Network, Wynnum Chamber of Commerce
Brisbane East: South East Brisbane Chamber of Commerce
Brisbane West: Inner West Brisbane Chamber of Commerce, Brisbane West Chamber of Commerce, Terri Cooper Networking
Brisbane South: Logan Chamber of Commerce
Brisbane North: North Brisbane Chamber of Commerce
Business Network International
Taxation, bookkeeping and legals
Prior to starting your business it is a good idea to consult your accountant and solicitor.
You will have to keep your book work up-to-date so you know at any point in time how much profit your business is making and what your expenses are.
There are some great software packages that make this relatively easy: MYOB and Reckon (previously Quicken) are two of the most popular.
If the thought of Balance Sheets and Profit and Loss Statements leave you baffled,why not employ the services of a MYOB Certified Consultant, Reckon (previously Quicken) Accredited Partner or a qualified and experienced bookkeeper to take care of this work for you. At the very least, it could save you significant time and money if you have one of these professionals initially set up your software so it is correct right from the beginning. If you find after six months of trading that this software has not been set up correctly , it could be costly to have someone correct it all for you.
To stay in business, you need to keep track of finances and know where you make money and areas of your business that are not as profitable.
Disclaimer
Please note that all links to businesses above are for your convenience only. They are provided without any form endorsement, recompense or reciprocal arrangement. The information presented here should not be used as a substitute for professional advice.