Tips for new businesses
At Focussed Online, we are passionate about helping small businesses achieve their goals and not only by having a great website!
Below you will find some tips to get you started. Please note that all links to businesses below are for your convenience only and are provided without any form endorsement, recompense or reciprocal arrangement. The information presented here should not be used as a substitute for professional advice.
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 website for information about the different types of structures. If you are unsure of the best structure for your new business, seek the advice of your accountant, tax adviser, solicitor or other business adviser.
This step is extremely important and putting it in writing will help cement your ideas and prove that the business is, in fact, a good idea which won't send you broke! If you are seeking finance you will be required to submit a Business Plan to your bank or financial institution.
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 website. (NB this website is only available using Internet Explorer.)
It is good practice to regularly review your business plan and keep it up to date.
decide on a business name, domain name and trademark
and register themBefore registering anything, it is a good idea to identify available names with all the providers i.e. Australian Taxation Office for the Australian Business Number, the Qld Dept of Fair Trading / Dept of Employment, Economic Development and Innovation for the Business Name, and web hoster for your website domain name.
Australian Business Names
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 will have to register with both the Australian Taxation Office (where you will also receive your ABN or ACN) and the Qld Dept of Fair Trading / Dept of Employment, Economic Development and Innovation, Consumer Affairs Victoria. You can do this through the through their websites:
- Qld Dept of Fair Trading / Dept of Employment, Economic Development and Innovation
- Consumer Affairs Victoria
- Federal Government ATO - ABN Lookup page
You can also check the National Names Index to see available business names Australia wide.
Domain Names
Before going ahead and registering your ABN and business name, 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.
Register the ABN, Domain Name and Business Name
Once you find an available business name and domain name, you can register them.
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, Crazy Domains.
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.
Business Victoria for comprehensive online assistance designed to help start, run and grow a business.
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 0413852 774.
website design
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.
You will need to employ the services of an experienced website designer to assist with creating a website that is visually appealing and will attract your target audience, well optimised for search engines and will accurately reflect the products and/or services your business provides.
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.
Keep in mind that the more traffic you can drive to your website through other means of advertsing, the more successful your website will become in Search Engine Ranking. Please remember to advertise your website address on all marketing material.
networking
Social Networking
Social Networking is fast becoming one of the most popular forms of marketing for businesses and all it costs is a little time. 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
taxation, bookkeeping and legals
Prior to starting your business it is a good idea to consult your accountant, solicitor and bank manager.
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.