Thanks to digital development, we are empowered in so many ways – we can video chat worldwide, order products and services, book flights, and you can even set up a business sitting in front of your laptop. So many Australians are currently enjoying the freedom that working for yourself brings, and if you would like to join them and set up a small business, here are some essential aspects to consider.
- Your Concept – What exactly are you going to offer? Is it a product or a service? Every business needs a concept, it might be service that is second to none, or the best prices in town, and your concept defines you. If, for example, you are planning on providing a domestic service like plumbing or electrical work, then you will have to earn a good reputation with the local community.
- Finance – Even the best business idea remains, just that – an idea – unless you have the capital to get it off the ground. Fortunately, there are unsecured business loans available from the online lender, who can tailor the loan repayments to suit you. Prior to doing anything, you should have a very detailed business plan that will tell you how much capital you need for the start-up, plus you need to add another 10-15%, for unexpected expenses (they will happen).
- Marketing – This is the cutting edge of your business, and everything is digital, so make contact with a leading SEO provider, one that works with small businesses and they would have the skill to drive traffic to your website. Don’t make the mistake of thinking that digital marketing is an optional extra, as it most certainly is not! You will need to form an alliance with a leading SEO company and they would put together an aggressive marketing plan that included social media and search engine optimisation.
- Business Plan – This is not just something to show a potential investor, indeed, your business plan should outline every detail of your proposed business, including start-up capital, running costs, marketing plan and organisation flowchart, showing who does what. Other aspects of the business plan are income forecasts, which should be for the first 3 years, plus the short and long-term goals of the company.
Starting your own business does demand a lot of careful planning, and if you have a great concept and have a good business plan, all you need is the finance to make it happen.