Having the freedom to be your own boss and do what you love is a long held Aussie dream. But how on earth do you take a dream and turn it into reality? We’re not going to sugar coat anything, it’s a complicated, varied and all-consuming process. But it if you’re willing, its 100% doable.
Here are a few pointers to think about:
- Do a self-inventory – be brutally honest and work out if you have the personality traits to start your own business before you quit a steady job and invest your hard earned life savings.
- Write a business plan – A good business plan will help steer you through the uncertainties of starting out. It’s also needed for presenting to any potential investors. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation.
- Identify your market – Even though you may have detected some interest in your business, you need to do more homework. Assess the market, targeting the customers most likely to make a purchase. Perform a competitive assessment.
- Determine the costs – Do additional research and find out the standard cost factors within this industry. Not only will this help you manage your business more effectively, investors will want to know this.
- Determine the legal structure - Settle on which form of ownership is best for you: a sole proprietorship, a partnership, a limited liability company, a corporation, an S corporation, a nonprofit or a cooperative.
- Find the right employees - Hire the right people for the job. Even though it's your business, you won't be skilled at every task, which is why you need qualified people to complete the work.
- Assign responsibilities - Delegate attainable tasks to employees. This is all about effective management.
- Know that honesty is the best policy – If any issues with employees emerge, be sure that they are addressed. No one enjoys being talked about behind their back.
- Remember that opposites attract - Hire people with skills and personalities that are the opposite to yours. They’ll challenge you and will bring different skills and talents to the business that you don't.
- Buy insurance – Make sure that you arrange for the proper insurance for your business. This will vary according to the type of business. If you’re working from home be sure that your homeowner’s insurance covers theft or damage to business assets, as well as liability for any business-related injuries.
Starting a business or building an existing business up is not easy, but you don’t have to do it alone.
We’re here help guide you and make sure you do it right the first time around