Start a New Business.

When you are planning to start a new business, there are a few important points that you must keep in mind.

Type

• Will you be a sole trader, in a partnership, a company or a trust?
• There are advantages and disadvantages to consider for each.
• Inexpensive and simple to set up, sole proprietorships are generally more suitable for smaller enterprises with a single owner/manager who wants direct personal control.
• Starting a new business requires a great deal of time and money.
• You’ll need to research the market, raise finance, establish contacts, find a location and maybe hire new staff.

• Buying an established business or a franchise has the advantage that operations are already in place.
• The premises and stock, customer base, suppliers and income stream are already established.
• Costs are usually higher with partnerships and corporations, but it’s easier to raise investment capital, making them a better choice for larger enterprises.
• They also offer tax and legal advantages that may appeal to certain enterprises regardless of size.
• Do you want to start a new business or would it be better to buy an already established one?
• Choosing your business structure is an important decision, so you need to investigate each option carefully.

Name

• A business name is the name under which your business trades and it needs to be registered in every state where trading takes place.
• Choosing the right name will help ensure you’re creating the right image for your business. It’ll also help to distinguish it from your competitors.
• Before deciding on a name, you should familiarise yourself with the different registration requirements.

 

Skill

• Are you ready to venture into business?
• Operating a small business is not just about working for yourself, it’s also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed.
• You can take advantage of a broad range of advice and support offered by the Government.
• These services include information and advice on starting and expanding a business, obtaining funding and training.

Succession

• Nobody likes to think about it, but it’s inevitable that one day you’ll leave your business.
• Whether you decide to sell up, retire or leave due to health reasons, it’s important that you plan for that day.
• A succession plan outlines who will take over your business when you leave.
• A good succession plan will help your business transition smoothly to the new owner.
• By planning your exit early, you can maximise the value of your business and help it to meet future needs.
• Make sure your succession plan is achievable.
• Set a realistic timetable and measurable milestones along the way and stick to them.

Customers

• Your business plan is essential for your business – it’s your blueprint for the future. It sets the direction for your business and keeps you on track once you’re up and running.
• It’s also a requirement when you’re seeking finance.
• Before you get started find out if people are interested in buying your products or services and who your competitors are and whether the market can sustain your business.
• Conduct some research to see whether your idea is really feasible.
• This will involve gathering, analysing and evaluating information to help you formulate your business goals.
• Once you’ve conducted research into the feasibility of your new business you’re ready to write your business plan.

Structure

• Ideas and unique creations can exist in every business.
• They’re important for long term financial success and can make you more competitive than your rivals.
• Once you’ve decided to sell your products overseas you need to develop an export plan.
• An effective export plan will help evaluate your strengths and weaknesses when entering the export market.
• A marketing plan assists you to integrate your total marketing effort.
• It ensures a systematic approach to developing products and services to meet and satisfy your customers’ needs.
• When you’re writing a marketing plan you need to be clear about your objectives and how you’ll achieve them.
• A good marketing plan sets clear, realistic and measurable objectives, includes deadlines, provides a budget and allocates responsibilities.

Remember you can change your business structure as your business develops and circumstances change. However, while you are in it, make sure you have it well-planned and sorted, in terms of sustainability. Contact HyperEffects for our free one-hour session to learn about things that help your business grow. Also, if you need help in creating and maintaining a website, we are your answer to all the marketing and cyber development requirements.