If you have a brilliant business idea and are looking to turn it into reality, you have come to the right place, as we delve into the ins and outs of setting up a business. As you probably know, success is never a given when you launch a business venture and a lot of careful planning and hard work will be needed to make the venture work.
Here are a few tips from business gurus to help you with your business start-up.
- Outsourcing – You can hire the services of an affordable accountant in Melbourne, which is the cheapest way to get your bookkeeping and accounting. Other services you can outsource include digital marketing, courier services and even security for your workplace.
- Write a comprehensive business plan – This is recommended, regardless of the industry and with a business plan that covers every angle, your chances of success are much higher. A good business plan would be 15-30 pages long and would cover start-up costs, sales, marketing and a 5-year plan for profit and expansion.
- Minimise risk – In order to minimise the risks to the business, you need to take out suitable insurance; general liability covers compensation claims, plus you need employer’s liability insurance and cover for stock, company assets and vehicles is also a good idea. Talk to a commercial lawyer about suitable insurance cover and they will guide you in the right direction.
- Create a digital marketing plan – If you were thinking that word of mouth and a few recommendations would put your business on the map, think again! Without a firm digital marketing plan, your chances of success are somewhat limited. Talk to a local digital marketing agency and let the experts put together a dynamic digital marketing plan that incorporates search engine optimisation and social media.
- Reducing running costs – There are many ways that you can reduce the costs of setting up and running a small business; it might be possible to have your office at home, which would save you a lot of money. Use VoIP platforms for business communications, which is a lot cheaper than making regular calls when you are charged by the minute. Click here for passive income jobs that everyone can do.
- Set up a secure cloud network – This is the best way to manage your business data; approach a local managed IT services company and the experts can demonstrate the many benefits that cloud-based computing offers. Once the network is set up, you can access your data from any location using any digital device, while the provider uses top cyber security to prevent your data from being stolen.
- Funding – If you have adequate funding, all is well and good, however, if you need working capital, consider applying for a business start-up loan from an online commercial lender. The most common cause of a small business failure is lack of money and you should have a certain amount put by for emergencies.
Of course, you need to register the business with the Australian government, which can be done online and we hope you find the above information useful.