How To Set Up A Small Business Successfully
You’ve discovered that you have a great desire to be an entrepreneur. You’re all set to become the next Elon Musk in Melbourne. So, how do you create a successful small business? How do you obtain finance? How do you find the best business lawyers Melbourne residents have learned to trust? Where should you find a property?
We’ll take you through many of the steps you need to take for a successful launch of your enterprise.
Plan and Prepare
Most of the months leading up to the launch of a business are about planning and preparing. There are many angles to cover. Ideally, you want a solid business plan, especially if you’re seeking to obtain finance through Angel investors. Include the following:
- Financial budget
- SWOT analysis
- Potential crises with plans to overcome them
- Proposed equipment
- Plans for growth
Whatever you do, make sure you know exactly what you’re selling, and what sets your products apart from others in the market. Maintaining high standards in terms of product quality is essential.
Sell a few prototypes or samples, or hire out your services to friends for a review. Use the feedback to improve.
On top of all of this, it’s essential to develop your brand and to ensure cohesion and consistency across the board. This means unity between your logo, brand message, website style and marketing campaigns.
Now that you’ve done the hard work, there comes something even tougher. Finding the funds. Firstly, look to friends and family for help. If that’s not possible, then, if you have assets, you could apply for a bank loan.
You can also look for angel investors, who are investors that invest in good ideas. You have to convince them that you’re a good business person, and that your idea is worth investing in. Your business plan and selling skills are what will convince them.
Find a Property
When you have your funding secured, you can now begin to look for a property. You may decide to rent, and let the property owner have the hassle of sorting out all the property issues—at least initially. That way, you can focus on your business.
However, in the long term, it’s best to own your property. Having assets is a very important aspect of business. Before you buy, look for the best property lawyers Melbourne can offer. You want lawyers who give you all the advice and support you could possibly need about your property and how to handle your acquisition safely.
Get the Legal Help
On a legal note, you’ll need legal assistance to make sure your business stays on the right side of the law. Find lawyers as soon as you have a little funding to make sure everything you do is legally sound and won’t give you problems in the long run. For example, allow them to tweak your employee contracts so all parties are safe once agreements are in place.
Purchase Equipment, Furniture, Tools and Machinery
You’ll need phones, computers, and photocopiers as a basic for any business. Any tools or machinery that are industry-specific must be high quality. Anything less will cost you more in the long term.
What’s more, you will require good quality furniture that fits with your office theme. This helps create a message of professionalism and brings your brand message across. You can obtain good quality furniture from second hand stores, or you could purchase it new from suppliers.
The next step is to hire staff. Do yourself a favour, and get a recruitment firm to do the vetting for you. You must know exactly what you want in your candidates, both personality and skills-wise. But an agency knows just how to acquire the right staff, while you save time thanks to doing fewer interviews.
Set Up the Books
Ideally, setting up the books is essential to do very early on in the process, so that you can track income and expenditure. Get some quotes on professional packages, or ask an accountant for advice on which software to use for your type and size business. Luckily, these days, there are some extremely inexpensive products that are very easy to use.
Find a trustworthy person to run this side of things for you, unless that is one of your top skills. You can’t allow mistakes in accounting to bring your business down. You need accurate records from the start.
Marketing and Sales
The final step is marketing and sales. And you’ll continue with this throughout the course of your business’ journey. You will need to find a strategy that works for your business. Chat to a business advisor, and learn how to sell your product in a manner that suits your personality but also your target audience’s preferences.
Building a business is an exciting event, and should be enjoyed. There are many details and a lot of hard work, but if you enjoy the process, you’ll be more likely to do well. Good luck!