Having the great idea is the easy part. Being patient and clever enough to turn it into a sound, income producing business involves a little more hard work. But don’t worry – it will all be worthwhile.
I’ve put together a few things for the next generation of business moguls to consider to ensure their road to success gets off on the right foot.
Consider your customer
Your customer is going to be the life-blood of your business, so it literally pays to pay them some thought. Who are they, and who do you want them to be? By defining a clear picture early on of your customer base, you will be able to effectively target your branding and advertising later on – ever heard the phrase ‘fish where the fish are?”
Be honest with yourself
Some soul-searching may be in order now, as you should ask yourself the real reason you want to go into business for yourself. Is it to make a quick buck? To satisfy a demand in the market? Or to be your own boss and achieve success? Once you know this, ask yourself if you’re willing to go through a whole lot of hard work and trying challenges along the way. Being honest now could save you a lot of time and money.
Do your homework
Unless you’re re-inventing the wheel, chances are your business will enter into a crowded market. What do you know about your competition? How are you going to be different? Identifying something missing from the market that you can do better can ensure you make a real splash. Also, it pays to get smart when it comes to the rules and regulations for your state or territory that apply when starting a business. Check the Australian Government website www.business.gov.au.
Get the right finance
For most of us, starting a business means reaching out for a helping hand to get started when it comes to finance. At this point, you should consider your options carefully, as getting your business finance right can mean the difference between stable growth and a productive relationship with your bank, and excess pressure being placed on your bottom line due to an unreasonable lender.
Protection is key
No matter what line of business you’re looking to get into, it’s impossible to escape the risk of the unexpected, or your second in charge coming down with a serious illness. It is important that you regularly review your Insurance requirements as well as structures or personnel change over time.
By getting the right people in your corner, and setting concrete goals before you begin this exciting chapter of your life, you put yourself in the best possible position to succeed as a small business owner.
To get some expert advice, why not start a conversation with a Greater Business Banking expert today, or make a complimentary, obligation-free initial appointment with a Bridges Financial Planner?
If you found this blog helpful, be sure to connect with us on Facebook, Twitter and Google Plus for regularly updated content.