If you have a brilliant business idea and are in the process of turning your concept into reality, there is much to consider, from start-up capital to digital marketing and in order to ensure that nothing important is overlooked, here is our start-up checklist for a digital-based business.
- The Business Plan – This would begin with your core concept; what the business is all about, and around that concept, you would begin to analyse every aspect of the business. A good business plan would comprise of an introduction that outlines the business aims and objectives, a section on start-up costs, which would detail all expenses to set the business up. Marketing in another essential aspect of your plan; how you expect to reach your target groups, and digital marketing offers you the potential to achieve your sales goals. The plan would also contain an organisation flowchart, list all people involved in the business, and finally, profit forecasts for the first 3-5 years, something any potential investor would be looking at.
- Office Space – Even if the business is simply you at the moment, you will need suitable working space and with affordable office supplies from LG Business Systems, you can order everything you need in a single shop, which would then be delivered to your business address. Of course, creating the right office ambience does improve productivity, so do what you can to make the workspace attractive.
- Funding – Once you have finished your business plan, you would know the amount of money needed to launch the business, and if you need to take out a business start-up loan, there are online lenders with super-fast approval and reasonable interest rates. You will need enough money to support you through the first few months of trading, and be realistic when crunching the numbers, as you do not want to run out of funds.
- Web Design & Hosting – Your website will be your digital shop window and should therefore be professional and visually appealing. Unless you happen to be a web designer, you should outsource this is a third-party professional, a freelance designer would be very affordable and it is essential that your online image is a positive one. When selecting a web-hosting package, choose one with a high bandwidth, which will ensure fast page loading, something your customers will expect.
- Legal Issues – Of course, you must register your business, which might be in the form of becoming a self-employed freelance worker, or forming a limited company. You should seek out the advice of a business lawyer, who would help you select the best form of business registration that will provide a legal foundation on which to grow.
- Digital Marketing – This is a necessity if you want potential customers to find your e-store, and with so much competition, the only way to get ahead is enlisting the help of a leading SEO agency. They have a range of powerful tools, including search engine optimisation, which makes your website more visible to Google and other search engines, and that drives traffic to your store. Setting up a business in Australia does require the creation of an online presence, and this can be achieved by approaching a leading SEO agency.
Due to the current Covid-19 pandemic, many more people are turning to e-commerce, which means it is a good sector to move into, and hopefully, the above checklist will help you organise your business to be a success.