If you’ve had enough of the rat race and would like to try your hand at running your own business, why not joining the many thousands of Australians who have quite their 9-5 job and are now enjoying the self-employed lifestyle? It might seem like a daunting task at first, yet with some careful thought and meticulous planning, there’s no reason why you can’t launch your own business.
Here’s a checklist to ensure that nothing is overlooked.
- Business Plan – The crux of this will be the products/services you are offering, and you will have to carry out extensive market research to show that the demand is there. This is a crucial step, and until you have this one nailed, there’s little point in going any further, and every business needs its own identity or concept. Your business plan should include short and long-term profit forecasts, along with a detailed account on how you intend to market your products.
- Online Presence – You will need to build and generate a very strong online presence, and it is worth remembering that your competitors will be hiring digital marketing experts to boost their online status. You will need to commission a web designer, who can also host the site, then you will need to consult with a digital marketing agency, and they will help you to develop social media pages and generate a large following.
- Company Formation – You have to register your business legally, and while there are many ways to do this, you are advised to consult with a local chartered accountant, who can advise you on the best way to form your business.
- Funding – More than half of new businesses fold during their first year and a vast majority is due to lack of funding, and if you have a limited budget, you can search the Internet for providers of quick online loans up to $5000 from leading Australian online lenders who have helped many people set up their own business.
- Accounting & Bookkeeping – If you set up a sound bookkeeping system prior to trading, things will be much easier, and 15 minutes a day is all it takes to record all business transactions. You should keep all your accounts and other data on the cloud, which allows authorised users access from any location, and your accountant will find it easy to do your quarterly tax returns if they can access the data at any time.
- Insurances – As a business owner, it is your job to minimise risks, and that means taking out relevant insurance policies. Every organisation, no matter how small, should have some public liability insurance and if you plan to recruit staff, you will also need employer’s liability insurance to protect your staff.
One thing you will need is an endless supply of positivity, as there will be many obstacles ahead, and with determination and initiative, you have every chance of creating a successful business that will support you and your family for many years to come.