There’s no denying that this year feels slightly cursed.
For people trying to start a new business, this climate feels worse than usual. Where usually all you’d need to get through was a great idea, drive, a killer PR strategy and some luck – now it feels like you need all the luck in the world!
So, if you’re looking to start a business take the first step by reading up these six smart tips you’ll need to take in before you make the leap and become a bonafide entrepreneur!
Have ‘that’ idea
Many of us have had ‘that’ thought from time to time the ‘is this a killer idea for a business’ idea. You’ve likely been mulling it over in your head and it’s gotten to the point where you just know you have to make the leap and see it through. Whether you plan to provide a service, produce your own goods, open a restaurant or cafe even – if you’re confident in your idea you owe it to yourself to pursue it!
See a need in the market
Yes, you need to have ‘that’ idea but that idea needs to correspond to a need in the market. There’s no point opening a coffee joint next door to a Starbucks even if you’re confident that your coffee is far better so, no matter how good your idea is, you have to be sure you can do it in your own unique way. It’s great to aim high, aim for something amazing, achievable and most importantly: needed! It’s important to find a niche and stick to it. Be incredibly clear and specific about what you’re going to do and why your approach will be different and allow you to compete in the crowded market of new businesses.
Take Care Of All The Boring Paperwork (we’re talking ABN and GST)
Applying for an ABN is a simple and necessary step you must take if you want to start a business. Head to this website to apply for your ABN (it’s a simple process and they’ll talk you through the steps). There are some scams out make sure you are only giving your information to the official government website and remember, ABN application is a completely free process so you shouldn’t be providing your credit card details on this form. You’ll also need to register for GST to get your business up and running, click here to go to the Australian Taxation Office.
Save wherever you can.
It’s important to start small, spending is unavoidable in the first few months of a new business but how you spend it and what you spend it on is a crucial way of determining the outcome of your business. Cover the foundations first before you spend on anything fancy. There are a bunch of resources online, such as this informative article, which are packed with great advice from other business owners looking to help you make your money stretch further. In 2020, this could mean taking advantage of the gig economy, negotiating and getting discounts wherever you can. One way of making sure you’re saving wherever you can is by making sure you’re getting the best deal on your corporate credit card. Do your research and compare cards to save.
Don’t go it alone.
Starting a new business is always going to be hard even under the best circumstances (and 2020 are certainly not the best of circumstances) so you owe it to yourself to get all the help you can possibly get! So get yourself a mentor and them for advice – often! We tend to romanticise it but, in reality, there is no glory to be gained from going it alone, in fact, without a support system, many new businesses fail. So, accept all the advice that comes your way (and there will be loads of it!), from friends, family, other business owners – even your rivals!
Try, try and try again!
Starting a new business is undeniably challenging whether you’re a first-time business owner or a seasoned investor. Everyone is fallible and when you’re taking such a major leap there’s sure to be setbacks along the way so, when you come face to face with these challenges, don’t be too hard on yourself pick yourself up and try again.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!