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A Simple Checklist for Starting Your Own Business

Wednesday 9th May 2018

Have a business idea that you are passionate about but don’t know where you start? Whether you’ve come up with a strategy for online success or are dreaming about creating your own store, there are some simple steps you can go through to start your business and set yourself up for the future.

  1. Find your position in the market

When starting your own business, it’s essential that there is space in the market. If your key customers aren’t ready for a business of your sort, then you’ll struggle to market your products and services and find it hard to make money in the long term.

Action item: Research businesses with similar offerings to what you have in mind, and work out if the space is there for you to enter your chosen market.


  1. Write a business plan

While some people might launch into creating a business without having a solid plan behind them, the most successful businesses are built on strategy and planning. Knowing how your company will make money, at least throughout the first year, will help you build a solid case to secure investors.

Action item: Write a business plan. The Australian Government has a useful template to download . Fill it out and you on your way.


  1. Seek out investors

Now that you have your business plan sorted, approach a handpicked selection of investors and pitch your idea to them. In order to show these investors that they will see a return on their money you will need to demonstrate that you have considered your profit, audience and key value propositions.

Action item: Contact people in your network to set up time for lunch, where you can float your business idea and pitch your way to success.


  1. Create a brand

In your customers’ eyes, your brand is everything. Create an immersive experience and craft a visual and tonal identity that will keep them coming back for more. Draw up a colour palette, tone of voice guide and logos that you can use to build out your brand. Apply them across your website, social media platforms, printed collateral and everywhere else you want to be seen.

Action item: Create a moodboard of businesses who have styles you’re drawn to. Use this as inspiration to plan everything from fonts, to colours, to logos for your company.


  1. Secure your website

In this digital age, websites are everything. Whether it’s on desktop or mobile (and we recommend both!) it’s essential that you secure your domain name early on. Once you have come up with a business name, register it using a domain registration site to ensure you’re able to use it.

Action item: Register a domain name that relates to your business.


  1. Tick off the formalities

From registering for an ABN, to determining a business structure, there are a few things you need to do before you start trading. It’s also wise to set up a separate business bank account so you can keep your transactions apart from your personal ones come tax time.

Action item: The Australian Government is your number one source for legal information for starting your own company. Refer to the Australian Government Business for information.


  1. Create a marketing plan and get going

Once you have followed the above steps, the next thing to do is to create a business marketing plan using the foundations you have set. Work out how you’re going to target your key demographics and develop a marketing mix that will see you earning money in barely any time at all.

Action item: Write down the audiences you’re looking to target, and find out which channels and messages will appeal to them. Then set your plan in motion and start selling!

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