Starting a business can be a great opportunity to make a positive impact on your community, work in your area of expertise and earn an income. However, it can also be challenging if you are not aware of the necessary steps to build a successful business.
Although the steps are similar, the planning process depends on your industry, size, location and personal circumstances. In addition to your expertise in your chosen field, you will need business and interpersonal skills to be successful. If you are new to the industry, building a network of relationships with reliable suppliers, local chambers of commerce and councils can be helpful in expanding your client base.
To calculate the startup and ongoing costs of your products or services, you will need to create a business plan and determine your pricing accordingly. Defining your target market and designing a marketing plan and strategy are important steps in attracting clients. You must also decide whether to hire staff.
Building your network and set-up phase
Once you have a plan, it's essential to talk to experts who can help you decide which business structure is most suitable for your needs. Obtaining an ABN, registering for taxes (if necessary), obtaining licenses and permits, and opening a business bank account are also important steps.
It's a good idea to engage a bookkeeper and a tax accountant to assist you with record-keeping and compliance with regulations. A bookkeeper will keep your financial records organized, help you make informed decisions and assist with payroll and other obligations if you have staff. This frees up your time to focus on growing your business. Stream Business Consulting has the expertise and knowledge to guide you in your journey to set up a thriving business. Give us a call and we will be more than happy to assist.
Protect your new business
It's also important to identify potential risks and protect your business. Obtaining appropriate insurance coverage and preparing for emergencies are crucial steps in risk management. Protecting your intellectual property and cybersecurity are also important considerations.
Overall, starting and running a successful business requires careful planning, risk management and the right support.
ICB brief August 2023