Below is a 10 point check list for a new business start up
2. Don’t leave your day job: You are transitioning.
From working with clients we encourage you to start your business when you are still working as you still need funding to build your business from scratch. When you start a business you need to buy some essential equipment etc, and your business will take some time before you can actually make a profit. Working full time when starting your business means there is regular income to support and fund your business. Once your business is growing and well established then you can make the decision to leave your full time job and transition to your business full time.
3. Seek Support from Family or Friends
4. Leads Generation
You need to be proactive and get your clients on board before you start your business and don’t wait until you have a business and start looking for clients! Taking this proactive approach will generate income the minute you open the door to your business. No Customer = No Business.
5. Write an actionable business plan
A good actionable business plan will lead you forward to success. It will give you a clear direction where you want to be in your business. Know your Vision,Mission and the culture you want to have in your business. Set business goals with time frames on the following areas:
6. Do research
Don’t be shy to ask or get help from experts. Sometimes investing money on these experts such as an accountant, solicitor and business coach could save you money and time and just because you run a small business, does not mean you have to be an expert in every field. The bravest thing you can do is to admit that you don’t know what to do it and you need help. In fact you will waste more time and money if you try to do it yourself if you do not have the qualifications or the skills to even do those tasks.
8. Cash Flow
When you start a new business, spend less and only buy things that are essential to your business start up. You’ll be surprised at how much you will spend. So, control your budget by having a start up budget planner to keep track of your spending. Just remember this scenario, when you start a new business you are digging a hole into your savings as you are spending money on the business and the hole will get deeper if your are overspending. That is the reason why you need to get clients on board before you start the business so you can have the income to fill the hole that you have been digging. Your goal is to make sure you can fill the hole as soon as you can. If the hole is filled and levelled this means you are breaking even and if you are well on track and the hole is overflowing, then that is the best news ever, you are finally making a profit.
If you are new, how you present yourself and how you’re perceived is going to be critical factor in your success. Your brand is literally your essence. It builds on who you are and what you stand for. Make sure everything you do is consistent from your business logo, business cards to your website. So understand your personal and business branding.
10. Legal Stuff
- Your business structure
- Business registration
- Business insurance
- Business tax like GST
- Your IP (Intellectual Property) protection