So you've got a business idea and a burning desire see it through to fruition. After a few cups of coffee inspiration strikes and you've even got a business name, hand sketches of your logo and a few ideas about how your new office will look. All you need now is someone to craft you a beautiful logo and whiz you up a website and you'll be set to go! Or will you...?
Step 1. Get a business plan
A business plan is where you look at your idea from every direction and work out how the thing is going to make you money. This means working out:
1. How much you plan to pay yourself
2. What your overheads will be
3. Will you have staff? If so, how many
4. How much will you pay them?
5. What company structure you need (sole trader, partnership, company, trust, etc)
6. Will you be registered for GST?
7. Who will do your books?
8. What happens if you get sick?
9. Who is your competition and why are you better than them?
10. If you have no competition, why not? Does that mean people don't need your service / product?
I could keep going but this is you job. Create a list like this one and then answer all the questions on it. Be tough on yourself as your new business isn't going to go easy on you. For more tips on writing a business plan, visit this link.
Once you've got these answers, it's time to look at step 2....
Step 2. Register your business name
In Australia, you'll need an ABN to do business with anyone and you'll need to register your business name if you want to trade under this for tax purposes. You may also want to consider looking into whether or not you can trademark it and if not, whether that means you should select a different name.
Here are a few links to help you through this step:
Step 3. Learn about what it means to run your own business
Let' be fair, running your own business is tough. The hours are tough, the pay can be lousy, you carry all the risks and people will become very reliant on you. It can therefore be helpful to talk to a few people about what it means to have your own business and attend some training courses on what it takes to run a business. In South Australia we have a number of Business Enterprise Centres which can help you with this step and see you off into the right direction.
Step 4. Grit your teeth and take the plunge!
With your business plan complete, your business details registered and a rough idea of what you are in for, you can now start to plan the fun stuff! Selecting an office, getting a bank loan, hiring staff, purchasing stock, designing a logo and setting up a website!
Good luck and remember to have fun!