Have you decided to launch your own business? You will most likely experience a certain amount of trepidation. Will you make a success of it? Will you find the best commercial lawyers Melbourne residents can hire, so you’re protected when it matters most? Have you got financing sorted? What are you missing?
There are so many factors to consider even before opening your doors. We’re going to help you by covering the most important ones in this article. Let’s help you get this right.
Table of Contents
- Defining Your Product
- Research Your Target Market
- Research Manufacturing and Production
- Research Location for a Service-Based Business
- Select a Name
- Find a Competent Lawyer
- Discovering Finance
- Set Up Systems
- Decide on Staffing
- Purchase Raw Products
- Think Tax from the Beginning
- Register Your Business
- Rent an Office and Find Furniture and Equipment
Defining Your Product
Before you even begin, make sure you know exactly what you are offering and what pain points it solves for customers. Understand the niche, so you know what will be best in terms of marketing, packaging and more.
Also, will you sell an individual product, or a suite? Will you offer services for free in order to grab customers? This will determine marketing and financial decisions later on.
Always make sure yours is better than the competitor’s in at least one way, or that you have a USP. You might not have the finances to compete with the great companies on the market, but you can offer individuality and creativity.
Research Your Target Market
Research your target market. This includes:
- What is the age group of the customers you’re seeking to reach?
- What demographics apply and what’s their spending power?
- List their interests, hobbies and purchasing habits.
- How best could you appeal to them?
Research Manufacturing and Production
Manufacturing and production depend on the type of product offered. If your product is physical, how will you ensure that it’s created? What packaging will you use, and how will you source that? If you have an online product and using dropshipping, how will you ensure quality throughout production and delivery processes?
Research Location for a Service-Based Business
Ever heard the saying ‘location, location, location’?
Especially if you’re a service-based business, you will want to research the best area for your enterprise. Location can make all the difference between high and low income. You would not choose a quiet neighbourhood for a café, or a noisy one for a relaxing spa. The location can make or break your business, so choose well.
The next item on the list is branding. Logo, colour, style, mood, and amount of playfulness or seriousness of your brand message all fall under branding. Based on what you prefer, these elements will even affect the style of packaging and how you decorate your offices.
Select a Name
This ought to be done in the early stages of the business. To pick the right name, consider aspects like:
- Reflecting the brand
- Representing the product
- Showcasing who you are
- A creative play on words
Find a Competent Lawyer
You will need to look for a lawyer who deals with business. The last thing you want to do is search for ‘commercial litigation lawyers Melbourne’ when you’re already facing a lawsuit. Rather start from day one with a lawyer who can advise and support you on your journey. And when challenges come you’ll have experts available who already know your brand.
One of the most crucial aspects of a business is finding the funding you need. You have to look beyond loans from friends or family, or seeking angel investors. Make sure you have a solid business plan in place for this step, with full assessment of all future costs, including equipment and furniture.
Set Up Systems
You will require systems for accepting orders, doing payments, delivery, accounting, manufacturing, and staffing. Set them up early to avoid clogging of workflows that haven’t been properly tested.
Decide on Staffing
You will need to decide on staffing:
- How many people you need
- What kind of personalities will suit the goal
- What jobs skills each person requires to benefit your vision
Purchase Raw Products
If you’re selling physical products, once you have the funding, purchase your raw materials so you can get started. Ensure you have enough for a couple of months ahead. This way you won’t run short on supplies due to supply-chain issues during the first months when you want to make a good impression.
Think Tax from the Beginning
Set up good accounting systems and register with the tax office early on. It’s best to keep on the right side of the law and avoid penalties.
Register Your Business
Your business must be registered with the Business Registration Service of Australia. It is illegal to function in business without it. Here, your name gets listed, with the result that no-one else can take your business name.
Rent an Office and Find Furniture and Equipment
Now you’re ready to set up operations. Finding and renting an office space, and decorating and filling it with furniture and equipment is very exciting. Finally, you have something to show that proves your brand exists.
You’ll also require good signage to let the locals know who has come to town.
There are many steps to go through before you can say you set up a business. It may seem laborious and not a great amount of fun. But don’t let it prevent you from pursuing this dream you have. Once you’re moved into those offices and the business is underway, you won’t regret doing it properly.