Checklist for Setting Up your Own Business

Checklist for Setting Up your Own Business

More and more Australian people are enjoying the many benefits that come from working for yourself and it has never been easier to set up your own business. If you are planning to quit your day job and go it alone, here are a few aspects of the project you need to consider.

  • Business Concept – Every business needs a concept; it might be to provide a service that is second to none, or to be absolutely unbeatable on price; something that sets you apart from your rivals and this will define you. This should be listed in detail in your business plan, which should be comprehensive and cover every aspect of the venture.
  • Funding – The most common reason for a new business failure is lack of funds and with the help of low doc business loans, you can make sure that you have adequate funds to push your business through that difficult first year. Crunch the numbers when putting together your business plan and add enough to get you through the first 6 months without making a single sale.
  • Marketing – Without a firm and dynamic marketing plan, your chances of success are greatly diminished and with everything happening online these days, you are advised to hook up with a local SEO agency at the very outset. You could have the best product in the world at the lowest price, but without marketing, you are going nowhere. Invest in SEO services and focus on the strategies advised by the SEO agency and this should drive traffic to your website.
  • Capital & Assets – There will be certain things that you need; it might be commercial vehicles or costly machinery and while you can outsource at the very outset to keep your investment low, if you need assets than take out a business loan. Search for an Australian online lender and you can have the money in your account on the same day you apply.

It is wise to carry out a risk assessment; looking at all the potential issues and things that could go wrong. Insure all the company’s assets and take out adequate public liability insurance, which minimises the risks.

If you have done your homework and see a slot in the marketplace, there’s every reason to expect your business to become established. There will be obstacles and there will be times when you question your judgement in starting the project, but with lots of hard work and determination, you can carve out a good share of the market.

Cristina Macias
Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.