Setting up a business has never been easier, what with digital technology enabling you to set up a company, yet success is never a given, especially in these very competitive times. In this short article, we take an in-depth look at the essential aspects of a successful startup.
Funding –
Without capital, your business idea will remain firmly in the realm of make-believe; indeed, lack of money is the main reason for business closure, so do make sure that you have enough money to support the business during the first 6 months. All it takes is a few unpaid invoices to put you in the red, so make sure you have some emergency money at hand. When you crunch the numbers, make sure you allow for every eventuality and keep some funds back for emergencies.
Legality –
Of course, the business must be registered with the Australian government, while some owner builder insurance covers any claims made against you by a 3rd party. All inventory should be insured, as should all commercial vehicles; if in doubt, consult with a business lawyer for the best advice regarding legality. As the business owner, it is your responsibility to minimise risks and taking out the right insurance policies is one way of doing that.
Business plan –
No startup is complete without a comprehensive business plan, which should cover every aspect of the enterprise, from startup costs to a 5-year forecast. A comprehensive business plan would be 25-30 pages in length and you should not be complacent and think that a business plan is not required. This should be your guideline to success and something you can refer to at any time.
Digital marketing plan –
Marketing has become a digital race and we recommend using an established digital marketing agency to create a dynamic plan. Whatever industry you are in, it is highly competitive and without a firm digital marketing plan that includes SEO and social media, your chances of success are limited. Every small business should create a digital marketing plan that is tailored to suit the marketplace, which can be adjusted according to market forces. Click here for tips on marketing from a panel of experts.
Strong management –
If you are to stand any chance of sustainable success, you need a strong management team to guide employees, plus you need a firm plan that covers every aspect of the organisation. Good management is critical, which must be ongoing and able to adjust depending on situations. Employees look to management for direction, while motivation is another critical ingredient that is required for success.
Today’s entrepreneur understands what is required to create a winning enterprise and with everything in place, a lot of hard work and dedication should result in a successful launch. A lot of research is required in order to plan effectively and set up a business, which would be the foundation of success.
