List of things to do when starting a small business
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Here's a list of all the things to do and consider when starting a small business.
Determine whether it's a good idea
- Make the decision. Will you or won't you start a new business?
- Develop a business model. How are you going to make money?
- Work out what your costs are.
- Wages, Office Space, Telephones, etc.
- Work out what level of profits you need. 20% profit?
- Work out what you can charge for your products or services.
- Determine if your new business could be profitable.
Is what you can charge for your products or services greater than your costs and your profit needs combined? If not, probably best not to start the business.
Get the structure right
- Create a Mission Statement. What are you setting out to achieve?
- Specify your market, and your market positioning.
- Choose an accountant
- Set up your business entity. Pty Ltd company or a sole trader?
- Register your business entity with all relevant government agencies. i.e. Register for GST.
- Set up a bank account for your business.
- Raise money for your business.This might be coming out of your own pocket, or most commonly the 3 F's (family, friends and fools). If your business model is extremely strong, you might be able to raise money from investors.
Does your business need?
- Offices
- Computers
- Insurances
- Employees
- Cars
- Equipment
- Stock etc.
Determine your marketing plan
- Who is your market?
- How are you going to speak to your market? Radio, Television, Facebook, Linkedin, Telephone, Networking events?
- How are you going to improve their lives?
Put your marketing into action
- Graphic Design & Printing
- Website development
- Brochure and business cards development
- Service Central/Facebook/Google/Radio/TV ads
Prepare for customers
- How are you going to manage the customers that your marketing generates?
Monitor your performance
- What is your turnover?
- What is your gross profit?
- What is your net profit?
- Are your customers happy with your service?
Manage your cashflows.
- Are your customers paying you?
- When are they paying you?
- Are you paying your creditors after your customers have paid you?
Enjoy your business!
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