Not everyone has what it takes to create a brand and forge a path into a market; there are so many variables in commerce and the entrepreneur has much to manage. If you are seriously thinking about your first start-up, you have come to the right place, as we outline a few must-haves for a small business to enjoy a level of success.
- Funding – Money makes the world go around, or so they say; If you are a property owner, caveat loans offer fast service and you have the capital you need to turn your concept into reality. When crunching the numbers, don’t be too optimistic and add 15% to the total to cover unexpected costs, which there will be. The number one reason a small business folds is lack of funds; it only takes a few unpaid invoices and a civil lawsuit to put you at serious risk of running out of money.
- A good plan – No successful business happens to fall into a profitable situation; you need to have firm direction, with realistic goals and a marketing plan to get you the exposure you need. Once you have crunched the numbers and it’s doable, the next stage is to write a business plan; which will be your manual to success.
- Concept – Every business should have a concept; it might be price focused, or offering a turnkey solution, or to provide a service that is second to none, this is the very identity of your brand and a great deal of thought should be given to your concept. Enlist the help of a branding agency, who will build a brand around your concept and that defines the company.
- Human resources – While it is possible to set up and run a small business on your own, there will come a day when you have to hire people and your HR is your most valuable asset. Make your employees feel like they are part of the organisation and show recognition when appropriate.
- Business registration & insurance – Gone are the days of moonlighting, especially here in Australia; start by looking at the federal government website for setting up a business and start the registration process.
Marketing and sales are the cutting edge of every business and you should know how you are going to reach your target groups; join forces with a leading digital marketing agency and let them work their magic.