20 Sep How to start a business in 10 Steps!
Being in business is fun!
And it’s probably one of the biggest personal development growth journeys you will ever go on.
Taking the leap and getting started in business can often be one of the biggest challenges to overcome.
So I want to make that process easy for you.
To be honest, with all of the information online, you can find out exactly what you need to do. But working with amazing mentors or coaches like myself can help the process to go as smoothly as possible.
If starting a business is something that you’re thinking about doing, but you’re not quite sure how to get started, then this blog is for you.
In this blog I cover all of the questions you may have when starting a business for the first time. A 10-step guide to help you on your business journey!
Step 1: What key decisions do you need to make
The first step is all about the key decisions you need to make to get started in a business.
This is when it can be important to obtain professional advice, such as an accountant or lawyer who can answer your burning questions. Building a strong team around you from day one will help make the journey a little less daunting.
Step 2: Plan your business for success
The best way to start your business is with the end in mind!
What does your business look like when you’ve achieved your ultimate business goals?
If you have a clear vision of where you want your business to go, then your path will become clearer and more focused.
Creating your business and marketing plan is a key first step.
Ensure you have a clear strategy of what your product or service will be, who your customers are and how you are going to connect with them and sell to them.
People often jump into business without thinking about these things before they get started, and then they’re scrambling to set their plans and visions to create their ultimate goal.
Do this step first and the journey into entrepreneurship will be a much smoother one.
Step 3: Where & how to find help for your business
One of the biggest lessons I had to learn when I got started in business was that I didn’t need to know or do everything myself.
I felt like I couldn’t ask for help as it would be a sign of weakness.
But I soon learned that asking for help was so important. There’s so many professionals out there that can help you, from lawyers, accountants, business coaches, and strategists. Going to networking events, connecting with other business owners, or finding a mentor.
It’s really important to ask for help, and create a support network around you.
Who can help fill your gaps and become part of your winning team?
Step 4: Register your business
Make sure that you register your business with all of the Government authorities necessary. Some of the different registrations you will require, include:
- Australian Business Number via the ASIC website,
- Tax registrations, including a Tax File Number if you are setting up a Partnership, Trust or Company, also via ASIC,
You will also need to ensure that you obtain all the specific licences and permits necessary for the specific industry your business will be operating within. For example the food industry has specific licences, construction industry and the list goes on. You can do a search on the Government website for all the relevant licences you may require.
Step 5: Prepare your finances
A very important step when first getting started is to map out a cash flow budget for your business. If you have no idea where to start, an accountant or business finance coach can help you do this. Whether you’re going to self fund your business, or you’re going to seek financial support from a bank or even family & friends, knowing exactly what you need to get started is key.
Next it is important to establish sound financial management strategies for your business, including accounting software for preparing the business financial statements, and setting up business bank accounts separate from your personal accounts.
I also believe it is important to open a separate bank account to set aside your tax obligations from day one. One of the biggest cash flow burdens of a new business is not saving for tax.
Get into a good habit in setting aside a percentage from every sale dollar to make sure you are prepared for your tax obligations and you don’t end up on the tax debt merry-go-round.
Step 6: Know the law
Make sure you understand the law associated with your business.
Are there any specific rules and regulations associated with your business? Seeking out professional legal help to go over all of the things you need to be aware of is very important and can save you money in the long run.
Step 7: Protect your business
Starting a business can be a risky venture. Ensuring you establish contracts, insurances and risk management policies are key in protecting yourself and your personal assets.
Not sure what insurance you may need? Get advice from a business insurance broker to make the process easier for yourself and you have the right insurances in place.
Step 8: Getting prepared for tax
When you have a profitable business tax is inevitable. Find yourself a really good tax accountant, someone who loves tax to be part of your business finance team.
You will need to pay tax, but you definitely don’t want to pay more than necessary. Finding a tax accountant who loves tax and can assist you to minimise your tax legally is important.
Another key member of your business finance team is an expert bookkeeper who can help make sure that you’ve got all of your financial record keeping recorded accurately and up to date regularly. This way you can use your financial information to provide you with important reports to manage your business.
Step 9: Set up your operations
Systemise, systemise, systemise.
If you want to build a leveraged business that can work without you being in it 24/7, systems are a must.
When is it a good time to start setting up your business systems? From DAY ONE!
Each time you do a task in your business, create a system. You can either record them, write them out or find a YouTube video that explains the relevant steps for a specific task in your business.
Create a Business Operations storage portal, which can be as simple as a file on your computer or as detailed as investing in a specific computer application such as Asana or Trello.
When the time comes for you to hire employees, you will already have the systems ready to ensure the business continues to run smoothly without your direct input.
Systems will also enable you to train your employees easily in the tasks that they are responsible for, so your customers will continue to receive the same level of service even if you are not specifically producing the service or product.
Step 10: Market your business
Start marketing your business. Get out there and make those sales and start establishing your brand in the marketplace. Finding your customers, finding your loyal supporters, is key to your ongoing success.
One of the biggest challenges when first getting started is promoting and growing your business.
Think outside the box and find different ways to market your business, it may involve doing things that aren’t in your comfort zone, for example cold calls, and networking but it will pay off.
Look for aligned businesses that can become referral partners, build relationships and grow your business.
In today’s blog I have covered 10 key areas to get you started in your business journey. These are not an exhaustive list, however a good starting point to get you started.
If you have any questions please get in touch with me for a free consultation.
Hi, I’m Phoebe. and I love business! As a sought-after qualified accountant, I come from a place of experience, with over 15 years of running my own accountancy firm, MGA Accountants, I scaled the business to double the size before successfully selling in 2015. Now I am focusing on what I love, helping Professional and Trade service business owners step up from being the Technician to the true CEO of their business, to create more profit and time freedom to live the life of their dreams.