So, you have what you think is a fantastic business idea and after a lot of research, you’ve come to the conclusion that this business is doable. You probably know that success is never a given; indeed, more businesses fail in the first year than enjoy long-term success and in order to help you make it across the line, here are a few tips from the business guru.
- Business plan – This is the most important document of all; a good business plan covers every aspect of the operation and a potential investor should be able to read the plan and not have any questions. You need to play devil’s advocate with your business plan; try to pick holes in it and if there are issues, you need to resolve them. We do not recommend doing anything until your business plan is complete.
- Funding – More start-ups fail due to lack of funds than any other reason; luckily, there is mezzanine finance in Australia that can be tailored to suit you. Crunch the numbers to come up with a figure that includes everything, then add 25% to that, which would cover unexpected costs, which there will be.
- Digital marketing – This is not an optional extra, far from it; without digital marketing, you will almost certainly be an ‘also ran’. Talk to a leading SEO agency and they can create an aggressive digital marketing plan that will drive traffic to your website. We recommend having an ongoing monthly SEO budget, as your competitors will be investing in digital marketing.
- Minimise risk – As the owner of the enterprise, you need to minimise risk; take out the right insurance policies and limit your liability. If in doubt, talk to a business lawyer, who can advise you regarding business protection and also help you choose the right type of business to register with the government.
- Be flexible – There are so many variables that are out of your control; you need to be flexible enough to change marketing strategies if they are underperforming. Uncertainly is certainty, or so a wise man once said and you need to adapt to the marketplace. Create a risk assessment and a crisis management plan, which would be implemented if something bad occurs.
- Focus on the customer experience – If you take a look at any successful business, you will always see a high level of customer service, as this is the key to long-term success. Nothing is more important than how you interact with your customers.
You will need untold amounts of determination and optimism; add to that hard work and a clear vision ahead and you have all the ingredients for a successful launch.
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