If you have hit on a fantastic business idea and you are in the process of creating your business plan, this checklist will help you to ensure that nothing is overlooked. It is never a given that you will enjoy success when you start a business, rather everything needs to be in place and hard work and determination is required to even have a chance of sustained growth.
Here is our checklist for a young entrepreneur who is eager to set up a business.
- Comprehensive Business Plan – A good business plan would answer any questions that a potential investor might have; it should contain an overview of the business, details of start-up and running costs, plus a section on marketing and a list of all company assets. If you think your business plan is ready for scrutiny, hand it to a business coach and see what they have to say.
- Funding – With an injection of capital, your business will remain an idea; check out cashifyloans.com where you can apply for a business start-up loan and spread the payments over a few years. It is imperative that you have money set aside for an emergency; many businesses fold in the first year due to lack of funds.
- Business Registration –Of course, you have to register the business and there are many ways to do that; sole trader, partnership, limited company and a few more. Talk to a business lawyer at the very outset and they can advise you on the best type of business to register.
- Insurance – Every business should have public liability insurance, plus the workplace should be insured against fire, along with stock and all company vehicles. You can also insure against employee compensation and with errors and omission insurance, you are covered in the event any of your employees are negligent.
- Effective Management – Without a driver, the business will lack direction; as the business owner, you should lead by example and make sure all your employees are aware of the company goals and targets. Here are a few tips on how to motivate your team to success.
- Company Website – Any company that does not have a website would not be taken seriously and if ever there was a need for professional web design, this would be it. Indeed, you need to create and maintain a strong online presence, regardless of your industry and a digital marketing agency can create a digital marketing plan that delivers results.
Many Australians have taken the plunge and set up their own business and with a lot of hard work and a little good fortune, your business will enjoy steady growth.