Starting a business can be a scary and daunting prospect, but with the right information, it can also be incredibly exciting. The key to success is to plan ahead and prepare yourself for any possible hurdles along the way. In this post, we will cover 7 essential questions that you should ask yourself if you're thinking about starting a business or launching an existing one.
Why do I want to start a business?
Have you ever asked yourself this question? It's not enough to just have a cool idea or be driven by the desire for more money or status. You should consider why you want to start a business, what your motivations are and what goals you hope to achieve through it.
For example: “I want to create an app that helps people find their soul mate” may sound like a good reason for starting up but it's not specific enough; instead, think about how your new app will help solve problems for those who need it most and make sure these people fit into your target market profile.
Do you need a business plan?
Most business would benefit from having a specific plan in place. A business plan is a document that outlines your goals, objectives, and strategies for achieving success. It includes information about the industry you’re entering and the market you hope to target; it also reveals how much capital it will take to launch the company and outlines your long-term vision for the business.
A marketing plan is a separate tool that helps you determine how people will find out about your product or service when they need it most. Having both a business plan and marketing plan would be ideal for your business.
Which structure suits you best?
You will also need to decide which business structure is going to suit your needs. There are many types of businesses, and they all have their own benefits and disadvantages. The most common ones are sole proprietorship, partnership, and LLC (limited liability company). If you aren’t sure which one would be the right choice for your business, we recommend calling us on 1300 070 000 so we can help you figure it out. When registering your business name here at Registry Australia, one of our friendly consultants will be able to give advice on how we can go about setting up each type of entity with our online platform to make the process integrated and efficient.
How Will I Fund My Business?
You've identified your business idea and explored whether it fits with your passions and skills. Now it's time to think about the money side of things. You'll need a good amount of capital to get started on most new businesses but worrying about this too early can be a distraction from the important task of crafting an air-tight business plan. There are two major ways that you can fund your start-up: using your own savings or taking out loans.
- Start by using your own funds
- Consider other options for raising capital (such as crowdfunding)
- Is fundraising applicable to my business model? Do I have enough time, energy, and expertise to engage in fundraising activities?
- Consider whether outside funding is necessary for success; if so, then make sure that the needs of investors align with those of founders/owners and that the deal structure is fair and legally enforceable.
Who is my target audience for my business?
Your target audience is the people you want to buy your product or service. They are not your customer base (people who have already bought from you), and they’re not your market (people interested in buying or learning about what you have to offer). To start, it's important that you know who this group is so that you can start marketing to them.
For example, if your business sells face cream, then men over 60 years old might be part of the target audience—but so would women under 30 years old because they tend to use skin care products too! Think about how many different types of people might need products like yours and make sure they're all included in the definition of a "target audience." Don't forget about cultures, nationalities, sexual orientations, and other characteristics when deciding on this category.
Determine what each person needs based on their preferences by asking questions like: "How often do they use skin care products?" "Do genetic factors make certain types more suitable for them?" You may also want to find out whether there are any specific things these individuals dislike about current offerings from competitors that could be improved upon with yours; doing so will help set up expectations for what will come next in terms of both product quality standards as well as pricing structure.
How will I market my business?
There are many ways to market your business. You can market through social media, advertising, and word of mouth. A good marketing plan should be part of your business plan. Your marketing plan will answer questions like:
- What will I be selling?
- Who is my target audience and what platforms do they use?
- How do I get in front of them?
- Why should they choose me over my competitors?
Do you need to consult a professional?
It's a good idea to get some external feedback on your business.
Although it can be tempting to try and go it alone, in the end, you'll probably find that consulting with an experienced professional is worth the money.
A consultant will help you avoid common mistakes and costly mistakes that may have otherwise been made. They can also assist in ensuring that you're choosing the best solution for your business.
So how do you choose a good consultant? First, pick someone who's right for your type of business—that might mean hiring a marketing firm if yours is a service-based company or working with an accountant if yours is more focused on financial matters. Secondly, investigate their qualifications and experience; check out their website or call them directly. Finally, make sure they're someone who makes sense as part of your team rather than just another '3rd party' voice in the background—you want someone who understands what's important to YOU! Contact us at Registry Australia to find out how we can help you develop your business.
Contact us today!
Starting a business is no easy task. It can be a daunting process and make you feel like you don’t know where to start. But don’t worry! You are not alone, and we are here to help. At our company, we have helped hundreds of people just like yourself start their own successful businesses. Contact us today for more information on how we can help get started on the right foot with your new venture!