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You think you have the best idea since sliced bread! And we know how that went! A huge success!  

So how does your idea, product or service stack up? Your concept may be brilliant, and without bursting your bubble or balloon, have you given it the test of planning, potential, and success possibility?  

Ask yourself, is it commercially viable in terms of consumer demand and cost? What’s trending, what's happening in your specific industry, and the economy?  

Starting a Business, it takes stamina, strategy, the right legal structure and a sound financial footing. Let’s tease out those thoughts in the following steps. 

Step 1: Planning & Preparation  

• Market research, concept/ idea validation- do your homework! Research, investigate and understand your market, competitors, and customers to confirm demand for your service or product. Find your niche to maximise effort and opportunity. Explore what’s happening in the local and global markets and economy that may impact or affect your product. 

• Develop a Business Plan – this is your formal document, detailing your goals, strategies, financials and marketing. It serves as a roadmap to guide and attract finance, investors, and is a vital tool for internal direction, growth, and success. It includes the Business mission, vision, spelling out how the business will operate, achieve objectives, and manage finances.  

• Skills needed – It takes more than a good idea, hard work and passion, but all those are critical! Running a Business requires skills in marketing, finance, problem-solving, people and operations management.  As needed, get help and advisors to put and start you on a strong footing. 

   

• Operations – consider and investigate how and where you will conduct your Business. For example, Online only, home-based, leased premises etc. Check out local bylaws and trading laws in advance. 

Step 2: Financial & Legal Requirements & Other essentials 

• Seek expert professional advice as needed in these matters. 

• Business Structure – determine your legal structure (e.g. sole trader, company, partnership) 

• Trading Registration – Apply for an ABN (Australian Business Number) and register your Business name with the appropriate agency, Australian Government; business.gov.au/ 

• Taxation registration – check with the ATO for your tax and other Business reporting obligations.  

• Financial arrangements – Secure the required capital through loans, investors, or savings. Establish a relationship with your funding providers and set up a separate Business bank account. 

• Insurance & Permits – Arrange all necessary insurances and any required licences/ permits. Ensure all boxes are ticked before business commences operating. 

• Resources - HR Human Resources. What and who will it take to run and conduct your Business? Is training required? Is there available staff, professionals etc. What equipment is needed, phones, computers etc? 

• Create a Marketing Plan – This is a strategic roadmap, a guide for public relations, advertising and promotional activities and efforts. It details strategies and identifies campaigns to action and achieve desired sales objectives.  

Step 3:  Establish your Support System 

• Getting your Business house and books in order starts with engaging a professional accountant. Blackburn Accounting is your Family Business Specialist, offering a range of services, including Business Management, Cashflow Management and Business Development. We can help you set up your Business for success. 

• Consult expert advisors as needed (Lawyer, Industry association etc). There may be an upfront cost but might save you more later on.  

• Technology – if not an expert yourself, as required, seek the services of an IT wizard to set up systems to operate effectively. We are in a digital age, so it’s essential to have all systems working! 

Step 4: Ready, Set, Go! Operations & Launch 

• Branding & Marketing – A must!  Build your brand, image, and profile of what you and your product/service stand for and will deliver. Establish an online presence on social media platforms to engage with your target audience. Importantly, your website is the window to your Business, to show, tell and sell to potential and existing customers. Ensure information is up to date, and content is relevant and interesting to captivate your audience.  

• Promotions – Make the most of opening day! Celebrate your new Business launch with early bird rewards, loyalty points or similar to attract and entice customers. Have giveaways, ideally meet and greet customers, you are the face of your Business. 

• Stay strong – stamina, self-belief and sound strategy are the pillars of success.   

Are you excited? I am!  

Congratulations, you are on your way!