Step 5 – The Business Set-up
By now you should be convinced you have a great business idea on your hands, that you’re passionate about and you have the proof points and documentation in your Business Plan that shows it can work.
Now it’s time to take the long awaited steps that will bring your Business Idea to life.
Here are 5 key steps to get your business idea off the ground.
1. Create an Action Plan
Since you have gone to the effort of developing a detailed Business Plan, use it as the starting point for your business.
Go through every section of your Business Plan and start a list of any key actions needed.
For example, make appointment with bank to ask for funding; apply for licences; purchase bookkeeping software; join local Chamber of Commerce; develop a job description.
Carefully analyse each business plan section, marketing strategy and financial statements carefully so you don’t overlook any actions.
Once you have identified your actions, prioritise them, identify who is responsible for each item, what resources (time, money, people) you need for each action, status and when it needs to be done by.
Document this action plan in a table. Microsoft Excel is a great option for action plans as you can sort by different columns such as deadline or priority number.
2. Implement Your Action Plan
Start implementing your Action Plan starting with your priority 1 activities. If you haven’t included the following items in your action plan, do so now as they are number 1 priorities.
Secure your Business Name.
- Choose a name, unique to you that says enough about what you do or how you want your business to be perceived. You will need to see if the same domain name is available. Check at our article here on securing a domain and setting up a website.
- If the name is free you need to go to asic.com.au to register business name and see if it is formally in use. An ABN (Australian Business Number) or ACN (Australian Company Number) will be required to secure your name with ASIC. These can also be obtained through ASIC. Find out about getting an ABN and registering a business name here.
- Now you should contact a web provider and secure your domain name (you can build the website later).
- Secure any Intellectual property such as trademarks or patents.
Set up a bank account and accounting system
- Speak to your bank and/or accountant about the best way to set up your bank account.
- Consider your accounting system options.
3. Monitor and Review your Action Plan
Ensure that you monitor your action plan regularly and keep the status if each item updated. Add new tasks as needed and delete old tasks if no longer relevant.
4. Get help if you need it
Know where to get help or more information. Your state or territory most likely has a website with small business resources and further information on the below items. A list of such sites in Australia and New Zealand can be found here. You should also Consult Experts as needed.
You may also like to speak to relevant industry and business associations for advice as well as other business owners you may know.
5. Don’t be disheartened
Nearly every business owner starts out with high levels excitement and enthusiasm that can plummet in an instant.
It’s hard not to lose heart through the ups and downs of business and to stay motivated.
Remind yourself why you wanted to start a business in the first place. What made you passionate about your idea?
Back yourself and if something stops working for you, pause and take stock of why it’s not working and what if anything you need to do about it.
Remember if being a business owner was easy, everyone would do it.