5 Things to Know Before Starting A Small Business

Wait no more if you have been waiting for the right time to start your business. It’s not worth living in the past and wondering what if. If you are going to spend 40 years or more doing something, you might as well enjoy it.

It’s not all about the business. Being your boss is a rewarding way to make a living. You’ll have more control and freedom in every aspect of your life – family, health, and finances, as well as travel. The payoff is great, even though it comes with some risks.

Be sure to read these five important things before you go out on your journey.

1. Your long-term vision

Have you got a great idea for your business? Do you want to sell services or products? Consider what you enjoy and your ideal future. Then, consider whether you possess the required experience.

Find an interest to help you define your path. You’ve discovered your passion. Imagine getting paid for doing work you love.

A second approach is equally simple. Imagine your future and think big. Then, narrow it down. You need to know your vision so that you can find the most logical route.

Imagine you are passionate about nutrition and fitness. You are a certified dietician who would like to provide hybrid food and fitness services. This dream could lead you to run a mini studio in the city that focuses on empowering new mothers and pregnant women. You could take a course on women’s healthcare or begin using feminine tones for your marketing.

Confidence comes from having a clear vision for the future and knowing your financial objectives.

2. Your business name, finances, grants, and other details

It would be best if you only started to think about the details after you have imagined your dream business. It would be best if you asked yourself the following questions:

  • What are my goals in the first year?
  • What is my preference? Do I want to work on this part-time, or do I want to go “full time” after quitting my job?
  • How much money will I have to earn in the first six months to make this work?
  • Can I do it myself?
  • Does anyone else do what I want?
  • What name should I give my business?
  • Do I need to register as a partnership, company, or sole trader?
  • Do I qualify for financial incentives or grants?

3. How to Register and Set Up All the ‘Business’ Stuff

Take your time and make sure that you have everything set up correctly. This is easier to set up at the beginning than it will be months or even years later.

  • Register. You will need to apply for an Australian business number, register your business, and possibly trademark it. Check if a domain name is available to match. It is important to maintain consistency with your domain name, email address, and business name.
  • Set up your business bank. Create a business bank account with your bank to separate personal finances and those of your company from the very beginning. Find an accountant who can handle your tax obligations and give you ongoing business advice. Speak to your superannuation provider about arranging for regular contributions.
  • Create a network. Join any industry groups and associations that are relevant to your business. Create your online presence. (Social media profiles, Google Maps listings, etc.). Contact any other service providers that you might need, including photographers, website developers, and graphic designers. As your network grows, you will hopefully be able to rely on an external team.

4. The Relationship Between Money and Your Mindset

Money and mindset are two things that can make or break your business. If you are a service provider, you don’t need to have an Emergency Fund or six months of income in your bank account. But the more cushion that you have, the more confident you will feel.

  • Know your numbers. Included in this list should be all of your expenses, a goal for your monthly income, money you have available in your accounts, and cash flow. This can be done by you or with the help of an accountant.
  • Check your mindset. Your beliefs are just as important to the success of your business as money. It is not easy to run a business. Running a business is a spiritual experience, as it can reflect to you your negative beliefs and thought patterns.
  • Mentorship is a great way to learn. It’s crucial to maintain your mentality when you first start, especially if it’s a one-person business. Invest in someone who can guide you through the business aspect and give personal advice. Business is personal. A good mentor will help you define and challenge your beliefs and limitations.

5. Why?

The start-up period is usually the most difficult for a business. It will require the most adjustment.

Staying focused on your goals will help you to stay motivated. You may be motivated by the business or lifestyle.

There is no right answer. Find your business why, and let it guide you through the ups and downs. Your purpose will help you succeed when you are motivated by something greater than your business.

The standard advice for aspiring entrepreneurs is to write a complete business plan. However, this can intimidate many, particularly creatives. Start by creating a one-page plan that addresses your ‘who,’ ‘what,’ ‘when,’ ‘where,’ ‘why,’ and ‘how.’

Enjoy the learning process, keep an open mind, and absorb as much information as you can. Put yourself out there and trust your gut. Your intuition is your best asset.

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