Taking the right action when starting your own business can mean the difference between success and failure. Take a look at our top tips to give you the best head start possible.
This article is published by Modoras Accounting (QLD) Pty Ltd V11022019
Give Yourself a Kick Start With Our Top Tips For Starting Your Own Business
Even with the obvious challenges, there’s nothing that beats the satisfaction of starting and growing your own business. Working towards targets and then reaching them brings a sense of achievement that is far greater than completing projects in a job where you work for someone else.
Starting your own business might sound easy, however there’s more to it than just registering a business name and telling everyone you are open for business. You don’t need to be an entrepreneur to start a business, but you do need to want more than to just give yourself a job. What will it take to get your business idea from conception stage to full blown success?
Take a look at our top tips for starting your own business here.
Prior Preparation Prevents Poor Performance
Doing your research and planning in advance is one way to give your business the best chance of success. It also helps you to determine the feasibility of your venture before investing further time and money.
A business plan can help you to direct your energies in the right way when investigating and researching aspects of your business to ensure it will be a viable option.
A cashflow forecast or projection is also a useful tool to get a clear picture of what the income and expenses will be for your first year, so you can plan for any highs and lows.
You can be as detailed as you like with these tools and it really is relative to your chosen business and industry. More importantly, you just need to do the amount of research and planning that will allow you to know whether your business idea is viable and to get a clear picture of how things will look while you’re growing.
Be Realistic With Your Expectations
It’s a rare thing for a business to be an overnight success. There’s plenty of hustling in the background for an extended period of time until you really find some traction. During this time you’ll need to be realistic about what’s achievable.
Estimating realistic income and costs in the first growing stages of your business is essential. And it’s important to allow for contingencies. There are almost always unexpected costs.
Don’t forget to consider the non-financial expectations as well. Do you know what self-employed life looks like? Going from an employee to a business owner can be a huge leap and may require significant behaviour changes. Be kind to yourself and take it one step at a time.
Seek Advice From Those Who Have Been There Before
It’s smart to seek advice from others who have walked this road before. It could take years to work out all the answers on your own.
If you’re going into an industry you’re already familiar with, seek out industry leaders or other business owners in your network to gain some insight on current market conditions.
It’s also necessary to get some professionals in your corner. An accountant and business advisor who have experience advising hundreds or even thousands of businesses in the past can give you valuable insight that gives you a head start.
Play to Your Strengths
Many new business owners try to wear as many hats as possible when starting out. And this is mostly due to a financial need, rather than utilising a skill set. It’s quite common and it’s certainly understandable. You’re just starting out and trying to conserve cash until it starts coming in on a regular basis.
However, at some stage you may find that wearing all the hats stops you from doing the activities that brings money through the door – which is one of the most important aspects of business. Focus on the activities you’re good at or the ones that grow your business and outsource the rest!
Get the Right Business Structure From the Start
The business structure you choose can have implications for taxation and asset protection so it’s important to get qualified advice to determine the correct one for your business. Your accountant will need to know information about how your business looks right now as well as your future plans. This will help determine the correct structure that will meet your needs.
Other Tips and Tricks to Consider
Other things you can do:
- Save money before you take the leap
- Get insurances in place
- Build your network
- Upskill if necessary
Finally, Your Own Business.
Sure, starting a business can be both tough and exciting. But by taking the right action at the start and getting some experts in your corner, you could be one of the success stories.
A Modoras Business Advisor can help guide you in developing the vision for your successful business and give you the strategies to get there. Contact us today on 1300 888 803.
IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215.The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.
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