If you are busy starting a new business there is a lot to remember and many things you should do to set up your business properly. Having enough finance to back your undertaking is the first thing necessary, but this is only the beginning. From organizing marketing campaigns to hiring a commercial cleaning company and making sure you have adequate security doors, setting up a business is no small feat.
Finance
To start any business you will need to have your finances in order, usually starting with acquiring a business loan from a bank. You will need to present to the bank a comprehensive business plan along with evidence that you can finance the business. You will need to have enough money saved up to support yourself for the first year at least as it is unlikely you will make a profit for a little while. You will also need to keep putting funds back into the business to help support it and ensure its growth.
Marketing
You will need to have a solid marketing campaign in place, especially when you first start out. You will need to let the public know that you business is about to open and then inform them when it is up and running. You can advertise on television and radio, if your budget stretches that far, otherwise you can drop flyers or brochures in letterboxes, pay for signs, take out an advertisement in newspapers or magazines and you should have your own website.
Fit out your shop or office
You will need to fit out your shop or office. If a shop you will need a counter and cash register, you should get connected to Eftpos, which you do through your bank, and you will need shelving, lighting and change rooms if you are opening a clothing store. With an office you will need desks, chairs, tables, computer equipment and all the usual office equipment.
Hire a commercial cleaner
Rather than do the cleaning yourself, if you have a large office or shop floor, you should think about hiring a commercial cleaner to come in once a week or even more, to professionally clean your premises.
Hire staff
If you are opening a retail store you might just start out on your own until your business gets busier or bigger, but with a larger store or office you will need to hire staff. You will probably need to hire staff if you work in a trade. Understand all your responsibilities that come with hiring staff, such as Work Cover, taxes and the correct procedures to paying wages and superannuation.
Security
You can increase the security of your business by having a security door and even security screens on your windows.
Product development
If your business is based around a new product you have developed then you will need to continually research and make this product better. If you own a retail store you will also need to look into the products you sell. You want to sell what your clients want and need so keep a track of market trends.
Insurance
You will need to take out business insurance, insure the premises and it can be a good idea to take out income protection insurance on your own income.
Finance
To start any business you will need to have your finances in order, usually starting with acquiring a business loan from a bank. You will need to present to the bank a comprehensive business plan along with evidence that you can finance the business. You will need to have enough money saved up to support yourself for the first year at least as it is unlikely you will make a profit for a little while. You will also need to keep putting funds back into the business to help support it and ensure its growth.
Marketing
You will need to have a solid marketing campaign in place, especially when you first start out. You will need to let the public know that you business is about to open and then inform them when it is up and running. You can advertise on television and radio, if your budget stretches that far, otherwise you can drop flyers or brochures in letterboxes, pay for signs, take out an advertisement in newspapers or magazines and you should have your own website.
Fit out your shop or office
You will need to fit out your shop or office. If a shop you will need a counter and cash register, you should get connected to Eftpos, which you do through your bank, and you will need shelving, lighting and change rooms if you are opening a clothing store. With an office you will need desks, chairs, tables, computer equipment and all the usual office equipment.
Hire a commercial cleaner
Rather than do the cleaning yourself, if you have a large office or shop floor, you should think about hiring a commercial cleaner to come in once a week or even more, to professionally clean your premises.
Hire staff
If you are opening a retail store you might just start out on your own until your business gets busier or bigger, but with a larger store or office you will need to hire staff. You will probably need to hire staff if you work in a trade. Understand all your responsibilities that come with hiring staff, such as Work Cover, taxes and the correct procedures to paying wages and superannuation.
Security
You can increase the security of your business by having a security door and even security screens on your windows.
Product development
If your business is based around a new product you have developed then you will need to continually research and make this product better. If you own a retail store you will also need to look into the products you sell. You want to sell what your clients want and need so keep a track of market trends.
Insurance
You will need to take out business insurance, insure the premises and it can be a good idea to take out income protection insurance on your own income.
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