The Plan – This is the most important part of starting a business. Without a good plan of action, you are doomed to fail, before you even begin.
Having a good plan would mean that you would have to look at everything that you need to get started, and how you will be able to pay everything for the first 6 months of running the business, before you start making a profit. Try to over-compensate everything, and expect for things that might not work out. It’s better to be over prepared than under prepared.
At the end of the day, it does cost money to setup a business, and you need money to make money. There will be things that wont relate to your business, or there will be certain things that you can save money on. The idea would be to keep your overheads as low as possible in the beginning stages.
- Have you done your research?
- What business idea do you have?
- What product or service will you provide?
- What makes you different to the competition?
- What is your unique selling point?
- Who is your target market, who would buy from you?
- What does your target market like, or dislike?
- What pain do they experience, that you can help them with?
- What will you be doing to make a return on investment?
- What do you need to make this idea a reality?
- What are the costs and risks involved?
Registering the business name – In order for you to start making money as a business, you will need to register a business name. It’s better to do this from the start so that you know if your business name is available, to avoid wasting money.
- A Sole Proprietorship is a business owned and operated by one individual.
- A Private Company, or Pty Ltd, is for entrepreneurs who want to have the advantages of running their business as a company.
- What type of business do you want to register?
- Will the business be independently owned, or will there be others?
- How many owners or share holders will there be?
- Try pick a name that you like, but also describes the services that you provide.
Registering the business bank account – In order for you to start making money as a business, you will need a business bank account. It’s better to do this from the start so that its easy to track your expenses.
- Who will have access to the bank account?
- Who will be invoicing and paying the accounts?
The Budget – What can you expect to spend every month.
Office Services – Overheads
- Rent ( Space )
- Mobile Phones
General Promotional Material
- Office Signage
- Vehicle Signage
- Business cards
- Email Signatures
Online Promotional Material
- Website & Blog
- Facebook & Social Media
- Google Maps ( Google Plus )
- Google Advertising