Ben Franklin said if you fail to plan, then you are planning to fail and when it comes to starting your new business, we couldn’t agree more (as long as you plan proactively).
Assuming you have a tried and tested product that you are now going to build a new business around to launch your product, these are the some of the important things you need to think about.
The New Business Checklist
- Do your research
- Do you have an MVP (Minimum Viable Product) and do you have a healthy target market?
- What is the best way to get that MVP out there and develop it into something more?
- Choose your business structure
- Look ahead, do you see yourself employing people or is your business sustainable without other employees?
- Conduct a business license search
- What red tape do you need to cut through to get up and going with full support of your local councils and other authorities
- Get an ABN if you don’t have one
- The goal is for people to give you money in exchange for your product right? Get an ABN so you can do that legally
- Make sure no one else is already using the business name you want to use
- Don’t become an inadvertent marketing channel for other businesses
- Have a look online, in your local directory, on social media and in the phone book. If no-one is already using the name you want, claim that name across the board: register it, create websites and social media pages with it (and make sure your customers can clearly identify and differentiate it from others that are similar).
- Get your digital eco-system sorted out
- What digital channels are going to be most effective in reaching your customers?
- What is the best media format you can use to showcase your product? And what platform is best for sharing that? e.g. YouTube for videos, Instagram for pictures.
- Check if you need to register for TAX. Book in with your accountant and double check
- You will work hard for your money, so please make sure you do the right thing to keep your money and your freedom. You’re too pretty to go to jail and you can’t run your new business from the inside.
- Do you need to protect any of your intellectual property (IP)?
- So you’ve got this big idea, and if you want to keep it as yours then please speak to an IP lawyer and get your legal ducks in a row
- What insurances do you need and who is going to offering the most suitable cover?
- Insurance = something that can help you keep your business afloat come hell or high water (sometimes literally) and it is also something you can rely on to keep whoopsie daisies as whoopsie daisies, not end of days calamity crisis level issues. Make sure you shop around, get multiple quotes and get the appropriate cover. BizCover is a great place to start.
- Build your old business skills to match your new business needs
- Your business needs to grow and so do you. What online or in-town resources can you rely on? Are there any free workshops in town or learning sessions?
- Shameless plug: please check with Business Great Southern if we are running any workshops or info sessions on things you need to know more about. Even if we don’t have that workshop up on our Facebook event page yet, you may be the last expression of interest we are in need of to get that workshop up and going. Don’t be shy, drop us a line!
For a more detailed version of this new business checklist, you can download the SBDC booklet.