For those looking to start their own business, it can be a daunting task to cover all the aspects that you need to consider.

Here is a quick list to help you on your way:

  • What business structure to use – sole trader, partnership, trust, company.
  • Registering your business name
  • Obtaining a tax file number
  • Registering for GST
  • What accounting system to use
  • Understanding financial statements
  • Developing a business plan
  • Creating a USP – Unique Selling Proposition
  • Creating a website and developing an internet marketing plan
  • Obtaining the right types of business insurance
  • Understanding your business model and the main drivers for your business
  • Determining the price of your products and the difference between price and value.
  • Developing a marketing plan
  • Understanding your cashflow – short-term and long term
  • Employing staff and the associated legal requirements
  • Setting budgets
  • Identifying your target market
  • Understanding the value of your business and how to maximise its value.
  • Having an exit strategy
  • Understanding your breakeven points
  • Developing systems for your business
  • Understanding the life-time value of your clients.

In all industries, there is companies that are making massive profits and those that are going broke.