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.