You’re ready to activate your startup business. Being flexible and responsive in your business planning is key to learning, and learning fast, to turn your dreams into reality.
Your Business Advisor can help you with a specific business issue to build your knowledge and skills to commence your enterprise, or you can subscribe to our mentoring program to have a tailored development plan to guide you on your path to success.
If you want help getting started, get in touch today!
For help with your business book in to see an advisor
One of the keys to navigating your path to being a successful owner-operator is business planning. The saying is ‘failing to plan is planning to fail’ yet it is surprising how often writing and keeping up to date a business plan is ignored. A business plan is something that should grow and evolve with you and is a key ingredient for business success.
You can download a template business plan from our Toolkits [insert link to Toolkits], and your Business Advisor can coach you in sound planning and organisation.
Your business plan will help you to evaluate your business idea, and test your assumptions as you seek to continually refine your business idea and innovate.
Things to plan for as you activate your startup include:
- Do your research on what need there is in the market for your product or service and who the different segments are. What problem will you be solving for your customers?
- How you will reach the people, groups and organisations who will benefit from your business.
- Recognise that revenue is not profit and must cover all of the operating expenses, throughout the year.
- What the cost structure, both immediate and ongoing for your enterprise is.
- Some regulatory requirements your business needs to consider:
- Registering with the Australian Tax Office for an Australian Business Number
- Health regulations – particularly in food preparation and distribution
- Licences and permits
- Employment conditions and rates of pay
- What you hope to achieve with your business, what your vision and goals are.
- What your secret advantage is that you have and no one else does. What your value proposition is?
- What you are going to measure to assess the success of your business.