Here are the steps required to launch your own business and provide you with greater success.
At this point of time you should be the enthusiastic entrepreneur who has been through all the previous 8 parts of “Starting your own business” and is ready to launch your own business now.
- Is your business full time or part time?
- There is a vast difference between an online or a bricks and mortar business as the latter requires more organisation.
- If you are 80% ready just get started now!
Timing and decisions are the essence of a successful launch. You will never be 100% right. Learn by your mistakes, change direction. As long as more than 50% of your decisions are right your business will go from strength to strength.
Do not procrastinate – start now!
Here are the Steps to Launch your own Business Faster with Greater Success…
A big mistake is opening a business before you are ready for the public.
You and your customers do not want bad experiences with your products or services amidst a poorly prepared or timed launch. The result is bad publicity and a poor future.
Before you open your doors have the following steps in place.
Step 1. To run your own business.
You must have the following in place before you start. They relate to Australia and may vary in other countries around the globe.
1.1 Business structure
You should have established and fulfilled all the legal requirements to start a business. More here.
1.2 Business plan.
Having a written business plan is essential for the success of any business as it identifies where you are, where you are going and how you will get there. More here.
1.3 Employing people.
If you intend to employ staff the conditions of employment are onerous and these vary from one jurisdiction to another.
They relate to:
- understanding and maintaining employee entitlement
- worker compensation
- work place health and safety obligations
- reporting in documentation to the respective authorities
1.4 The hiring of contract or remote labour.
When you require specialist services on a part time basis this option is an alternative to employing people as it comes with far less employment baggage.
As the importer you become responsible for the product as though it was manufactured by your business.
You need to check with Australian Customs and Board Protection Services as to permits, duties and fulfill import requirements and regulations.
International intellectual property protection should be considered with specialised unique products.
Austrade will assist in:
- Researching overseas markets
- Advising you on establishing overseas markets and providing financial assistance in the costs of developing that business
- Free trade agreements with different countries
- Finance funding support via Efic. More here
Step 2. Essential elements
To provide you with greater success in an effective launch in reaching your goals faster best have these elements in place.
2.1 Money to fund the business
It is false economy and it wastes your valuable time if you start a business that is under funded.
An underfunded business will consume so much time distracting you from running your business that your business will ultimately fail.
2.2 Marketing and promotion.
The promotion and marketing of your business is the single highest element of your business success.
Promoting your products, services and business does not have to cost you a lot of money. What is required is a major part of your time promoting and talking to customers, potential customers and people.
The promotion of your business should be endless.
Marketing of your products, services and business can be modest or a bottomless pit. Money invested should be used wisely to market and promote your overall business.
A website is an inexpensive way of marketing and promoting your products, services and business 24 hours per day, 365 days of the year. An active website full of valuable quality content will generate far more visitors to your website. More here
2.2.4 Referral Candy
Referral candy comes in these forms:
- Having an active website with links to social media gains automatic referrals via the internet. Visitors who “like” your information may further its distribution.
- Satisfied customers will refer your business to others where they see great products or services.
- Make sure your products or services stand out from the crowd with unique quality and people will write reviews about you.
2.3 Innovative Products and Services.
Innovative products and services provide your business with competitive advantages and unique selling points creating an economic moat within your niche.
By the ongoing innovation of your products and services your business will become stronger and more profitable. As you become the leader in your field the competition will never keep up to dealing with your ongoing developments. More here
Step 3. Metrics to monitor your business.
These are a guide to the metrics for you to regularly monitor.
If you do not understand the terminology you need to become familiar with them. This link of “Glossary of Business terms” may help – here
To maintain financial control across all your business you need to operate with a proven accounting system such as Quickbook, MYOB or the like.
3.1 Cash Flow
The movement of money in and out of your bank. It is more important than profits in the short term.
3.2 Sales of Products and Services.
Are they meeting your budget expectations. If they are not you need to react in the short term to fix the problem.
3.3 Account Receivable
This is where customers owe you money if you run accounts on your sales. They can soon get out of control if you don’t collect money on time.
3.4 Accounts Payable
Where and when you owe money to suppliers and the like.
Direct costs are the costs including materials in the production of a product or service.
Operation costs are the costs associated in running the business. Examples rent, insurance, sales and marketing expenses, etc.
3.6 Profit Margins.
Profit margin is the difference between the cost and the selling price. It is expressed in dollars and as a percentage.
3.7 Net Profit.
Net profit is the bottom line of your whole business. Operating income less all expenses that include interest and taxes.
3.8 Cash Burn Rate.
The rate at which the business uses its cash. The objective is to maintain a healthy cash balance.
3.9 Key performance indicators (KPI)
The use of KPI to measure actual against budgets not only for financial but for sales by market areas, product lines etc.
There are many KPI you can develop with the use of spreadsheets. If you belong to an Industry Group exchange of comparisons can be most helpful.
Additional information on becoming a business success visit “The Entrepreneur” website here
Start Your Own Business is a 10 part series
- Part 1 – 9 Best Reasons to Start Your Own Business – Link
- Part 2 – Start Your Own Business What Field – Link
- Part 3 – Conduct a Reality Check on You – Link
- Part 4 – Franchise Consideration Pros and Cons – Link
- Part 5 – Reasons You Need a Business Plan – Link
- Part 6 – Free Help to Start Your Own Business – Link
- Part 7 – Choosing the Right Business Structure – Link
- Part 8 – Developing and Writing a Business Plan – Link
- Part 9 – Starting Your Business – Link
- Part 10 – Running and Monitoring you Business – Link
In Summary Here are the Steps Required to Launch your Own Business
These are the steps required to launch your own business and provide you with greater success.
Above are the steps required to launch your own business and provide you with greater success.