Starting your own venture or getting that big idea off the ground can be an exciting, yet daunting task – particularly following the uncertainty experienced by the business community over the last two years.
While it pays to be an optimist, understanding and evaluating the challenges and hurdles you will need to overcome will give your new business venture its best chance of succeeding. There’s a lot to process and consider when looking at starting a small business, so we’ve split our steps into two parts. Follow part one below for some of the frst steps to take when launching a new business in 2022.
1. Have a unique idea
It might sound simple, but coming up with a sound business idea can often be overthought. Look to problems you, or others, have and try to come up with innovative approaches to solving them.
Once you have your idea sorted, make sure to consider its longevity – are you jumping on a short-term fad for a quick win, or on growing market trends? Long-term thinking can set you up for ongoing success in the future.
2. Know your competitors
Research local competitors selling the same or similar products or services. Look at their product, service, channels to market, and what makes them unique. Consider how your offering will give customers a reason to choose you over your competitors.
To do this, you’ll need to have a finger on the pulse of what your competitors are doing. Effective ways to start building this understanding is by setting up Google Alerts for competitor business names; by joining their mailing lists to see what and how they communicate; and by mystery shopping in their stores.
3. Review any regulations
While you’re probably raring to go, regulatory and compliance requirements must not be overlooked. Start by checking the Australian Business License and Information Service for any permits required, and ensure to check with your local council for any specific restrictions or regulations.
4. Name for success
A great name can heavily impact your business’ success – make it unique and memorable. As part of your competitor research, ensure to run a global search to make sure the name is not already in use by another brand. Check with a lawyer if you’re in doubt, as similar names can create big problems down the line after you’ve invested in building your brand.
5. Write your business plan
A business plan comprises many critical cogs and if any are omitted, the wheel won’t turn. Solidify your business mission statement on day one and from there, build a strong market and sales strategy, undergo thorough market and risk analysis, and define roles and responsibilities based on the skills and experience of your team. There are many free business plan guides and resources available online – check out Zeller’s free Build your Business hub, with many free articles and guides to help put you on the right track.
These first five steps should provide you with the basic foundations for a solid business and allow you to kick start the journey with as few headaches as possible. Keep an eye out next month for part two of this guide which will help you navigate everything from payments and cashflow to marketing.
