Are you tired of working a mindless 9 to 5 job simply to survive? It might be time to dust off your dream about setting up your own business. Doing this will finally make you the master of your own destiny, while doing something you’re really passionate about.
When it’s time to put your dream into action, thinking of everything that needs to be done can be quite overwhelming. There’s a lot to do – from setting up the product line to consulting with one of the property lawyers Melbourne and other Australian cities’ businesses are making use of!
Let’s help you get some things into place.
Putting Your Dream into Action
If you’ve opted for setting up a brick-and-mortar store, there might be more to do! We’ve compiled a few of the top tip to transform your dream into a realistic business.
Streamline Your Concept
Before you start doing anything else, it’s important to get your dream out of your mind and onto paper! In list form, jot down the process of your dream business. Answer the following questions:
- What type of business do you want to have?
- Will you be selling a product or a service?
- Will sales take place in a brick-and-mortar store?
- Do you need décor to create a brand in your store?
- Where will you get the product from? Do you need to buy it or manufacture it?
- How will you get the product to customers?
- Do you have premises in mind?
- Who will your target audience be?
- How will you advertise and market your product?
Asking some questions will spark creativity and help you see possible risks or challenges.
Draw Up a Business Plan
Once you know exactly what your business will be about it’s time to draw up a business plan. Essentially, a business plan is a roadmap of what you need to do to get your business from the conceptualising stages into the real world.
A business plan provides clarity for all the key aspects, with the most important being the financial side of things. In short, how will you afford your dream?
The next step is to secure the financing. Will you pay for your business with money that you’ve saved up? Will you apply for a business loan, or will you rely on investors?
For a healthy start, it’s important to have enough money to provide for the business for at least six months. This includes:
- Equipment rentals
- Product costs
- Staff salaries
Never assume that you’ll make enough money in the first few months to cover all these costs. If you do, it’s a bonus, but in reality, building a customer base and creating a target audience takes longer.
Find a Premises
Finding premises is key to creating a real live store. You’ll need a property in an area that exposes your business to your target audience. For instance, if you’re opening a nail salon, the ideal spot for your company isn’t in an industrial area!
Ideally, your premises shouldn’t require too much renovation as this will dip into your initial capital.
Tip: to help manage costs, establish what property maintenance your landlord will be responsible for so you can budget accordingly.
Consult with a Property Lawyer
It’s important to consult with a property lawyer regarding all aspects of your premises. This will ensure that you don’t get stuck in a commercial lease because you didn’t understand the fine print. We recommend consulting with your property lawyer before signing or agreeing to anything regarding lease or partnership documents.
Features that your property lawyer can assist you with include:
- Commercial leases which include properties for industrial and retail leases
- Possible purchasing or future selling of commercial properties
- Legal aspects regarding property development
- Assistance with intellectual property, patents and trademark applications
- Taxes, permits and licenses surrounding your business application
Once your property lawyer has assisted you with getting the premises sorted, it’s time to start employing staff. As your business is in the start-up phase, it’s not a good idea to employ too many employees.
Never employ more people than you can afford to pay in your worst-case financial scenario. This means, on a quiet month, you should be able to pay all salaries. Never forget that as an employer, you’re now responsible for providing for more households than just your own! So, make smart decisions to protect everyone’s futures.
Market Your Business
Once you have a store, employees and product, it’s time to start marketing your business. A few tips:
- Advertising online and on social media is a great place to start.
- Offer new customers special discounts and promotional offers if they “bring a friend”.
- Research effective marketing campaigns and promotions that you can use to announce your presence in the neighbourhood.
To make this a reality, budgeting for effective marketing and brand awareness is essential during your planning phase.
Setting up a new business is very rarely easy. It takes a lot of work, money and energy but, if you consult with the right people, you’ll be well on your way to success!