What do you need to start your own business?


May 25 2023

Starting your own business can be an exciting and rewarding experience, but it can also be overwhelming and challenging. Whether you’re starting a small business or launching a startup, there are many things to consider before you take the leap. To help you get started, we’ve put together a checklist of key items to consider when starting your own business.

1. Determine your business idea: The first step in starting your own business is to determine your business idea. What product or service will your business provide? What sets your business apart from competitors?

2. Conduct market research: Once you have a business idea, conduct market research to determine the viability of your idea. Look at market trends, competition, and potential customers.

3. Write a business plan: A business plan is a roadmap for your business. It outlines your business goals, target market, marketing and sales strategies, financial projections, and more. Xero have some great (and free) templates you can use.

4. Choose a legal structure: Decide on a legal structure for your business, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each legal structure has its own advantages and disadvantages, so research each option before making a decision.

5. Register your business: Register your business with the appropriate state and local agencies. This may include obtaining a business license, registering for taxes, and registering your business name. Remember that registering an ABN is free- don’t be caught out by scam sites who will try to charge you!

6. Secure funding: Determine how much funding you need to start your business and where you will get the funding. This may include personal savings, loans, grants, or investors.

7. Set up your business infrastructure: Set up your business infrastructure, including setting up a business bank account, obtaining necessary insurance, and hiring employees or contractors. Think about how you’ll be keeping track of finances. bzTrack can come in handy here for free invoicing and keeping an eye on your cashflow management

8. Develop a marketing plan: Develop a marketing plan to promote your business and attract customers. This may include creating a website, social media presence, advertising, and public relations. Don’t forget to claim your business on Google my Business!

9. Launch your business: Once you’ve completed all of the necessary steps, it’s time to launch your business! Celebrate your hard work and get ready to take on the challenges and rewards of entrepreneurship.