10 tips for when you start your business

Taking the leap of faith to start your own business is a big decision and there are many things to consider. Here are 10 tips to help get your new venture off to a good start.

1. Know your niche

Be very clear about why you do what you do, why your service is different to other businesses, and how you intend to stand out from the crowd. Be inspired by your vision, as this is what will connect customers to your passion for the service or product you offer.

2. Recognise you are connected to a community

No entrepreneur achieves success alone. Each business is supported by a thriving eco-system of suppliers, partners, customers and clients. When you recognise that collectively you are contributing to a bigger picture, you will feel much more supported in your journey to being a successful business.

3. Know your ideal customers and clients

Have a really strong sense about who your ideal customers and clients are. At the start, while you might be willing to take business from anyone, it is a good idea to understand how your pricing, offer and service to these customers will (or will not) grow your customer base. Is the potential customer aligned to your business ethos? Can the initial sale grow into more of a partnership?

4. Register your business and register for GST

Choose your business structure (such as sole trader, partnership or company) and register your business through the Australian Government Business Registration Service.

 

If your business has an annual turnover of $75,000 or more, you must register for GST. Other thresholds apply for taxi/ride-share businesses and not-for-profits. You can find out more about the requirements and register for GST on the Australian Taxation Office (ATO) website. 

5. Open a separate business bank account

It’s a good idea to keep your personal and business transactions separate with a business bank account¹. Not only will this make tax time easier for you, but it may save your future accountant valuable time when they are pulling details together for your tax returns.

Tips on how to choose a business bank account

Some things you may wish to consider:

• The way you bank, such as all online or by app, or mostly in branch
• Any need you have to trade using foreign currencies
• Transaction fees and other costs
• Interest paid on business savings accounts
• The services you’ll want, such as connecting to accounting software
• Ability to add a debit card, cheque book, or overdraft facility
• Account requirements if you have a merchant facility such as an EFTPOS machine.

6. Decide how to accept payments

Think about how can you make it as easy as possible for people to pay you. Will you receive money via bank transfer, an EFTPOS machine, an online payment gateway or another way¹?  You want to make sure the payment methods you offer are convenient for your customers while being safe and secure, so it’s worth giving careful consideration to the different ways you can take payments and choose the ones that are right for you.

7. Test your new website with real people

If you test your website with real people, you will be able to tell when something isn’t clear or if there is a website design issue that may put people off buying from you. A quick catch-up with your website designer or an adjustment to your website platform can save a lot of angst down the track.

8. Know how to close sales

You may believe you have a great product or service, but you are still going to need confidence to successfully close sales with customers. Figure out exactly why a customer will choose you versus your competition – and ensure you can communicate this strongly. Some businesses engage a coach or business mentor to help them learn top sales techniques.

9. Create an invoice template

You will want to give your stationery a professional look to reflect the values of your business, and that includes your invoices. Set up an invoice template that includes your logo, your business bank account details and any other payment methods you accept, plus the date you are asking customers to pay by. Free invoice templates in Word and Excel format can be found online.

 

10.  Be visible as a business to your network

Even if you are yet to land your first client or make your first sale, it is very important to be visible as a business to your network. Keep sharing your offer and value to people through social media. This can take time before you start to see people instantly recognising you.