Posts Tagged Start Up Business

Starting a New Business: What do I Need to Consider?

Having a vision for a new business venture is one thing. The preparation and execution is something entirely different.

Before you can start to live out your dreams of becoming a successful business person, you must first build the foundations.

Ask yourself the following fundamental questions:

• Is the idea for your business viable?
• Is there a demand for your services in the marketplace?
• What or who exactly is your market?
• Have you researched any competitors?
• Are you in a financial position to get the business off the ground?

Developing a Business Plan and Researching the Market

Use reports and statistics from government websites and industry specific publications and journals. When you have carried out this initial research, and are confident the idea is feasible, you should then look at creating your business plan using the following steps:

• Business goals
• Marketing initiatives
• Researching your industry
• Operations and management planning
• Financial planning

Given that your business plan is going to be your blue-print for the future of your business, you’ll need to factor in reviewing it regularly.

Keep in touch with me and I will highlight the indepth creation of a Business Plan over the coming weeks.

Researching the Market

Consider the products and services you’ll have on offer. You will need to establish if in fact, there is a strong market for it, and if you are able to successfully reach that market. By undertaking such research, you’ll be in a better position to evaluate the best options for marketing.

The Competition

By thoroughly researching your competition you can establish:

• Your most direct competition
• If or why they are successful
• Their strengths and weaknesses
• Their marketing strategies

Finance

Obtaining the right amount of financial assistance, is the backbone for the viability and success of your business. Within your business plan, you’ll need to factor in sufficient funding for start-up costs, as well as cash flow (depending on your inventory needs and other projected out-goings).

Naming Your Business

The name you choose for your business will have an impact on its future. You can consider the following points:

Competitors. Assess the names of your competition, and make an effort to be unique from them.
Business goals. How can you merge your business name to compliment your goals? How Can You Differentiate?
Branding and marketing. How will the name work-in with the marketing initiatives set-out within your business plan?
Appealing to the market. Select a business name that is easy to spell, can be remembered easily and can be easily pronounced.

Before you become too attached to your chosen business name, undertake the relevant availability checks with the Australian Securities and Investment Commission to ensure the name you chose is available. Make sure there are no trademarks on your business name by searching IP Australia.

Business Structure Options

Sole Trader. As a sole trader, you cannot separate any legal existence between you and the business – you are personally responsible for any liabilities.
Partnership. This involves at least 2 people starting a business. Partners of the business equally share the risks, loses and profits.
Company (Pty Ltd). A company set-up, involves more regulatory requirements, and is considered a separate entity.

Seek professional advice from an accountant to help choose the better option. You should plan this from the start as this is the best time. Waiting can cost you money.

GST, ABNs and TFNs

If your annual turnover is expected to be greater than $50,000, you must then register for the Goods and Services Tax (GST). This then requires you to also apply for an Australian Business Number (ABN) via the Australian Business Register.

Registering your Domain Name

Even if you decide not to launch a business website initially, you should definitely make sure you register and secure your preferred domain name for the future.

Other important elements to add to your new business start-up checklist should include:
• Business premises
• Insurances
• Business vehicles
• Taxation requirements
• Legal obligations
• Familiarizing government bodies for quick reference guides

, , ,

No Comments

The Importance of Telecommunications For New Business

Telecommunications allows information to be shared over significant distances, between two or several parties. Multiple transmitting and receiving on a larger scale can be achieved through a telecommunications network, the largest being the Internet. The importance of telecommunications to business is therefore paramount and any new business can not underestimate the power of telecommunications for the success of their business.

Types of Telecommunications

Any new business must consider what telecommunications can do for them and how best to tailor it to their individual purposes. Telecommunications allows businesses to connect with customers, support staff and colleagues and the speed and efficiency of the equipment, devices and networks available is a vital consideration.

– Telephone and Fax
– The Internet
– Service Providers and Packaging

Telephone and Fax

This mode of business telecommunications is widely used and viable, particularly for businesses that operate on a primarily local basis. With new technologies constantly evolving it is still highly relevant and provides a cost effective option for many businesses. The three basic types of phone systems most widely used are PBX (Private Branch exchange) for medium to large size business, KSU (Key System Unit) for small to medium sized businesses, and KSU-Less Systems for businesses with less than 10 employees. An important addition to this is the use of 1300 Numbers to enhance the business’ customer perception and measuring capabilities of marketing and incoming call flow.

The Internet

The Internet’s contribution to business telecommunications can be seen in its usage as a research tool, emailing and instant messaging. It has also facilitated the development of new technologies such as VoIP (a phone service via the Internet), that provides a less expensive option than the standard phone service, particularly over long distance. Skype has been the forerunner of this technology, allowing communication all over the world. This further highlights the advantages for businesses that outsource workers overseas through services such as oDesk and Elance.

Service Providers and Packaging

The three main telecommunications companies in Australia are Telstra, Optus and Vodafone, offering Landline, Inbound Numbers, Mobile and Broadband services or a combination of these. Increasing numbers of Mobile service providers have also emerged creating a price war between providers that is good news for the consumer and any new business trying to minimize costs. Similarly, increasing numbers of ISP providers are emerging with three of Australia’s top providers being Internode, iiNet and TPG. To compare competitiveness of the various plans (Whirlpool.net.au) is Australia’s largest Broadband forum, listing all ISP’s and their plans.

But of course, business owners are not tied to these major players anymore. The was a fear of moving away from these tier 1 carriers but that is no longer an issue. Small business owners can safely employ smaller carriers that have security and efficiency like Ozetel Pty Ltd.

Packaging is therefore an important consideration for any new business as it allows the option to customize the telecommunications requirements to the individual business. Bundling services with one provider may be more equitable for the individual business’s purposes or obtaining different services from competing providers may be the best way of minimizing costs. By researching what packages are offered by providers, businesses can save valuable dollars in a competitive market. Bundling phone, fax and Internet services can often be more affordable as well as reviewing local and long distance communication requirements before selecting a suitable package.

Of course, the new business entrepeneur should consider the elements of business that are imperative and enforced by government entities such as ASIC and the Australian Taxation Office (ATO).

, , ,

No Comments