While every good start up comes from a truly great idea, the essential ingredients that follow is a lot less ‘romantic’. Good planning and taking the right steps can be the difference between a great start up and just a great idea. This month the Rubiix Start Up Series will discuss four important steps you need to take your concept to reality!
Start with Market Research. If you have a great idea about a product or a service that you think there is space for in the market place – find out. Market research should be done professionally by market researchers, but if that really isn’t in your budget, at least create mock ups and speak to people about there needs/wants in this part of the market, and research other offerings to find our if there is a ready made competitor base, or if there is too many fingers in the pie already.
As we have talked about before in the Start Up Series it is imperative that your Start Up has a solid business plan. Visit our Start Up Business page on our website to find out more about the steps to follow after this. By drawing up a business plan you can demonstrate that you have considered, and accounted for, the pillars of business practice and have a plan for forethought business problems. A business plan also comes in handy when applying for government grants and business loans.
Keep good financial records. Of course the team at Rubiix Business Accountant are the first to tell you that keeping good financial records is important – because it is! When it comes time to complete your first business tax return and to manage your GST compliance, having good records makes this process easier and quicker. You will need to keep good records of your profits, expenses and GST. Having an organised accounting system (software such as QuickBooks Online, MYOB or Xero) will make your quarterly submissions easier and less time consuming. Rubiix is experienced in various accounting software and can assist with selecting the right product for your business. Contact one of our team members today to discuss this.
Network like a boss. It is important to market your business/idea/product, however as an entrepreneur you will need to market yourself as well. Get out there and tell the world about what you do. If you are constantly promoting yourself and what you do, your passion will show and encourage people to become clients. Stuart Coulthard (Rubiix director) recently shared an article on some interesting apps you can use to help your networking skills, you can read that here.
Rubiix is passionate in assisting clients achieve their business goals, including support for start up businesses to get going and grow. Over the years we have helped many start ups become the successful businesses that they are today. Contact us if you would like to break free your concept today!
