So you have a great idea for a start up business? Or maybe you have already started your business but not sure you have done it in the right way. As entrepreneurs are often so passionate about their new business, they forget to lay the foundations for their start up.
Let’s take a look at the building blocks for your start up business:
- Develop a business plan
We know that it is exciting to start working on your start up, and really all you want to do is get to work (with your new clients, making your new product or developing your website) but cool your jets. The very first thing you need is to develop a proper business plan. If you are unsure where to start with this, you can use a government resource like this, or you could speak with a business coach or accountant.
- Develop an organisational structure
Most start up businesses start with one or two entrepreneurs, perhaps an investor and hopefully an accountant. In an environment like this there is not an immediate requirement for an organisational structure. However, it is important to plan for the future. Just like your business plan, your organisational structure will show you what your business will look like when you start employing staff or speaking with consultants. You will most likely find that you are doing many roles (manager, planner, sales person, customer service and more), but at least you will know what roles you will recruit for as soon as you are able to financially.
- Keep record of your cash and expenses
In order to complete your first business tax return and to manage your GST compliance 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 well 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.
- Market yourself
Don’t forget to market yourself, your products or your services regularly. Many of the most famous and successful entrepreneurs are masters of marketing themselves (Donald Trump & Richard Branson for example) because they get out there and tell the world about what they do. If you are constantly promoting yourself and what you do, your passion will show and encourage people to become clients.
In line with this, you should also make sure that you have a marketing plan, laying out goals and budgets, for you to stay focused on the right path.
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!
Submitted by: Julia Katrich – Assistant Manager
Email Julia