Starting a small business is one of those huge, life-altering events. So before getting started, you should carefully consider the following points:
Is business right for you?
You may have a great idea but if you want your business to be successful, you need to diligently work for it. And it’s expected to have its ups and downs and surprises. Yet on the positive side, if you’re the right person for it, starting your own business can be the most exciting and satisfying experience of your life.
According to the Australian Bureau of Statistics, many new businesses fail within their first five years of operation. Thus, if you are planning to start your own business, you should have good management skills to direct and supervise your business.
Do you have solid and not vague knowledge of your business idea? Is it viable? Consider if there is a real need for your product or service. Think about who your potential customers and competitors are.
Doing initial market research can help you determine the feasibility of your business idea. On the other hand, ongoing market research will help you be updated on all aspects that may affect your business success such as industry changes, latest trends, and economic circumstances.
Compute the initial start-up costs that you need. Budgeting and financial planning are important aspects of your business. Your financial plans are reflected in your budget. You should note, however, that you should have enough cash for some months of operation as the business will not be immediately profitable.
Before getting started, you should seek advice from your accountant, solicitor, and financial planner. Maybe you are thinking that it is costly to ask for advice from these professionals yet consider this: how much more would you lose in the future if you will not seek assistance today?
Getting started with your own business is a thrilling vision to see and
getting it right from the start is a key to success.
- Set appointments and ask expert from your accountant, financial planner, and solicitor. Speak also with other business owners and ask them about their ideas.
- Write down and ask all questions that you can possibly ask to ensure you have adequate knowledge before launching your business.
Email us at email@example.com or call 07 3668 0646 for all your accounting needs, bookkeeping, tax returns and compliance, business valuation and business sales. Support and assistance for your small business needs.
James HuyVuong is a CPA and the owner of Your Accounting Partners. Partnering with businesses from start to scale thru to sale.