You’ve done the thinking and now it’s time to go for it by making your own business. Back yourself! There’s nothing more rewarding than seeing your ideas turn into a success. So where to start? In this guide, we provide a quick start reference to help you get o the ground.
- The customer problem your new product or service will solve
- How you will build the solution to the problem
- Your understanding of the competition, and if this solution already exists
- Be prepared to sacrifice work / life balance
- Know you are personally and legally responsible for your business
- Plan and manage your cash flows ahead
- Identify your risks
- Create a risk management plan
- Reduce and control your risks with insurance
- Use Sole’s Tax Estimator to forecast your tax payments throughout the year.
- You may not be required to pay yourself any super, but do some research to see what works for you.
- Make sure that you are putting aside sufficient cash in order to make payments before the end of the year.
Turning your new idea into a potential business
Create your Plan on a Page, and try to define:
know the challenges
Consider what it’s going to take to succeed.
Document your strategy
There are an abundance of online business plan templates, check out some of our favourites below.
register your business
Formalise your business activities.
Make sure you register your business, and know your requirements:
create and manage your budget
Forecast for your business and track your cash flows
Use a tool like Sole to manage, track and simplify your finances and accounting. It is also important to consider professional financial advice tailored to your business.
understand laws and regulations
Australian business laws can be complex and are strict in order to protect consumers. Check out the following guidance:
manage your risks
Insurance that is tailored for your business may be important to consider to protect you against claims of professional negligence and third-party injury that may occur.
get ready for tax time
You may not have an employer who will automatically take your tax out of your weekly paycheck – you will be responsible for managing it. Speak to a tax professional to help you identify if any of your expenses are tax deductible (you will need your receipts!).
Talk about tax | Sole App
manage your marketing
Plan your approach for communicating your business to customers
build, manage and learn
Be willing to take a chance on new ideas, and to be brave enough to learn from your mistakes when things don’t go according to plan. There are a number of great tools available to start ups to help them manage their business with low or no ongoing costs such as:
Keen to get started?
Why don't you try Sole for free today and see how it can help kick start the process for you!
Disclaimer: All information above is general in nature, and doesn't take any specific considerations about your business into account. Consult with professional business advisors and legel professionals when considering your needs.
You can download a pdf version of this guide here.