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Welcome to the brave new world of first time business ownership. It’s an exciting time and you can practically feel the possibilities whirling around you, a tornado of opportunities and first times. In this new and exciting moment in your life things are moving at one hundred miles a moment and it’s hard to stay on top of everything.
With us and this list you can take a load off because we’ve laid out all the important things to remember when you’re starting a new business.
You Need To Be Needed!
First of all you need to have a killer, once in a lifetime, show stopping idea but it’s not enough for an idea to be great – it has to be needed, to correspond with a need in the market. To quote the co-founder of Airbnb, Brian Chesky, “if we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.” Basically what this means in the long run is that you have to find a niche and stick to it. When you’re taking your killer idea and creating your business plan, it’s important to be incredibly clear and specific about what you’re going to do, how you’re going to do it. If you’re trying to attract outside investors then it’s important to explain why your approach will be different and how it will allow you to compete in the crowded market of new businesses. It might seem hard or even overwhelming at times but, remember, if you’re confident in that idea, you owe it to yourself to try and pursue it.
Take Care Of All The (Boring) Paperwork.
When you’re a first time business owner the sheer mountain of paperwork it takes to register a business in Australia. Some steps are simple and you can tackle them on your own but for other more complicated steps you might want to consider consulting an expert or even just a friend in your community who has started a business and might be able to offer you some advice.
For now, let’s focus on the things we can achieve without help, the simple things. Applying for an ABN (Australian Business Number) is a simple but crucial first step you must take before you start a business in Australia. Head to this website to apply for your ABN (it’s a simple process and they’ll talk you through the steps – it shouldn’t take more than 15 minutes). There are some scams out there so make sure you are only giving your information to the official government website. The ABN application process is a completely free process so you shouldn’t be providing your credit card details on this website. From that first step, you’ll be able to suss out if you also need to be applying for GST or registering for further financial services help.
Know When To Ask For Help
You may know a lot but you don’t know it all. Nobody does. That’s why it’s important to ask for help when you need it. There are many complex elements of business that you may need to call in an expert. Consider consulting a banker about incorporation and business accounts and expenses and for all employment matters you can consult a lawyer or an HR specialist.
People Power
When you start your own company it’s all about you: your vision, your goals, your great idea. That being said when the company takes off (which hopefully won’t be too far down the track) then you’ll have to start hiring and building a team around yourself to help you grow your dream into the best version of itself. However, most people kick start their new companies without thinking about whether they’d be good managers, if their people skills are up to the task. Either way, it’s important to read up on management styles and learn as much as you can about building and managing your team.
Don’t Fear Your Failures
We learn more from the lessons of failure than we ever do from successes. As a society we put a lot of pressure on succeeding and because of that we tend to try and minimise our failures rather than to celebrate them and heed their lessons. If you’re interested in learning more about the importance of failure you should check out the How To Fail podcast by Elizabeth Day.
So when you’re starting a new business remember how important it is not to fear your failures. Remember as well to cut yourself some slack. Starting a new business is downright terrifying and you’re bound to make some mistakes along the way. We are all fallible. Your first few days, weeks, months, or even years as a new business owner might be rocky but remember to keep the faith and stay confident. We believe in you – you’ll be able to turn your dream into a reality!
You may also like: Top 5 Mistakes Made by Startups
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