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  • Kairi Kaljo

Business Startup Checklist



1. DECIDE YOUR REASON (WHY?) BEHIND THE BUSINESS

  • Determine why you want to start your own business.

  • Conduct a SWOT analysis to identify your strengths and weaknesses, potential opportunities and threats.

  • Decide whether you want to sell a product or provide a service.

  • Assess how much capital you have to invest into your business.

2. COMMIT TO YOUR BUSINESS

  • Make a list of business ideas that fit your strengths and interests.

  • Understand the problem(s) your business will solve.

  • Define your target customer.

  • Validate your idea by talking to potential customers about it- call it a market research.

  • Create a quick financial plan, identifying costs and forecasted sales to see if additional funding is required.

3. SET UP YOUR BUSINESS

  • Decide on your business name and search the web to make sure it’s not already in use. See if a domain with your business name is available for purchase. You can search domains on Go Daddy.

  • Register a domain name and secure social media profiles for your new business.

  • Decide on a legal structure of the business: Company, Trust or a Sole Trader.

  • Get your website up and running. There are many easy to customise templates available in Wordpress, Wix,Squarespace and Shopify. Alternatively, if you have funding, engage a professional website designer/developer to build a website for you.

  • Register your business with the Australian Tax Office to obtain an Australian Business Number (ABN).

  • If you are not planning on using your own name for your business, you need to register a business name with ASIC

  • Engage an accountant and choose your preferred accounting program.

  • Select insurance policies relevant to your business: public liability, public indemnity and cyber security.

  • Open a business bank account.

  • Start networking where your ideal clients hang out, online and face to face.

4. FINANCIAL PLANNING

  • Estimate how long it will take for your business to acquire paying customers.

  • Itemise your business expenses for the first year.

  • Itemise how much capital is required to launch the business before profitability.

  • From this, determine how many months of savings or investment you need to break even.

  • If outside investment is required beyond the founders’ savings, complete a business plan.

5. SETTING UP TO OPERATE

  • Find your perfect business location, even home offices need good design.

  • Dependent on your business legal structure, identify your staffing needs and the profile of an employee or a Contractor. Being a sole trader, you can outsource roles that would normally be filled by staff.

  • If your business includes a team rather than being a one man band, recruit, interview, hire, and train your employees.

  • Identify and set up relevant technology: Email, Phone, CRM, Billing and Payment systems

  • Ensure your technology systems are secure with your information or customer information.

  • Identify and partner with right suppliers.

7. MARKETING AND SALES PLAN

  • Create a Marketing and Sales Plan that includes your launch plan, pricing, how your business will generate leads, and close new business.

  • Develop consistent branding for your company and its products or services.

  • Create and fine tune your Elevator Pitch for when you introduce your business to others.

  • Grow your digital presence through social media, blogs, newsletters and SEO strategy to drive traffic to your web site.

  • Hire a salesperson or a sales team.

  • Let the local press know you are opening/open for business.

  • If you have a bricks & mortar business, organise an opening day or plan a launch event.


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