How to Start a Business - Exploring Entrepreneurship

Thinking about starting a business of your own? Then the following article and podcast episode is especially for you! Starting any business takes a lot of preparation. If a new business venture is on the cards for you, the best way to start is with the right advice. In this podcast, I share my tips on what all new startups need to know. Listen here.

How to start a business

To start a business takes a lot of preparation. If a new business venture is on the cards for you, the best way to start is with the right advice. Here's what you need to know to get started.

Is starting a business right for you?

The most important question to ask yourself is why you want to start a business in the first place. What’s your motivation? Is it a matter of getting out of the corporate rat race? Or wanting the freedom to make money without being an employee? Do you like the idea of a challenge and to do something different? Or do you want [potentially] unlimited earnings potential?

While these reasons are valid, they focus on YOUR needs as the business owner, rather than the needs of your potential customers.

For your business to be successful, the product or service offered needs to solve a specific problem or need for your customers.

Your business should not exist just to make money, but to provide VALUE to your customers and clients.

In this podcast episode, listen to what the founders of Defining Style, Sonic Sight, The Digital Delusion, Corporate Podcast Production, Rachel CFO, Virtual Elves, The Word Stylist, The Numbers Matter and Simple Creative Marketing had to say about why they started their businesses. (Links to their businesses at the end of this article.)

Let’s go through the 6 steps you must consider before you begin your fun, challenging, sometimes frustrating and always exciting entrepreneurial journey!

1.Have you done market research?

Before starting out, you need to zero in on your unique offering. Yes, you need a solid business idea, but an idea is only as good as the market demand for it.

Ideally, there should already be an existing demand for your service or product. It’s important to test the viability of your idea. Market research will help you determine if there is demand for your product or service. It will also tell you if your business idea is one that generates interest and whether people will pay for what you plan to offer.

2.Do you know the business structure best for you?

After you’ve decided whether you’re starting your own business, buying a business, buying a franchise or starting a consultancy, you’ll need to decide on your business structure. There are pro's and con's to each structure. What structure will you choose? Your tax accountant can help you with this too.

Be resourceful and find out from your local authorities what’s required regarding business structures where you live.

3. Have you Registered Your Business?

At a minimum, in Australia, you’ll need to get an ABN (business) number or an ACN (company) number. This can be done through the Australian Business Register. You’ll need to register a business name after checking that it’s available. If you plan to trade under your own name then you may decide not to register a business name - if you want more details, let's have a chat about it.

Insurance is essential and setting up yearly coverage when you’re starting out doesn’t have to break the bank. Research the specific requirements for the industry and business you plan to start. Keep your finances in check by setting up a relationship with a good accountant and bookkeeper.

You might also want to trademark your business name too. Make sure you safeguard your intellectual property. 

Be prepared to put in the hard work and long hours, because building a business is an exciting and rewarding time

4.Do you have a business plan?

Without at least a basic plan in place you could charge off in the wrong direction. They key is to know where you want to go with your business, how you are going to fund it initially, how you plan to market it, who your competitors are, how will you price your services or products.

5.Do you have a website?

To harness the power of online marketing opportunities, you’ll need an online presence from day one. Register a domain name and decide if you need to engage a web designer to create your website and a graphic designer to design the logo for your business or whether you are able to DIY.

Personal branding is an essential part of building your business and becoming the ‘go to’ person in your field. Join my FREE Masterclass 3 Secrets to Personal Branding for Career Success and I’ll share with you my top 3 secrets to build a powerful brand as a consultant or business owner (and it will help job seekers too!)

6.Do you have a mentor or business coach?

This is especially important if you’re new to the business territory. A business coach or mentor can guide you with a wealth of wisdom and street smarts that will come in handy starting out.

If you’re lucky enough to have older and wiser contacts in business who are willing to help, ask for advice. If not, invest in coaching if you can afford it, or join a small business network in your local area. This will cost you initially but it’ll pay off in the long run. If you'd like a Complimentary Career Clarity Chat, book in here I'd love to have a chat with you about your ideas.

Once your plans are in place, it’s time to take that leap of faith. Be prepared to put in the hard work and long hours, but remember building a business is an exciting and rewarding time and will create a lasting legacy of your drive and passion.

The links to the entrepreneurs who share their stories in this podcast are at the bottom of this page. If you want to hear what they say, listen here.

If you like this article and podcast episode, please subscribe on iTunes and leave a review! Let’s help as many people as we can to gain career inspiration and advice.

?? I'll be co-hosting a Build Your Business masterclass with Ingrid Thompson, author of So You Want to Start a Business very soon. Register your interest here and you'll be the first to know when we launch!

Resources:

Career/Business Coaching

Jane Jackson Coach

Healthy Numbers

Our enterprising entrepreneurs who shared their ‘Why’:

ROBIN POWIS – Defining Style  @robinpowis

GEOFF ANDERSON – Sonic Sight   @geoffsonic

DOYLE BUEHLER – The Digital Delusion  @doylebuehler

TRACY SHEEN – Corporate Podcast Production  @tracy_sheen

RACHEL WHITE – Rachel CFO  @rachelCFO

KRISTY SMITH – Virtual Elves   @virtualelves

ELIZABETH CAMPBELL – The Word Stylist   @wordstylistliz

AMANDA FISHER – The Numbers Matter   @amandafisherCA

ANFERNEE CHANSAMOOTH – Simple Creative Marketing   @anferneec

For affordable ongoing support, join The Careers Academy ONLINE and receive a free 30-minute coaching session (worth A$290) with Jane! Membership entitles you to monthly Group Coaching Sessions and training webinars to keep you on track and many valuable resources.

Believe in yourself and create magic!