January is the month filled with a sense of clean and fresh motivation, hope and excitement. We are usually energised after seeing family and friends, loved ones or from taking a well deserved break after a massive year. If you are like me, ideas start to swirl around in your mind, business ideas that make you feel excited and passionate. The one problem holding you back right now is knowing how to go about converting those ideas into setting up a business.
We have put together 5 tips to help you get started, to keep the momentum flowing and to help you accomplish your goals this year.
1. What is your product or service? Do you have a clear understanding of what you want to offer? Imagine what your ideal customer/client looks like; the colour of their hair, the level of education and intelligence, their age, wealth value and geographical location, the language they speak. Picture the person that your perfect customer is. Next I want you to picture them with your product in their hand or receiving the service you want to offer. Got it clear in your mine? Ok, next step.
2. Choose a name for your business. Your business name must be available across all platforms i.e. all domain extensions (including the .com if possible), social media, trade marking, as well as a registered business name. This process may take some time and will involve a LOT of thought and paper. Make a list of names and when the creative juices start to dry up, check each of the names to rule out which are not available across ALL platforms. The list will reduce significantly, trust me! You may write down 50 names and be left with 5 that you can actually choose from.
3. Choose your business structure. Seeking advice from an Accountant on the best structure to suit you and your taxable income is very important. There are a lot of factors that come into play when choosing the right structure, including what your projected taxable income is likely to be for the financial year, risks associated with each entity type and your plans for the business. Ask yourself, do you plan on remaining employed in your current job while you run your business? Do you plan on growing and expanding the business over time or do you plan on remaining a small business? All of these questions will help you understand your businesses direction and will provide insight to the Accountant assisting you.
There are also legal benefits and risks associated with operating under certain business structures. As a Sole Trader you are personally liable for the businesses debts. As a Company there is limited liability meaning that if you comply with your Directors Duties and your legal obligations, liability does not extend to you personally if the business doesn’t succeed. With a Partnership entity, all partners carry liability jointly and severely, meaning they are liable for each other’s actions. It is important to chose the right structure for your business so seek the advice of an Accountant and Lawyer before making your decision.
4. Plan your business. Planning of your business involves setting budgets for cash flow and start-up costs, planning your sales targets, KPI’s, marketing campaigns and also planning out your product costs and pricing structures. Planning is most effective when undertaken with a business coach or mentor as they will guide you through this process and will assist you to build an action plan. Fail to plan and you plan to fail.
5. Take action! Engage a business coach to help you put everything into action. Not only does a business coach have the knowledge and resources to help you build a solid foundation for your business, they also keep you accountable to your business goals and success.
There is a lot involved when putting an idea into action and at JadeStart we have the resources, knowledge and templates to help you achieve your goals and success with your business idea. We have subscription packages of 6 and 12 months available, offering coaching, planning, motivation and support to you while we put into place all the steps to launch your business. For more information, email firstname.lastname@example.org.
Exclusively to HERDRUM members, JadeStart is offering 20% off your 30 minute initial consultation. Email email@example.com and mention this offer to receive your initial consultation for only $79. Don’t procrastinate, start turning your idea into a business and feel the accomplishment of becoming a business owner; you won’t look back!