One of the most frightening yet exciting time of your life will be when you are about to launch your new business. (Second maybe to having your first baby!) For all you amazingly brave new start-ups, I take my hat off to you. No doubt, you’ve put in the hours of research within your market to know your product and your target customer. It’s now time to open shop & bring in the customers.
But wait. Just before you do, it is worth taking a moment to consider you’ve covered the following:
Trademark: Trademark your brand. Avoid infringement on the business you worked so hard to create and file for a trademark to maintain the exclusive rights to your business name, logo, and any other intellectual property you may have. www.ipaustralia.com.au can help you with any trademark issues relating to your business.
Business Insurance: Have the appropriate business insurance in place. Cover your ass girls. (Technically known as CYA in lawyer speak..!) Depending on the type of business you’re running, the insurance plan you pick is bound to differ, but the overall message of protection will always remain the same. Your insurance policy should ensure that your business is protected from risks of all kinds including property and personal liability.
Watch your ROI: Pay attention to ROI. This stands for “return on investment.” Especially for start-ups, every dollar counts. It’s not a great idea to spend unless you know it’s toward something that is working to grow your business!
Get a Business Plan Sorted: Have a business plan in place and stay focused. Plan ahead for at least five years and be sure to address everything a business plan requires. (You can contact Jade Weller at the Service Studio if you need help putting one together)
Social Media Plan: Put together a social-media plan. The early days of your business will be heavily reliant on word of mouth, so establishing a social-media presence should be a big part of your business plan. Figure out what platforms are best for your business, get your website up and running, pull together a blog, and make sure your customers can contact you easily.
Don’t over-hire: Even if you do experience a sudden surge in sales and foot traffic- don’t over- hire! Rather than over-hiring, or hiring too quickly, focus on recruiting great people and maintaining a closely knit team that is engaged in everything they do and are passionate about the success of the business.
Have fun!: A business that you created but aren’t relishing isn’t worth having! It’s your business, and you’re the boss, so enjoy the GOOD times.