Let’s for a moment assume you have the business idea (the kind of idea that comes along once in a lifetime). You’ve done your market research and chosen a business model. You’re ready for the going-solo responsibility and you’ve transcended the existential fear. Essentially, you’ve just about got all your ducks in a row to become an SMB owner. But what now? What tasks need to be ticked off to ensure not only that your business is a success, but also that it will be ready to run smoothly from the get-go?
Note: It’s important to clarify that there is no one-size-fits-all model for starting a new business, but the following steps will help to organise your ideas and iron out important details.
1. Write your business plan
There are 1000s of books and websites that will help you construct a business plan, but know that this is not a step you want to miss. A strong business plan sets out what you want to achieve and how you’re going to achieve it. Your business plan should address the problem(s) your business solves, your target audience(s), SWOT analysis and a financial plan. In writing your business plan, you should also choose your business structure – whether you’re planning on being a sole trader, a company, a partnership etc.
2. Choose a business name and register your business
Your business name is important! If you choose well, your business name will quickly identify who you are, what you do, and the image that you’re communicating, as well as help your customers find you online. The very best names are descriptive, different, short and snappy – not necessarily an easy recipe – but worth taking the time over.
Once you’ve chosen your name, you’ll need to register it (unless your business name is the same as your own name). You’ll also need to apply for an ABN. Depending on the nature of your business, you may also need to attend to tax registration, look into any licences or permits (such as a restaurant or café licence, for instance, or a licence to discharge trade waste) and possibly protect your business name with a trade mark.
3. Prepare your business finances
This will include setting up a business bank account, applying for financing or grants, and securing investors (if necessary). It will also involve learning how to organise your finances – managing your cash flow, your budget, your payments and invoices. It may help to secure the services of a bookkeeper or to invest in an accounting software package.
4. Purchase your business hardware and software
This is (what we consider!) the fun part. Whether you’re starting small, or hitting the ground huge, you’re going to need some tech. Purchasing the right equipment for your needs now – and with an eye toward future growth – is imperative. From desktops, printers and landline phones for the office, to laptops, tablets and mobiles for out-and-about business, you’ll want your tech investments to work smart for your company.
Other IT options to consider when starting a business include how you’ll access the internet, networking capabilities, cloud storage and cybersecurity solutions. Geelong Technology Group can help you with these – we even offer managed IT services!
5. Sort out your business admin
Starting a business is no small feat, and just as it takes a village to raise a child, so too it can take some outsourcing to raise and support a successful SMB. Beyond items that you’ll need to organise – such as business insurance – some business administration items that you can consider sending out-of-house (but still tethered firmly as part of your ‘team’) include managed IT services, accounting, and digital marketing and promotion.
Contact Geelong Technology Group for all your new business IT needs
As Geelong’s best business IT support company, we’re here to help seed and grow your business! We can advise you on the best tech to suit your requirements. We can build the best IT network solution for your situation. And we can provide ongoing support in the form of managed IT services and cybersecurity monitoring.
Servicing Geelong, the Bellarine Peninsula, the Surf Coast and surrounding regions, GTG are your business IT specialists: contact our experienced team on ☎ 1300 GET GTG (1300 438 484) or email firstname.lastname@example.org and let’s get working together!