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5 Simple Steps to Building your Business

“Anytime is a good time to start a business” – Ron Conway

Do you have a stellar idea, but aren’t sure where to start?Look no further. Starting a business isn’t easy, but this shouldn’t stop you. Nothing worthwhile comes easy.

Our team at Forward Focus is committed to bringing you useful and up to date content that allows you to practice what we preach. Want to start a business? Start here. Follow these 5 simple steps and you’ll be building your business in no time.

  1. Write a Business Plan.

Owning a business is much like having a child, just more expensive. It needs to be nurtured and cared for in order to succeed. A good business plan is used to outline specific details, and acts as a guidebook to the way you want things to run. A business plan is similar to the story of your business, you need to include the concept, problems and resolutions. There are many ways you can establish your business plan. A traditional approach is using an outline guide, and there are also app‘s you can download to assist you. It all depends on what you are most comfortable with. 

2. Apply for an ABN & TFN

Depending on which type of business you have chosen, you’ll need to discuss applying for an ABN, TFN and probably even GST. You can discuss this with your accountant, or can find guides online at the ATO website.

3. Registrations & Licenses – Which apply to your business?

We never said owning a business would be easy, but that’s no reason not to go ahead with it. When thinking about your business, you’ll also need to think about registrations and licenses, and which apply to you. Is your business selling food? Would you serve alcohol? Would you need to register for foreign tax at 15%? There are multiple things to look forward to when you start a business, this is just not one of them.

4.    Create a website.

There are multiple website generators online to use and creating a website will do two things.
– Create your brand for everyone to see globally.
– Create a platform of communication between your business and customers.

5. Implement a marketing campaign.

Implementing a marketing campaign is the final step in creating your business as you are ready to launch. A marketing campaign should already be outlined in your business plan and include your niche audience breakdown as well. A good marketing campaign can make or break a company.
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should contact us directly on (08) 9474 6333  for more information. Stay Tuned for our next blog series with great advice and helpful tax tips.
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