So, you’ve finally done it – you have your business plan, the cogs are in motion and you are getting ever closer to your goals. Now, as I’m sure you are aware, this kind of thing is by no means straightforward. There are so many different elements to business, made even more complicated by the plethora of competition, technology and laws that are constantly developing. In this article, we are going to explore the most important considerations for your business when in its infancy.
Complying with the law is essential and there are a lot of complex details you need to ensure you know. This could be contracts and agreements, commercial litigation and disputes, or commercial debt recovery, to name a few. This is where you could consider having a business lawyer onside (see cblbusinesslawyers.com.au for more information).
A business lawyer can answer any of your relevant queries and be there to make sure you are not mistakenly breaching any laws, as the consequences of this could be astronomical. There are employment laws, business licences, tax laws and so much more you need to keep in mind, each depending on your business model. It’s best to do extensive research into this and speak to someone with experience on the subject to avoid any issues further down the line.
You need to be highly organised and log all your income and expenses into a document – as a free option, excel spreadsheets are ideal for this as they offer graphs and charts to make things easy to digest and compare. Of course, initially it will take some time for the ball to get rolling properly in terms of financial gain, and you’d hope to see your profits increase monthly as you gain loyal customers as well as recognition.
Analysing your outgoings and incomings, whilst budgeting accordingly means that you shouldn’t go into the red (at least not by too far). Take into account if you have borrowed any money too and at what rate you will pay this back. Always have a back up plan for if disaster strikes. Be sensible and don’t spend frivolously to start with, as you must make wise investments to establish yourself and to ensure your business stays afloat. In time, with a little luck, a lot of hard work and good decision making, your startup will thrive.
Where do you intend on working? Do you need a shop, office or outdoor space? It all depends on your specific business. To keep costs down initially, if you can, work from home until your business grows enough for a dedicated space. This also depends on whether you have employees or not. Think about this strategically, research your options and keep the bigger picture in mind. You don’t need to go full steam ahead straight away, as building up a business is a long process that takes time, so although you may not be in the ideal workspace to begin with, you can work towards getting there in the future.
Without aims, you are aimless. Each month sit down and write up your short term goals for the weeks and months ahead. Have long term goals in mind when you set your business up at first. Revisit these regularly and try your utmost to keep on track. Be realistic though and take into account your circumstances, as the world of business can be unpredictable. However, it’s always a great idea to have a plan and something to work towards.