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Starting a Business in 2021
There is no better time to focus on your business and financial goals than the new year. With 2020 over, there is a little more certainty around what business owners can expect and what various industries are thriving in the current climate. Whilst you wouldn’t want to open a new nightclub or tourist attraction at the moment, starting your new search engine marketing business or healthcare supplies company may become quite profitable. To make it a little easier, we have compiled a list of everything to consider when planning your new business, as well as the steps to carry out to put your plan into action.
Decide what your business will be
Although this is one of the most obvious considerations, it is the most vital part of determining success. As a business owner, you must be passionate and enjoy what you do, otherwise it is doomed to fail. Furthermore, it must be something that has a certain level of demand. Whilst there is nothing wrong specialising or offering a niche service, there needs to be a market for your business proposition. For example, selling air compressor parts is a service that is niche, but there is still a demand for it. The first step in creating any business is to clearly identify a gap in the market and propose a solution for this. Ideally, business owners should also be skilled and trained in the field that they go into, or at the very least hire someone that is.
Register for a trademarked business name and an ABN
The process of registering for a business name and an Australian Business Number (ABN) is super simple. This can be done online through ASIC, and there is only a small fee that must be paid during the application process. There is a phone line and online help service to provide any support needed before, during or after an application is submitted. Once you have received your ABN and your business name has been approved, you are free to start business operations, branding, SEO marketing and sales campaigns.
Implement your branding strategy
The first step in forming your brand identity and equity involves developing a comprehensive branding strategy. Elements such as brand values, your message and brand personality should all be formed in the initial stages of your business being formed. Even if the business is B2B based, like an oil free air compressor supplier, it is still important to form an identity to stand out from competitors. Creating an eye-catching logo, a memorable slogan, or distinguishable brand colours are some ways to stand out from the rest.
Focus on your marketing efforts
Marketing will help to spread the word about your recently established business. Traditional marketing tools like poster printing, flyers and pamphlets are relatively inexpensive to make and will attract new leads. Promotions are a great way for people to try your product or service for the first time. Often, consumers can be hesitant to try new options as a result of financial uncertainty or doubts about the quality. This perceived risk can be limited through promotions that give new customers a good deal the first time they experience your service or product. For example, a free trial for a week presents no initial risk to the consumer, but it may lead to them becoming a long-term loyal customer.
Make a website for your business
Having an online presence is a must in this day and age. Creating a website will provide a platform for current customers and potential customers to engage with your business. Combined with services such as search engine optimisations, and paid ads on Facebook, LinkedIn, Instagram and Google, more people will be exposed to company offerings. Search engine optimisation, or SEO, helps to promote a website’s organic rankings on Google. The higher a website ranks for particular keywords, the more likely online users that have not been exposed to your brand yet with land on your website. It is here that they can then find information about your services, as well as contact details. Paid search, such as through Google is another popular method to direct traffic to a website. Alternatively, social media campaigns can be run to encourage people to land on your website.
Create your pricing
Setting your pricing and packages can sometimes be difficult at first. A great way to set your pricing is to work out your business costs, as well as the amount of time you will need to spend on a particular job. Prices should be clear and transparent for any customers. There should not be any hidden charges in order to prevent dissatisfied clients.
Set up an invoicing system
Although this is not the most exciting aspect of starting a business, there is no point to working hard on new business ventures if you do not get paid! Setting up an invoicing system allows clients to be billed for your services. There are several phone apps that are great for smaller business owners, as you do not have to have an accounting degree to navigate them.
Make sure that you have thought of any legal considerations
Having a clear set of terms and conditions that are signed by both parties will help to prevent any legal troubles later on down the track. Before engaging in any work, a contract should be drawn up to identify the roles and responsibilities of both the client and service provider. Verbal contracts are also valid in a court, but it is much harder to argue. For this reason, there should be a written copy of any agreements.
Networking is absolutely essential for establishing a strong business. By attending business network events, you will be able to chat with potential clients, partners, or suppliers. Business card and brochure printing for networking events is one way that you can make sure that the people you meet remember you. Forming a great first impression and then leaving someone your contact details is a fantastic way to promote lead generation.