Business Law.

Starting a business – Five things to consider.

Other than a strong will to succeed, starting a business takes courage and significant planning. So, what does this mean?

Here are some tips to get you thinking.

The first tip is a simple one…

Tip #1 – Get sound, professional advice from trusted Advisors

When I say trusted Advisors, I’m talking about legal, financial and accounting and taxation advisors. You can get advice on marketing and building websites and all the creative elements but if your idea/plan/model doesn’t stack-up in the numbers (or legally), then your business will most likely fail.

Tip #2 – Don’t sweat the small stuff.

The sooner you realise your professional strengths and weaknesses the better. So, be very clear about what you can and cannot do. Then, handsomely pay those who can do what you are unable to do and step-back, so they can get on with what needs to be done (and what you are paying them to do).

To help you identify the kind of help you may need to get your business started, refer back to Tip #1.  

A Moment of Thought…

The Small-to-Medium Sized (SME) business community makes up a colossal part of the Australian economy and business owners should be proud of this fact. However, a recent article published by mybusiness (www.mybusiness.com.au) exposed a shocking truth!  

The article highlights the truth that is often overlooked when operating and managing a business. It goes on to explain that many Australian Business Owners want to quit in the next three years. The reason being…the personal toll!

Tip #3 – Remember you are not alone.

Starting and operating a business can affect every aspect of your life. People will tell you it doesn’t have to be that way but let those who know speak louder. The truth is that operating a business does affect your life – both personally (mental, physical, emotional and spiritual) and professionally. So, wise up quickly and remember you are not alone.

For example, there are business communities, meet-up dates, mentors and hopefully a supporting partner to share the load. Above all, a strong and healthy mind and the management of mental health is vital to operating a successful business (it’s not just about the numbers).

Remember, most businesses don’t plan to fail. It’s the basic saying ‘they fail to plan’.  

Tip #4, – Plan, Plan, Plan.

There is a reason why every banker or investor will ask “do you have a business plan?”. In other words, they want to know whether you have done your homework and essential planning.

Planning is critical and having a strategy will enable you to can keep checking-in and that the business is, you got it, going-to-plan!

Business plan templates are scattered far and wide across the internet so there is no excuse! Most high-street banks have their own templates: free of charge. A business plan will get you thinking about how, what, where and most importantly WHY.

This takes me to Tip #5, and the last one for this article.

Tip #5 – Start With WHY!

If every decision we made in business started with this one word, I guarantee productivity would triple and redundant time would vanish.

Why?

When you start with your objective, the path becomes extremely clear to you and your peers. Why are we doing this? Why is there a market for this service? Why do people need my product? Why are we having this meeting? Why are you reading this article?

So, start with WHY and the vision becomes clear. For those who don’t know Simon Sinek and his concept of WHY (his first TED Talk smashed 40 million views), read more here.

In conclusion, it takes a lot to start and operate a business; no matter what business you own.

I know five tips don’t give you all the answers to starting a business but perhaps they may help a little; and that’s something every business owner needs most – consistent and reliable help from a committed and passionate team (was that another Tip?).

When it comes to your team, choose wisely and lead with gusto! Your vision and beliefs need to be embraced by all who support you; so don’t hold back your greatness! After all, you’re a business owner now and that means one thing. It all begins and ends with you!

For all your legal needs, contact Harbourside Legal Commercial today. Our expert commercial lawyers have been helping SMEs for over 25-years, and the initial consultation is free.

Start planning your future today, with sound legal advice.