7 Essentials to Consider when Starting a New Business

New Business Advice

When starting a business, it’s not enough to just dive in and start selling your product or service to whoever will listen. As eager and passionate you are about your new business idea, without a well-though-out approach, you’re destined to fail. Follow our 7 essentials, and you’ll avoid some of the common pitfalls facing start-ups and be well on your way to entrepreneurial success!

1. Find the perfect business name

Believe it or not, there’s a lot to a business name. Take your time and consider all possibilities to ensure you end up with the perfect name that sums up your brand and offering. It’s vital to consider both your short-term and long-term goals in order to avoid renaming the business as you expand. Think about whom you need to appeal to, what products or services you will sell and where you will find your customers. Decide whether you would prefer a creative and unique name, over a straightforward name that clearly explains your product or service. And if your plan on having an online presence (which lets face it, you should), it’s also important to check what domain names are available for your website, as well as what profile names are available on key social media platforms.

2. Think about your customers

When starting a new business you’re probably pretty excited about what you’re offering, but not everybody else on the planet necessarily is. It’s vital to consider who you’re business really speaks to. Think about what you have to offer and who you’re trying to appeal to. What problems do your potential customers face, and how does your business solve them better than anything else already out there. Determine who your customers really are. Are they old or young? Are they rich or poor? Are they internet savvy or old school with their approach? Once you have identified you target market and know what your potential customers really want, you can tweak your offering and marketing approach to match. If you skip this step and hope for the best, you will waste time and money selling to people that just aren’t interested.

3. Nail your marketing

With the perfect business name and a clear idea of who your customers are, you can now start to think more seriously about your marketing strategy. Consider carefully what type of brand image you want to establish. Does your brand scream quirky and creative, or prestigious and professional? When you have a clear idea of what brand image you are trying to achieve, you can outline how your promotional efforts will build this image. Think about which channels you will use to reach potential customers, to best build brand awareness. Look into what marketing materials will be needed – from a top-notch website and Facebook page, to business cards and brochures. And determine what message you want to push with your marketing efforts, to ensure you’re marketing message is consistent across all channels. With a clear marketing strategy, you’ll be able to reach and appeal to potential customers whilst building your brand image within the market.

4. Identify your business model

Successful business owners have one thing in common, they run a practical business. If you want to build your organisation and enjoy decent profits, you need to have a business model that actually makes you money. It’s easy to get lost in the excitement of your new business and forget to think seriously about how it will actually be profitable. Consider your business at the most basic level. Think about how much you’re products or services cost to produce, and how much you’re able to sell them for. Identify how much demand there is for what you’re offering, and how competitive the market is. Be realistic in your expectations, and ensure you have sufficient research to back up your predictions. Use this information to put together a business plan. Not only will this help you find investors, but you will give something to keep you grounded in the long run.

5. Determine your company’s structure

While not the most fun to consider, you need to think about your corporate structure. You have a few options and you must keep in mind that there are pros and cons for each. When deciding how to structure your company, you need to think of your potential liabilities. Also think of your long-term goals and ownership structure. If you determine your needs and find the best structure for them, you will save yourself trouble in the long run as entrepreneurs who commit errors will open themselves up to a host of potential tax and legal liabilities.

6. Hire some good help

If you want to succeed, you’ll need to surround yourself with great staff who are just as passionate and committed as you. Hire hardworking and experienced workers who can help you improve the customer experience. While you may want to save money, do not try to hire employees or contractors on the cheap. It may seem to work for a while, but will leave you with problems in the future. If possible, hire the best employees and offer what you can to keep them happy and productive. Then, when you keep them for the long haul, your company will experience fewer problems as you can be sure they actually care about the organisation and its goals.

7. Find an objective opinion

When starting your business, you will probably hold a biased belief that everything will turn out, and you and your business will be a huge success. Although this is a good mindset for achieving success in the long-run, it doesn’t necessarily put you in the best position for objectively critiquing your initial ideas and strategies. To avoid rushing into decisions on a whim and getting carried away with your own ideas, it’s important to find good advice. Consider hiring a consultant or business advisor who can help you ponder your ideas, in detail. Then, if the idea checks out, you can proceed with confidence.

Looking for more start up advice and tips? We’ve compiled a list of useful resources to get you started.

Four inspirational and original dinner ideas

rowing boat

Finding the right dinner ideas simply isn’t just about what is being eaten. It’s about spending time with family and friends. The activity of preparing a meal and then serving it is as often part of the experience as the meal itself. This kind of activity can be fun and entertaining as well as nourishing. Dinner is also a social activity where good food is the catalyst. In many cultures, bringing people together is often done through a meal. The key to unique ideas for dinner ideas is that they should be just as interesting in the preparation building up to the meal as is the food itself. Here’s a few ideas to get the process going.

What does it mean to be a professional photographer?

tripod shadow

Before talking about what a professional photographer does, let’s talk about how a photographer becomes a professional. Anyone with a smartphone can take pictures, and with all the smartphones out there, there are plenty of people taking pictures. A professional photographer has education, skills and equipment that separates him or her from the amateur photographer snapping away with their smartphone.

But what does it mean to be a professional photographer? And how do you become one?

Ten fundamental cooking tips

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Cooking is intimidating when you don’t know what you’re doing. Every task is scary in the beginning. Of course, the best way to learn how to cook is to practice, but coming in armed with a few tips can’t hurt either.

The ten most fundamental cooking tips are:

Cooking Shows Lead to Increase in Hospitality

masterchef

Because of the increase in interest in shows such as Channel 10′s Master Chef, Channel 7′s My Kitchen Rules, and other cooking competitions such as The Great Australian Bake Off, there has been a significant increase in the hospitality industry as people are amazed and inspired by the talent and skill of the chefs featured on these shows. The new generation of interest in the industry has lead pundits to further explore how these shows have affected the new surge of participants in the hospitality industry. The impact that the shows have had on the hospitality industry is phenomenal. It has forced people to increase their skill level and offer people incredible and delectable dishes in aesthetically pleasing environments.

How the Recent Economic Downturn Has Also Contributed to Increasing Interest in the Food Industry

Guide to Shared Accomodation

Guide To Shared Accommodation

Well its that time of year, School results should be released soon and Uni applications flooding in. With that in mind this week Ozblog is giving you some food for thought with our very own Guide to Shared Accomodation. Enjoy!
Congratulations on a decision to move out. Sharing accommodations can help with moving towards any financial or personal goals. The following are several tips that are often helpful to know when making this type of decision:
Reasons Why You Would Share Accommodation

5 Quick & Simple Ways to Increase a Properties Value

Hi Ozbloggers. As some of our readers might know, I’ve recently bought a house here in Perth, but what you might not know is that I’m not the handiest guy with a hammer. In fact, if you asked my partner, she’d tell you I’ve got ‘two left thumbs’. Whilst it might be a man’s job to make sure everything functions in the house, I’d much rather be riding my bike or walking the dog than patching walls and cleaning gutters. Unfortunately however writing articles on those topics wasn’t on this month’s editorial calendar.  So what we do have for you today are a few easy and in-expensive ways that you can add value to your home (or apartment) without busting the bank or paying for expensive renovations.

First of all, these tips can be utilised by most, and could potentially increase the value of your house by thousands of dollars for a few hours of time and effort. If your like me, and the only ‘cutting in’ you want to be doing on the weekend involves a large breakfast and a newspaper, then there are people out there who can help, a resource of potential handymen, painters, carpenters and professionals is located at the bottom of this post.

But first here are the top five quick and simple ways to increase the value of your home – without busting the bank (or your back)!

Ork, Sorcerer or Space Marine – Which One Are You?

A feature article on the prevalence of Table Top Gaming in Australia

 

With the increased prevalence of console and PC gaming in today’s society, it is nice to know that there is still a community that is taking gaming back to its roots.  On a weekly basis friend, foe and allies are battling it out over games such as Warhammer, Dungeons and Dragons, and Malifux just to name a few.

 

Whether you’re competing in tournaments or just having a bit of fun, these activities bring people together and encourage time away from the all consuming console. There are Tabletop games that can cater to anyone’s interests and can offer players an opportunity to explore their artistic side through painting their own armies and competing.

Top 5 Most Successful Australian Businesses

Success46

The most successful businesses in Australia could not be any more diverse. Each of Australia’s top private businesses may operate in different market sectors, but they all share a common drive and passion that ultimately defines their individual and collective success.

Australian gardens

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With the wide variety of climates in Australia there is a broad range of Flora and Fauna almost nowhere to be seen on Earth. Something you can apply in your home an garden.