Starting Your Own Business – ‘Why’ Checklist

Starting Your Own Business Why Checklist on the Gold Coast Brisbane.

Even before you register a new business name, you’ll need to consider three main things for your new trade or construction business – why, how and what. What you want to do (your goals), how you’re going to do it (your strategy) and what you’ll need to do to make it happen (the execution). Here’s a handy checklist to give your new enterprise the best possible chance of success. 

1. Work Out What You Want From Work

It may sound like an obvious place to start, but thinking about why you want to start your business and what your goals are, needs to be thought out. Working out your ‘why’ will help create your vision of how you want things to be, which will go on to inform your business’s culture.

Questions to consider:

  • What do I want to get out of the business? 

For example, are you looking for a flexible lifestyle? Do you think you can do it better than you’re currently seeing it done? Or do you want to leave your mark on the industry?

  • What sort of business structure do I need?

Maybe you have the idea that you could build your business and one day sell it. Or perhaps you have the dream of building a company which could support ongoing generations of technology, customers or employees. Or maybe you want to keep it small and manageable and focus on customers. The answers to these questions will dictate what sort of company structure you might need.

  • What is my tolerance to risk?

Building a business often means taking on short and long-term risk, and you’ll need to assess your appetite for these risks. Things like employing apprentices versus experienced tradespeople, how much debt you feel comfortable taking on, and how you’ll guarantee it.

2. How You’re Going To Do It

Here are some of the questions you can use to work out your strategy on how to achieve the goals of your business.

  • How far are you willing to go?

If you’re based on the Gold Coast, will you do a job in Brisbane, or on the Sunshine Coast?  And define exactly what jobs you’ll be willing to take on – and those you won’t.

  • What policies do I need to have in place? 

Health and Safety, Environmental or Business Management Systems policies are all important starting points. You may not have formal systems in place at the beginning, but understanding what regulations you will need to have in place around these from the start, is going to save you headaches and dollars in the long run.

  • Who is your ideal customer? What type of marketing are you going to need?

Work out how you’re going to spread the word about your new business to customers. Is a local mail drop going to work, or targeted social media to other businesses? Tap into the right sort of marketing to find your customer.

  • What does the long-term picture look like?

There is a risk that the market could be saturated at some point, so get some ideas how you’ll cope with this. What if other competitors come into the market or technology that you are reliant upon changes? Think about strategies that you could use to overcome tricky future scenarios, so that you’ll be able to sleep at night if, or when, these scenarios arise.

3. What You’ll Do It With

You’ve worked out your goals for your new business and the strategy of how to start to achieve them. Now you’ll need to work out what you need to do, to make that happen.

  • What people do I need?

Good employees bring in, and maintain good customers. Consider what skills your workers need. For example, you could train apprentices, but will need to pair them with more experienced supervisors. Or employing someone to run the phones and office could mean that you can concentrate on working the tools and growing your business.

  • What equipment do I need?

What tools and equipment do you absolutely need now, and what is a ‘nice to have’ that could be purchased when you’re more cash positive? Consider hire vs buy decisions. 

  • What systems do I need to have in place?

How will customers contact you? And how will you respond to those enquiries? How are you going to process quotes? How are you going to invoice those clients, or chase them up for payment if required? What are your payment terms going to be? Setting up good systems at the beginning means that customers won’t fall through the cracks and you can spend more time winning customers rather than chasing them.

  • What areas do I need help with?

As a small business owner, you’ll wear many hats, but working the tools in your business means you won’t have time to win work, quote, invoice, answer enquiries, do the paperwork, work out your company taxes, PAYG and IAS or think about marketing and anything else that needs to be done. Luckily, many of these areas can be automated and outsourced to the experts, leaving you more time to work on growing your business and saving you dollars in the long run.

Deciding to start your own business is a really exciting step. But there are lots of things to think about before ‘opening the doors’. Getting clear on the ‘why’ you want to start a business is the first stop in this exciting journey.

If you would like to get more advice about how to best set up your trade or construction business, contact the team at Consultya on 0428 20 40 50 or info@consultya.com.au.

Service Location: 1/10 Albert Ave, Broadbeach Gold Coast Queensland 4218, Australia.

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