Starting your business!

David.Pagotto · 13-12-07

When starting your own business it pays to jot down a business plan and that is not too hard considering that many of the business plans are already out there for the type of business which you will probably be starting. The best thing to do is copy down an outline and a business plan that was done by someone else which is similar to the business you will be starting.
Do not copy it word for word but understand the basis for the business plan and the items you need to address. When starting your new business it is important to contact a lawyer to make sure that you are legally protected and can distance your personal assets from anything that happens of the business.
When marketing your company it pays to have a marketing plan and in this marketing plan you should consider how to get the most bang for your buck and spend as little money is possible but get the most benefit.
When starting your own business you need to make sure that you have all the proper paperwork filed and figured out with the local city, county and state agencies. Generally you can get a copy of all these things from your local Chamber of Commerce or the small business administration, which you can find a phone number in your phonebook.
Starting your own business is not difficult and neither is writing a good business plan; but making money is and the more prepared you are in advance the better your chances are.

Elven · 20-12-07

Hi David,

I'll throw in a couple of points from my own experience...
In fact, Australia is one of the easiest countries in the world to start a business according to a survey published last year in The Age.

One very good idea is to start at least two business accounts: one for business revenues and another for the collected GST. You can settle accounts with the GST every BAS reporting period.

If someone is just starting out in business in Australia, look into your local NEIS (New Enterprise Investment Scheme).
The promised $10,000 grant towards the business is really eye candy. It comes in fortnightly payments that will not support anything other than dole bludgers and scammers. The payments are reduced anytime you earn money.
And $400 a fortnight won't do much. Ignore it.

Attending the classes for the Cert IV in Small Business Administration can be invaluable though.
You'll be given student access to business databases across the country; free legal advice; help filling out forms; and an introduction into bookkeeping and basic accounting as required in Australia.
Access to the business databases alone is worth a few thousand dollars directly, and invaluable when preparing a business plan, marketing strategy, and lining up prospective customers.
It will at least mean you have a clearer idea what you're getting into.

Just one more caveat. The Cert IV does not provide the information necessary to establish a corporation of any type - P/L, LLC, or Inc.

Elven
That Cert IV should come with a stamp that says: "For Personal Use Only" though! It doesn't mean you can become a business consultant.
Financial planning laws tightened up considerably about three years ago. You can be liable for fines and reparations for any advice you give out to others - possibly even a jail sentence of up to 2 years.
However, for someone unfamiliar with the requirements of small businesses - individual owners and partnerships with less than 20 employees - it is invaluable to have all the information at hand.

chocoguy · 26-12-07

I am applying the same rules for my online business, right now. It is good idea to copy the business plan of other entrepreneur. Just be sure to copy those who are successful in their chosen business.

David.Pagotto · 26-12-07

Thats good to hear chocoguy.
And welcome to the forums, Regards Dave

gadgets · 05-02-10

There are also angel investors and venture capitalists, but they can be tough to find. Venture capitalists generally invest in pharmaceutical and technology ventures, and they generally want to bring in their own management team or take an active role in board management.

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Atiq · 01-03-10

Nice ideas. I have liked them a lot but these are not the only tips. There is far much more which has to be considered when starting a new business especially the wholesale or retail business in Europe such as francewholesalers.com and they had consider a lot of things and worked too much before starting a new business.

miladke · 15-03-10

If you want business startup then you have to be really sure with the plans. See the disadvantage s of the business so that you can ready yourself to face some stiff situations like running out of money. You should be able to know the in and out of the business so that you can be sure of the success.

You should reduce the hype that surrounds your business so that the expectations go low and let you work without any added pressure. There is always a certain amount of risk element in any business but you got to be prudent enough to avoid all those risks.

Thanks.

andrew.derwin · 17-03-10

I already have my own successful small business, so I don't need your 'course' (either free or at full price). Plus you are making a mistake trying to find people to test your product by calling them 'guinea pigs' repeatedly.

Barbaragabogrecan · 18-03-10

Andrew is right
I don't feel like copying other's ideas , i believe in leaving my your impression.