5 things you need to think about when starting a business

5 things you need to think about when starting a business
Photo: Rawpixel, Unsplash

If you’re looking to start a new business, then there are lots of things that you need to think about. As well as coming up with a unique product and brand, you need to find ways to capture the attention of potential customers – and make a profit doing so.

Below, we’ve put together a few of the most essential elements when starting your own business. Read on to learn more.

Marketing

Perhaps one of the most important things to think about when starting a new business is marketing. Unless you’re promoting your products and services and getting eyeballs on your brand, then the chances are that you won’t be successful.

In order to truly break into a market, you need to have a presence on social media, have a well-designed website, and write content that your potential customers will read and want to interact with. You could hire a marketing agency to do the work for you, or you could consider using a freelancer, which is often cheaper.

Finding staff

The next thing to consider when starting your own business is staff. If you’re running an online business, like an ecommerce store or you’re selling software, then the chances are that you will be able to get by on your own.

However, for bricks and mortar businesses, having a member of staff or two that you can depend on will serve you well, and allow you some time to relax and unwind after a busy day in the office. Don’t hire your friends and family – hold interviews and look for the most qualified and reliable member of staff you can find in order to achieve success.

Tax

When you’re in the early days of running your own business, it can be easy to forget about things such as finances. Sure, you’ll be keeping an eye on how much money you’re spending, but if you’re not correctly keeping tabs of your incomings and outgoings, then you might struggle when it comes to paying tax.

Make sure that you’re looking after your accounts, and consider researching into Australian tax brackets so that you can consider the Low and Middle Income Tax Offset and make the most out of your money. Alternatively, you could hire an accountant.

Growth

Now that you’ve started your own company and you’re making some money, you might be thinking about how you can grow your brand and take your business to the next level. Indeed, all entrepreneurs want to make as much money as they possibly can, but it’s important to avoid growing too quickly.

If you’re taking on lots of new customers and you don’t have the time, staff or skills to manage them, then you might be left feeling stressed or, even worse, delivering a poor service to your customers and developing a bad reputation within your niche. Be sensible.

Competition

One final point to consider is competition. You will have no doubt taken the time to research your industry before launching a business, but getting to grips with your competition is about much more than knowing their target audience and address.

Small businesses and startups can become more competitive by taking nods from their successful competitors; if a competitor is writing lots of high-quality content, for example, then you could take their content marketing ideas and expand on them for your own blog. Equally, on social media, you can follow your competitors’ followers in bulk, in hopes that they’ll follow you back and make the switch to your business. Just remember to play fair, and always be on the lookout for your competitors.

Wrapping up

Starting a new business in 2018 isn’t easy. Sure, the internet has made entrepreneurship more accessible than ever before, but it’s essential that you weigh up the pros and cons and ensure you have the right product before you enter the market.

Whether you’re starting a new business as a side hustle to keep you busy, or you’re quitting your job and launching a new company full time, we wish you the best of luck!