Talking Cents

Steps you should take before starting your business

When starting your business, you may be overwhelmed by the amount of research and work you have to do. It can be very intimidating for someone with a lack of business expertise and experience. Although you may have an idea, it is not enough to start a business. Creating a business is about making that dream into reality. It takes months to years of planning, as well as the resources to do it. Here at M.A.S Partners, the leading small business accounting firm in Sydney, we work with hundreds of small businesses and have helped them build from the ground up. We understand the steps you should take in order to start your business and have such have provided a checklist for you.

Define your selling point

In order for any business to succeed, they have to differentiate themselves. Differentiation can be done in various different ways. Such as through marketing, product, price, customer service, or even the target segment. If it is for a very niche segment, competition is not have fierce, so it is easier to differentiate yourself. Regardless of what you choose, it is important to have a unique selling point. Try to summarise the selling point in one to two sentences, that you can pitch to either your investors or customers.

Create a business plan

Doing a business plan will improve your idea, as it helps you think about your business from a different point of view. Your idea has to be able to make money, so creating a business plan will help turn it into a reality. This process will expose any potential red flags, and also highlight new opportunities for growth. It provides a concrete step by step plan to help your business move forward.

Register for web domains and trademarks

Every business is moving into a direction of online sales. You will need to create a website- so make sure to check for website domain names and register for them. In addition, it is important that you set up trademarks as well. Nowadays, whenever someone is researching a business, they look for their website first. So, make sure your website is aesthetic and legitimate looking.

Choose your business structure

Depending on your business idea, your business structure may vary. Here, you may need an accountant to help you choose, as there are many advantages and disadvantages to each business structure and is an important step.

Find the right employees

Every small business needs the right team to grow. Hiring the right employees is important, as each one will have different responsibilities, so you can focus on growing your business.

Hire a small business accountant

Often it can be difficult to decide what your business needs. A small business accountant will be able to manage all your bookkeeping needs as well as offer you expert advice on how to develop and start your business. Our small business accountants at M.A.S Partners have experience working with hundreds of different businesses and aim to help every business grow through our advisory. For more information on our small business accounting service, click here.