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9 tips on starting your own business

Get it right the first time! 9 tips on starting your own business and making it a success

Now-a-days more and more mums are deciding to take up the challenge of running their own businesses. There are many reasons why – flexibility, earning money, better lifestyle. But one of the most common reasons is that as mums we want the right to choose and have the flexibility to earn a living whilst still be able to spend quality time with our children. We want to be able to do both and why shouldn’t we?

Coming up with a business idea is usually easy. But how do you turn an idea into a business? There are hundreds of potential business ideas; however many of them do not make great businesses and therefore are not great for making money. This is why a high proportion of businesses fail within the first year.

So how do you start your own business? You need to have the right combination of research, planning, management and help (Mums in Business has been established especially to assist you). If you are thinking it sounds hard, well it doesn’t have to be.

Ok so what does that mean? Mums in Business has put together some key steps to help you start your business and plan for your business success.

1.    Before you start

Before you start setting up your business, consider your personality, skills and circumstances. Do you have the time and skills to start a business, as it isn’t for everyone?. Also at this stage you need to work out who will look after your children whilst you are working. If you think you can run a successful business in-between feed and sleep time you are mistaken. You need to have certain days that you can work on your business.

2.    Research

Research your business idea thoroughly and test the market to ensure there is a need for your product. Keep abreast of what your competitors are doing. Find out about your customers. Who are they? What do they want and why do they purchase from you? This will help you to get more of the right type of customers.

3.    Finances

Work out how you are going to finance your business. Make sure you have funds available or access to funds to cover your set up costs and tide you over for the first few months of business whilst you are trying to make sales, e.g. loans, savings etc.

4.    Complete an easy business plan

This will help you to set out relevant information about your business. Including your idea, the market you are intending to enter, your customers and competitors and help you to identify your strengths and weaknesses. You can establish a set up budget which will list all of the costs you will incur whilst setting up your business. And establish your Goals and Objectives so that you know what you want and need to achieve.

5.    Legal and regulative areas

Once you are ready to start you need to organise the legal and regulative areas of the business. These will include your business name, the business structure, ABN, GST, permits, bank details, insurance etc.

6.    Products

Organise your products so that you have sufficient stock for when you commence operating your business. Here is a great tip, never order too much stock in the early days just in case it doesn’t sell.   

7.    Website

Register a domain name and contact a web designer to set up a website (remember it doesn’t have to cost a fortune for a website so shop around). 

8.    Promotional Material

Organise your promotional material and marketing e.g. logo, brochures, business cards, stationery etc. Put together a Marketing Calendar/Plan so you know how you are going to market your business and then organise your marketing activities.

9.    Other

Physically set up your operation e.g. office equipment, furniture, phone, fax, mobile, stationery etc. You will also need to establish supplier’s contacts and set up your systems including accounting.

Tip: Ensure you have the support network and expert help, which Mums in Business can help you with. Now you are ready to start generating some sales!

A great way to get started with your new business would be to get your free access to the key points to starting a business and planning for your success. You can download it by going to www.mumsinbusiness.net where you can also discover proven, easy-to-apply strategy that mum’s just like YOU are using every day to start & grow profitable businesses!

Alison Basson – Mums in Business

Alison is a business consultant, accountant, keynote speaker, as well as a Mum in Business. Her passion and drive is for helping others to create successful businesses easily – without losing your mind or life in the process.