A new business plan

CLEAR PLAN AHEAD: Before starting your own business make sure you have a sound business plan and have asked yourself the tough questions such as do you have the personality and temperament to be a business owner.

CLEAR PLAN AHEAD: Before starting your own business make sure you have a sound business plan and have asked yourself the tough questions such as do you have the personality and temperament to be a business owner.

Sponsored by Small Business First

Just about everyone has an idea for a business that they want to start. We’re a nation of entrepreneurs, so much so that every year around 20,000 new businesses are registered in Australia. It’s certainly exciting to go out on your own, be your own boss and create something.  

The harsh reality is many people who venture into business ownership do so without a plan or the preparation, funding, and commitment to make it work. As a result, around 60 per cent of businesses close within their first three years. The reasons are many, but generally can be traced back to planning and management.

I get asked all the time for meetings so someone can pitch their business idea to me. The first thing I say is – sure, send me your business plan and then we can discuss it. Most of the time I’ll never hear back from them.

The idea of running a business is romantic, but it’s a serious undertaking that needs a lot of planning. Some sort of business plan is so important because it goes beyond your “great idea” and forces you to think about all the other factors necessary for a business to succeed. Do people want your “great idea”? Who is the market? How will you market to them? How will you be funding the business? What are your revenue forecasts?

A business plan doesn’t have to be concrete; it should evolve and change as you go along your business journey. And it also doesn’t have to be 30 pages long. As long as you’ve got something guiding you, with a long term strategy in mind, then you will be more likely to survive.

Consider also when you have an idea, whether you are ready to be a business owner. Are you the type of person who can commit to this in the long-term, or is it a fleeting idea you’re excited about now but will drop in six months? Do you have the resilience to fight through the stressful times? Do you have the focus to be able to manage staff, manage finances, manage logistics?

Not everyone has the personality to be a good business owner so it’s a question worth considering before launching your own venture.

But if you ask yourself these questions and are still excited, still passionate and rearing to go, then go register that business name!

VEROMO OFFERS FAST REGISTRATION

Veromo offers a fast, streamlined business registration service for small businesses. Use their NameFinder tool to generate an all-in-one business name search report and a snapshot of whether your ideal business name, the matching domain and relevant  social media profiles are available. Their OnceForm combines all business registrations into one smart form to have you in business in 30 minutes. 

Veromo have joined forces with Small Business First to offer members 15 per cent off their next venture. Joining Small Business First is free and includes other exclusive deals to help you save money.  

Small Business First and Fairfax Media may earn a commission on deals through smallbusinessfirst.com.au. Readers should shop around for the best deal to suit their needs. Pinstripe Media, David Koch's family business, is a founder of Small Business First.

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