Below is a 10 point check list for
a new business start up
1. Define your DPP (Desire, Passion & Purpose)
Follow your Desire,
Passion and Purpose. To do what you love is an important factor for
starting a business. It is very important that you thoroughly enjoy what you
do. SO define your dream and passion and find the real purpose as to why you want
to start your own business.
2. Don't leave your day job: You are transitioning.
From working with clients we encourage you to start your business when
you are still working as you still need funding to build your business from
scratch. When you start a business you need to buy some essential equipment etc,
and your business will take some time before you can actually make a profit. Working
full time when starting your business means there is regular income to
support and fund your business. Once your business is growing and well
established then you can make the decision to leave your full time job and
transition to your business full time.
3. Seek Support from Family or Friends
When you are starting a new business you don't have to do it alone. Get
support from your partner, family or friends. Know your stakeholders
and align
them with you and your business. A family member or friend will encourage
and support you during your new journey and their support will be
particularly important at the start of the business.
4. Leads Generation
You need to be proactive and get your clients on board before you start your
business and don’t wait until you have a business and start looking for clients!
Taking this proactive approach will generate income the minute you open the
door to your business. No Customer = No Business.
5. Write an actionable business plan
A good actionable business plan will lead you forward to success. It
will give you a clear direction where you want to be in your business. Know
your Vision,
Mission and the culture you want to have in your business. Set business
goals with time frames on the following areas:
6. Do research
You will be doing a lot of research throughout your business plan and you
will not stop researching. Every business owner needs to allocate time for
this. You need to know what the latest news is in your industry and gain
information on how to grow and develop new products for your business.
7. Get professional help
Don't be shy to ask or get help from experts. Sometimes investing money
on these experts such as an accountant, solicitor and business coach could save
you money and time and just because you run a small business, does not mean you
have to be an expert in every field. The bravest thing you can do is to admit
that you don’t know what to do it and you need help. In fact you will
waste more time and money if you try to do it yourself if you do not have the
qualifications or the skills to even do those tasks.
8. Cash Flow
When you start a new business, spend less and only buy things that are
essential to your business start up. You'll be surprised at how much you will
spend. So, control your budget by having a start up budget planner to keep
track of your spending. Just remember this scenario, when you start a new
business you are digging a hole into your savings as you are spending money on
the business and the hole will get deeper if your are overspending. That is the
reason why you need to get clients on board before you start the business so
you can have the income to fill the hole that you have been digging. Your
goal is to make sure you can fill the hole as soon as you can. If the hole
is filled and levelled this means you are breaking even and if you are
well on track and the hole is overflowing, then that is the best news ever, you
are finally making a profit.
9. Branding yourself & your business
If you are new, how you
present yourself and how you're perceived is going to be critical factor in your success. Your brand is literally your essence. It builds on who you are and what you stand for. Make sure everything you do is consistent from your business logo, business cards to your website. So understand your personal and business branding.
10. Legal Stuff
Get the business legal stuff sorted at the beginning to avoid any future
complications. Pay attention to the following areas:
- Your
business structure
- Business registration
- Business insurance
- Business
tax like GST
- Your
IP (Intellectual Property) protection
These 10 check points will be a great start for your new business
start up. We hope you can implement them in your business and remember
always, ask for help from your peers and don’t be afraid to hire professionals
to help.
Want to learn more about how to start your own business of the dream the ArtSHINE way?
It’s as simple as 1... 2... 3...
2: Come along to the next “Goal Setting” workshop. E-mail Quantum Compass
day session near you.
3: Contact Vinh for a no cost, no obligation coaching session.
1 comment:
Thanks for the update We hope we can implement them in our business.
Thanks for sharing
Flo
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