Top 10 tips for business planning

Thursday 28 March 2013

• Is this a great idea?Research as many aspects of your business as you can before you start it - for example; is there a market for your product/service? Who are your competitors? Do you have the financial capacity to start a business?
• Have 20/20 vision - your vision statement, included in your business plan, should be a solid basis for all your business activities
• What's in a name? A good business name not only identifies you to your customers, but has the potential to make you stand out from your competitors
• Licence and registration please - don't get caught out by not having the right licences and permits for your business activities
• Own your product rights - do you have a great business name? Or perhaps a unique design or patent? Protect your intellectual property (IP) rights by registering for the right IP
• Assurance by insurance - businesses deal with risk on a daily basis. Insurance is vital to guard you against events that may not be within your control
• Advertising on the cheap - there are many ways to market your business, regardless of your financial budget. Ensure that your advertising efforts are rewarded by doing research on your market
• Tax tips for small business - new to business and tax? The Australian Taxation Office (ATO) has a guide to help educate you on your taxation obligations
• Social media is the new black - with the rise of technology in the workplace, having an online presence is becoming more and more important. The Digital Business website has information on creating a social media profile for your business
• Seek help when you need it - running a small business can sometimes make you feel isolated. Find your nearest advisor using the Advisor Finder tool.