Launching your first startup is an exciting but complicated process. With so many things to consider, it can be easy to miss a step or find that something hasn’t turned out quite the way you expected it to. That’s why we’ve put together this list of simple steps to make the process of launching your first startup less complicated.
Decide Where You’re Going To Work From
Startup founders are notorious for just jumping straight in and hitting the ground running. If you’re not the type to meticulously plan everything before getting started, the first thing you’re going to need to do is decide where you’re going to work from.
You’ll need a business address for pretty much any registrations you’ll require as well as any promotional collateral you design. If you’re looking to stay on the budget-friendly side of the spectrum but still want a prestigious address, consider one of the many virtual offices Melbourne has to offer. Not only can you get some great perks (like a receptionist) included with your rental fee, but you can also visit the physical location if you need to meet with important clients.
Solidify Your Business Plan
It’s crucial to lock in a proper business plan for at least the next twelve months. By that point, you should have a good idea what your outgoing costs are, so you can adjust your forecast and budget accordingly. You may also be able to shuffle funds away from costs that are no longer necessary and boost your projections.
Get Marketing
It’s best to start marketing as soon as possible. All you really need is a unique selling point (USP) and some good collateral. Quality content will boost your social media presence, while promotional products are ideal gifts for clients and additions to customer orders. Remember to keep receipts for any funds you spend on advertising as this can be claimed back at tax time.
Find A Good Accountant
Speaking of tax, it’s one of the biggest issues startup founders run into. Unless you’ve been formally trained in accounting, it’s all too easy to come unstuck in the financial department, especially when the tax man is involved.
It’s always a good idea to have an expert on your team, or at the very least, find a tax agent near you who is willing to help you stay on top of BAS, GST, and all the other fun things that come with being a business owner.
Remember That Prevention Is Better Than A Cure
While we’re on the subject of professionals you’ll want in your corner, the value of someone who specialises in small business IT support should never be underestimated. Keeping your data safe is of paramount importance, both for your bottom line and for complying with privacy laws. So, it’s important to ensure that your devices and network are secure and functioning properly.
Take A Leap Of Faith
Finally, it’s time to jump in and make magic happen. Just as there are many startup founders who go in guns blazing, there are others who hide in a corner and plan everything to perfection. Though this sounds prudent, it often leads to them never actually getting started if they’re not given a push.
Consider this your push! You’ll never know if you don’t try, and the only way to know how things will turn out, is to let them play out.
So there you have it, six simple steps for launching your first startup. Good luck, and get to it!
