Getting your business started:

Have a great business idea but not sure on how to tackle setting it up? No worries. At Atlas + Oak we love supporting clients with their business set up, and have made a handy checklist of some of the things to work through to ensure you get off to the best start:

1. Refine your product and/or service. Sounds simple doesn’t it? But the more you can refine and easily articulate WHAT you are going to sell, the easier it will be to share and expand on that with others. The businesses that are the most successful are able to easily explain how their product and/or service add’s value, to another business or individual. What are you helping with?

2. Decide how you will price your product and/or service. To have a commercially successful business, you will need to be able to sell that product/service at a price that makes a margin. Prices are dictated by what another person or business is willing to pay for it, and the more value they can see in your product/service, the more they are usually willing to pay.

3. Create a simple budget. In the early stages, you can keep your analysis simple. You will need to consider what costs to expect, what capital you might need to get it off the ground, and then, depending on your pricing, how many sales you would need to break-even (cover your costs), or make a profit.

4. Get clear on who your target customers would be. Trying to sell to everyone is often a bad strategy. This is a good time to have a clear plan on who you will try and sell to. Is your product/service something that will bring in recurring sales, or are they one off’s.

5. Write down a plan. If you have been through the above steps and believe you still have a great business idea, now is a good time to start creating a business plan. Start to flesh out more of the details on how your business will operate, what will be required, and what your goals are for the business.

6. Consider how to structure your operations. If you are simply going to contract out your services, being a self-emploiyed contractor might suffice. If you are looking at creating a larger business with the possibility of having employees, a limited liability company will likely do the trick. If you have never done this before, it’s a good idea to reach out to an accountant for help and support.

7. Find an accountant. Accountants deal with businesses every day and have a wealth of information on how to best set one up. From ensuring you have the right Directors and Shareholdings in place, to making sure you register for the right tax types, there are a few things you want to ensure you set up well from the beginning, as its usually a lot harder to changes things down the track.

8. Technology and systems set up. Now-a-days, there is so many program’s and software that can support you with the running of a business - so its good to research these ahead of time to ensure you have everything you need when you hit go.

9. Plant and equipment. Plant and equipment are usually more expensive items that your business will need to operate, such as a computer or vehicle. Hopefully in your planning stages you made a list of what you think you will need to get started, and how you will finance these.

10. Consider insurance. Depending on your business needs, you might need insurance cover straight away, so its a good time to consider what this looks like and reach out to a broker for advice.

11. Website and marketing set up. It could be that you are able to do some or part of your website and marketing set up, or it could be that you are happy to outsource this to the professionals. Having clear messaging on WHY your customers need you could be the make or break of your business.

Although not all businesses complete every step on the checklist, we do recommend you consider as many as possible. Considering and planning these now, can save you a lot of time and money in the long run. We see it as an investment worth making!

Need someone to talk to? What not reach out to us for a no-obligations chat today!