Whilst there are many perks of starting up your own company in Australia, it’s no secret that it’s hard work. Did you know that 90% of businesses fail within the first year of business? Unfortunately, this percentage increases further in the second year. We don’t want this to be you! So, we have combined our knowledge and experience from starting up our own company and from working with Adelaide local businesses. In this blog we’ve got a list of steps for Entrepreneur’s like yourself, to give you the best shot at success!
Research
Maybe it sounds obvious or not so exciting but research is a crucial first step when starting up a business. From industry analysis, competitor analysis to market trends it’s important to have an understanding of what you are up against and the external environment you are about to enter.
Some research into starting up a company will also help with giving you a clearer idea about the start up process. If you are considering some business names you can research which ones are available or what has already been registered. This way you can come up with a truly unique name to differentiate you from competitors. Check if your business name is available at this link: https://abr.business.gov.au/
Set up
After doing the appropriate research, it’s time to start setting up your business! One of the first steps involved is securing your business name. You will need to register your business name on the ASIC website. See here for a step-by-step process to registering your business name. https://asic.gov.au/for-business/registering-a-business-name/
To get your online website up and running you will first need to purchase your domain. It’s recommended for Australian businesses to purchase a ‘. com.au’ domain as it is trusted amongst Australians. The domain registration website has all the info you need complete with a pricing list for each domain, check it out here. https://www.domainregistration.com.au/
Securing a domain is important, we all saw what happened to Scott Morrison when his website name became available for just a couple of hours…
As well as registering your domain, it’s important to attain a Secure Sockets Layer (SSL) certificate. This creates a secure connection between a client and the server you are using. Why is this important? This ensures that customers information i.e. credit card details will be kept confidential and safe. Link to website???
Lastly, create professional emails and e-signatures. It’s important to set your email account up so that is uses your own domain. This makes your business look professional and is easy for customers to remember. i.e. hello@business.com.au. Don’t forget to use your business logo in your email signature. Also leave further contact information and your role in the company so people know who they are dealing with.
Your Business Development Plan
The next step in starting up your company is to create a business development plan. This requires you to start thinking about a range of aspects relating to your business. These include:
- Who is your target audience?
- Who is your business intended for? What is the breakdown of your audience?
- How will you reach your target audience?
- What are their reasons for choosing your company? What are your reasons to believe?
- What will be your customer retention strategy?
- Consider the customer’s experience. When and how will the customer engage with your business? How can you optimise the customer experience? Think about the customer’s journey from start to finish.
This might sound like a lot to take in, not to worry! When it comes to planning and developing your business there is a tonne of resources online you can take advantage of. If you haven’t already, download this template for the business SA website and start developing your plan. https://business.sa.gov.au/start-your-business/Tools-and-templates/Preparing-your-business-plan.
Branding
Lastly, one of perhaps the most important ways to separate your company from its competitors is branding and awareness. So what should you do to brand your business?
The fundamental step in branding your business is creating a logo that represents your service/product, is in line with your brand and will differentiate you from the rest. This is an important step to get right. For a professional looking logo we would recommend the help of a graphic designer. At EWS we have a team of experienced graphic designers who can work with you to create a logo you love, see our packages here and our portfolio here.
Secondly, consider the content you are going to put onto your website. It is crucial in the new digital era to have a website with quality content and content that will enhance your Search Engine Optimisation (SEO). Organically enhancing your SEO where possible is always better than having to buy SEO. Here are our top 3 tips to optimise your organic SEO’s:
- Keyword Research
- Understand your competition
- Plan your site with an understanding of what consumers want and what keywords they would use to find it.
Don’t underestimate the power of business cards. These are a great introduction when networking. Presenting someone with a business card will help your business be perceived as legitimate and professional. Handing someone your business card is a personal approach. Plus today with everything being so heavily digitalised this can be a great way to set you apart. It’s important your business card is professional and further reflects your brand.
Social Media, a new method of marketing that can provide immense potential for your business. The possibilities of what you can do for your business on social media are endless. It’s a great way to build a community and establish a brand voice that connects with people and makes your business come to life. It’s important when using social media for your business to know your purpose and make sure each post is aligned with your brand. Each post should have a purpose and be adding some kind of value to your brand. Consider what you hope to achieve and how you want your business to be perceived on social media before you start.
Lastly, it’s so important for optimal brand awareness in this digital age to ensure you have set up your online presence. What does this mean? Make sure your business is registered on Google Maps and Google Business. Ensuring you feature in the White Pages or websites such as Yelp. All of this will increase your exposure and making it easy for you to find online.
~ Isabel Lokan