6 things to do to make your business idea a reality

Having a great idea can really energise you to open a new business. Many people may think that there is a certain mystique to starting a new business, but in fact there is less magic and a lot more logic to getting your business off the ground.

We have created a comprehensive list of vital actions you will need to do or consider before you start handing out your business card. We have also included some very useful links, lists, templates, articles and tools that you may need. This is the first of the series “What to do with your brilliant idea”.

Research your idea

VITAL

• Do you have a business idea? Do you know who to turn to for advice and support for your new idea?
• Do you know when your hobby transforms into a business?

VERY HELPFUL

• Idea checklist to complete before you start

Form an entity

VITAL

• Choose your business structure (Sole Trader, Partnership, Trust, or Company)
• Create a new name for your business, check the ABN lookup service to make sure it is available
• Register your ABN, GST and business name
• Set up your accounting system and record keeping system such as Xero or MYOB
• Research your tax and legal obligations
• Arrange insurance
• Apply for registrations and Licenses: search the Australian Business License and Information service to find what licenses, permits and other registrations that may apply to your business

VERY HELPFUL

• Define your business objectives
• Visit the ASIC website to register your business name
• You can use the MyBizPlan to help develop your business plan on your tablet
• Open a company bank account
• Going into a partnership, then create a Partnership Agreement

Competitor analysis

VITAL

• After researching for competitors in the market place does the business already exists? If so who are your main competitors?
• Complete a thorough SWOT analysis about your market in relation to your competitors, this may help you uncover your Competitive advantage

VERY HELPFUL

• An emergency management planning template may help
• Get social media savvy and start researching your competitors on facebook, twitter and other social sites
• Look at a succession plan to help you prepare for the day when you leave your business

Economy and finance

VITAL

• Is the current economy suitable to you starting a new business venture
• Can you afford to start your venture?
• Always seek the advice of your accountant before venturing into making any financial decisions.

VERY HELPFUL

• There are plenty of tools to help you judge the economy to see if starting a business is viable. The RBA offer a bundle of resources that may be useful in understanding key economic data.
• The Chartered Accountants Association lists multiple articles such as understanding inflation and franchising information
• You may already have the capital needed to start your own business but if you do not have the capital available, can you raise the capital from your support network, crowd funding or investors? Research funding sites like Pozible, Crowdsourcing or Kickstarter to see if you can use a broad network to raise the finds you may need to start your business

Make a name for yourself

VITAL

• You may want to start as an independent contractor and charge out your services per hour on a project basis or you may set up a home based business
• Write your Business Plans and complete your marketing plans. Business.gov.au offer templates for all SME business owners to help the achieve success in business

VERY HELPFUL

• Research and attend appropriate events, networks and seminars
• Get networking to gain some momentum and potential new customers, try Business Chicks, Business Networking Institute or Opportune

Motivation

Keeping motivated when you are a start up can be hard work. You may start with a bundle of energy to get the business up and running but this may wane over time when your well laid out plans take time to get into motion.

Why not try keeping motivated by signing up to a series of online business coaches such as Marie Forleo and the big guys like Tony Robbins and Richard Branson.

Branson and his team provide an entrepreneur's site to keep you informed and motivated in business. You may even want to try Virgin's "In focus" series for new business owners or those looking to start out as an entrepreneur.