Hi! Marcellus here. First of all I’d like to say a BIG thank you for dropping by my site. No doubt you found this page because you are setting up a business and need some guidance. Maybe one of our many partner employment agencies sent you here to get some inspiration. Either way, you’ve come to the right place.
I don’t profess to know everything about business planning, but I do have a good track record of business success and failures. I believe both are valuable because they give a balanced perspective and help with making wise choices. From every business failure I’ve ever had, I’ve learned something incredibly valuable. These gems of truth then helped me in establishing successful businesses afterwards. I never made the same mistake twice!
Amongst my many prized businesses is our flagship marketing agency. I’ll tell you more about that in the near future. For now though, let’s talk about you and what you need.
For starters, I can assume that you have an idea for a business at least. One of the biggest hurdles is finance needless to say. But don’t overlook other key areas of establishing a successful business. Ask yourself the following questions:
- Is my business idea a new concept, or is there already competition?
- Have I done a feasibility analysis on my market to see if my product or service will generate revenue?
- Do I have enough funding to get me through the first 2 years without profit?
- Do I have another source of income in case this new business takes longer than expected to take off?
- Do I have the correct licenses and insurances required by law?
- Will my product or service be solid, or could it result in refund/replace requests?
- Can I guarantee the quality of my products and services?
- Do I have a proper book keeping system setup?
These are just a few questions. You can get some more ideas by looking at the Australian government website here. With regards to the first point, many people make a mistake here. They feel that having no competition is a good thing. Actually in most cases it isn’t. Having a unique selling point is good – but competition is necessary as it shows that there is a market to sell to.
Having no market or competition means that you will have to spend considerable time and money educating the market on why they should buy your product or service. It can take years to accomplish this. There are many good ideas around, but when it comes to spending money many people just do what they want. Many people are stubborn too, so getting them to open their mind to a new concept is extremely difficult. So it is important to do your market research properly before you do anything else.
The other questions are pretty self explanatory. Stay tuned for many more great articles which I’ll post here. If you have any questions about building a business, please feel free to contact me via my contact page. In the meantime, watch this video on how to start a business with no money!