The Central Coast is a thriving hub for small businesses ranging from Beauticians and Bricklayers to Bankers and Barristers. No matter what your business service is you all start out with the same obstacles. Why tackle these problems alone? Here I will try and offer some tips I have learnt over the years on starting a business and ways to promote your service.

Create a Business Plan

Whether you’re just starting out, need funding or want to monitor the health of your business, creating a business plan is your first step on the path to success. A business plan is a written description of your business’s future. That’s all there is to it, a document that describes what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope or beermat describing your business strategy, you’ve written a plan, or at least the germ of a plan. The most important step before you put pen to paper is to assess your business goals and objective and create a realistic time line.

So what’s included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you’ll use to meet them, potential problems that may confront your business and ways to solve them, the organisational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even.

Many factors comprise an outstanding business plan. However, to create a superb document, it takes time and many revisions. Below are a few of the key mistakes I have come across.

1. Unrealistic financial projections.
Try not to exaggerate your business’s profit earning capacity. When we start a business we all should be enthusiastic and have great faith in the service we provide. However we don’t want to be out of sync with the growth in the industry. It is best to be realistic with your financial projections. That way if you do particularly well it will be a pleasant surprise.

2. Not having a defined target audience.
No business will appeal to “everyone.” You must clearly define your market and you should try to present a clear picture of your potential customers — why will they purchase your product or service?

3. Poor research.
In an effort to get a business plan together hastily, many business can miss key factors. Make sure your research is accurate, up-to-date, and verifiable. Make sure you are totally confident with the plan before you start progressing further. One business website I was involved with developed their plan whilst developing their product. The plan ended up being hacked up along with the site because we were trying to match each to the other.

Other common errors include improvised writing, inconsistencies from section to section, and making the plan too lengthy. It is important to take time to carefully review each section of your business plan.

Naming Your Business

Choosing a name for your business is a creative and enjoyable process. It is also one that you need to get right. Customers will deduce a lot from your business name and first impressions count.

While it may be tempting to try to stamp your individual personality on your business name, there are many other issues to consider. Being objective and choosing a name that reflects your business strategy can be more valuable, especially as your business develops.

Create a Task List

Now you have your business plan and your trading name. The next step is creating the work, you need to come up with a list of tasks you need to complete and give a time line to them. Its very easy to lose track of what needs to be done and get lost in the commotion of starting a business. Write a list and stick to it!

Your task list could include things like:

• Design a logo
• Design a website
• Get an ad in Yellow Pages
• Find an accountant
• Set-up bank account

Design a Logo

The first step to creating a visual identity for your business is designing a logo. A logo is sometimes more memorable than the business name and can greatly increase the impact of the first impression. The logo needs to reflect your business’s product or service. For instance, if you want to portray a classy, prestige image for your business, your logo needs to accurately reflect this.

Build a Website

A website is vital in assisting in the promotion and exposure of your business. For a nominal setup cost you open your shop front to the world. Read more about why you should get a website.

I hope these tips give you an insight into starting a business. If I come across any other useful hints ill add them to this blog. If you have any suggestions please feel free to leave a comment below.