A Guide to Setting Up a Small Business on a Shoestring Budget

A Guide to Setting Up a Small Business on a Shoestring Budget

Some would tell you that the days of shoestring budget business startups are long gone, yet we think there has never been a better time to launch a small enterprise. Of course, business is all about supply and demand; if you think you have a product/service that is in demand, the next step is to crunch the numbers and see what kind of margins there are.

The Business Plan

Whether printing in Melbourne or a chic Sydney coffee shop, you need to create a comprehensive business plan that covers every aspect of the venture. A good business plan answers all the questions a potential investor might have, with sections on the following;

  • Startup costs
  • Running costs
  • Capital
  • Tangible assets
  • Sales & marketing
  • Core concept – values & mission statement
  • Organisation flowchart
  • Human resources
  • 5-year forecasts

When you think your business plan is done, hand it to a business guru and see what they have to say; if you get a thumbs-up, you are good to go.

Develop a digital marketing plan

Identify your target groups and find effective digital platforms to get your message out there. Hire a leading SEO agency and let the experts create a plan that delivers the desired results; they use state-of-the-art analytics software to monitor marketing campaigns in real-time.

Register with the Australian government

You need to obtain an ABN, which can be done online; whether you are forming a sole trader, a partnership or a limited company, visit the government’s business web page and follow the instructions.

Cost-cutting strategies

If you have a limited budget, you can use a virtual business address that puts you in Sydney CBD, which is not only affordable, it also projects a professional image, which is important in business. Outsource what you can’t handle and make sure you have enough funds to see you through those critical first few months. Too many small businesses fall at the first hurdle due to lack of funds; a smart entrepreneur always has access to emergency money.

Creating a strong online footprint

Everything is online these days; is there an adult in the Western world that doesn’t own a smartphone? Social media exploded onto the scene a few years ago and millions of consumers rely on Google to find the best deals; search engine optimisation is one service you need if you want to drive traffic to your site.

Set realistic goals

This is an essential step that enables you to drive the organisation forward; if you don’t know where you are on a map, it is of no use to you. Quarterly goals lead to annual goals and use the right metrics to measure performance; keeping all employees motivated while creating a customer-focused culture will help with customer retention.

The road to success is indeed long and full of obstacles that must be overcome; with determination, dedication and some good fortune, your venture will enjoy steady growth and become an integral part of your local community.