Quantcast
Published On: Mon, May 21st, 2018

The Entrepreneur’s Checklist for a Startup

You’ve had a eureka moment and that was followed by a lot of research until you realise that this business concept was actually doable, and armed with tons of motivation and determination, you are ready to take on the world. Like any other organisation, a business must be structured correctly, and if you are planning to launch a new enterprise, here is a an entrepreneur’s checklist to ensure you don’t overlook anything.

photo/ Gerd Altmann

  • Capital – You must have sufficient funds to not only set the business up, but also to keep you afloat for at least 6 months. A startup costing would reveal the figure you need to launch, (add 15-20% for good measure), and by calculating your expected running costs, you can come up with another figure, which is to support the business during the first few months. If you don’t have access to this total, you are taking a big risk. Suppliers are very reluctant to give a new business credit, so you’ll have to pay for all the materials and services you need, which is the reason why a majority of small businesses fail to make it through the first year. There are online business loan providers who will tailor the loan to suit your needs, and the reason why this is at the top of the list is because without adequate finance, you should not proceed any further.

 

 

  • Security – Whether a retail outlet or a warehouse, security is absolutely essential, and with an online search, you can talk to suppliers of business security systems, who would likely recommend a few video surveillance cameras, which is the most cost effective way to protect a property. If you plan to store valuable goods, your insurance policy would likely stipulate the need for adequate security, and the majority of startups would opt for CCTV, as it is affordable and effective.

 

 

 

  • Marketing – You might have a wonderful product range at very reasonable prices, but it’s your marketing strategy that will determine your degree of success. Any new business owner should spend a great deal of time on their business plan, which would include a detailed breakdown of their marketing strategy, and with a digital marketing partner in your corner, your online presence will be gradually built to provide you with regular orders. You should never under estimate the importance of marketing, as this article rightly points out.

 

 

 

  • Suppliers – All of your business needs must be sourced, whether it be raw materials or finished products, and by forging alliances with your selected providers, you can be sure they will support you as your business grows. When looking at potential suppliers, make sure they have the resources to process high volumes, as it makes little sense to create a winning formula, only for the supply to be insufficient.

 

 

 

  • Insurance – All Australian businesses must take out public liability insurance (PLI) which covers your business for any injury to a member of the public or damage caused to property, and if you have employees, you will also need Employer’s Liability insurance, which is often coupled with the PLI policy. Any good entrepreneur will do what they can to minimise the risks, and with a tailored policy that includes fire and theft cover, your business is protected.

 

Aside from all of the above, you will also need a large dose of determination and a “can do” attitude, as there will be many obstacles, but the true entrepreneur sees a problem as an opportunity, and with lots of hard work and dedication, your company will succeed.

Author: Sophie Fenns

On the DISPATCH: Headlines  Local  Opinion

Subscribe to Weekly Newsletter

* indicates required
/ ( mm / dd ) [ALL INFO CONFIDENTIAL]

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

like_us_on_facebook

 

The Global Dispatch Facebook page- click here

Movie News Facebook page - click here

Television News Facebook page - click here

Weird News Facebook page - click here 

DISPATCH RADIO

dispatch_radio

THE BRANDON JONES SHOW

brandon_jones_show-logo

Archives