5 tips for startup creation in 2019

In 2019, one of the biggest moves for the working world is the number of people who are making the move to working for themselves. Never before has the entrepreneurial spirit been so high. In fact, as much as 17% of the population declared as self-employed in 2017 and there are 2,065,523 small businesses (employing 20 people or less) in Australia; making up about 90% of businesses employing people. So, as you can see, the entrepreneurial landscape is the bread and butter of the Australian economy as it currently stands. 

Obviously, this means that more and more people are looking to set up their own business. Doing so can be quite a task, but there are plenty of guides and resources which can help you do so. For example, there are a number of government resources which may help you on your startup journey. Otherwise, the following tips may be of use to you: 

1 – Develop a Plan 

A business plan should be at the heart of your startup venture. This gives an in-depth look into your product/service, your competition, as well as your projected growth, sales and marketing tactics for the initial growth of your startup. A business plan can differ widely based on your startup and what you want to achieve; but, the mechanics are always the same. So find a good guide and get typing. 

2 – Create a Realistic Pricing Structure 

One of the biggest mistakes you can make as a new startup is overselling yourself. It’s something which, time and time again, can really work to stop a new startup in its tracks. Overpricing your products or services and, worse, underpricing it are two of the biggest sins for a startup. However, getting the balance just right can also be a tightrope balancing act. 

To accurately price a product you need to assess numerous factors; market comparisons, your costs for producing the product, how much you will need to break even vs. make a profit, and even your labour costs needed to produce the product. Ultimately, every product or service has very different costs factors involved. So you need to assess yours on a case by case basis in order to be sure.

3 – Do Appropriate Customer Research 

Customer research is at the heart of starting a business. As without knowing your customer, it becomes much harder to effectively create a product or business structure which suits their needs. It can help you to ultimately build stronger business relationships and create an experience which your customers are likely to remember. 

Data isn’t everything, but it can help you find your feet as a startup. So use it to guide you in your first steps! 

4 – Look Towards Expansion 

Eventually, growing your business will become a factor for your consideration. But it’s important to think about this from the start of your business and not once it’s already past necessary. And, obviously, you need to be careful not to expand too far, too fast. This is why thinking about this ahead of time, even before the expansion is an option is important, as it can dictate how you deal with the issue.

Slow and steady expansion is obviously the key. But, make sure you are choosing options which allow you to grow. For example, don’t choose a massive office with designer bar stools and contemporary furniture which will indebt you to run from day one. Instead, choose an office which is slightly bigger than you need. This way, your expansion won’t be hindered and you won’t have to change offices every two seconds to compensate (which would be an expensive enterprise all said and done). 

5 –  Register Your Business & Apply for Taxes

One of the most important things that you shouldn’t forget when it comes to business creation is ensuring you legally register the business and ensure you are set up to pay taxes. Legally, this is a necessity and you could definitely end up with hefty fines and large back payments to make if you fail to do this. So, make sure it is high on your agenda as a new business. 

Overall, setting up your new business can be quite a stressful period in your life. Following the appropriate path, keeping your plan in place and knowing what you want to achieve from everything is vital to keep moving forward. As, without doing so, you may quickly find your business straying from what needs to be done.