It’s always a big decision to step away from an established business to start your own. When you consider the fickle market and the growing cost of living, many individuals might be too gun-shy to throw their hat in the ring. Melbourne might just be the exception to the rule, with thousands of well-known brands thriving and many more on the horizon.
1. Set a budget and stick to it
The most common undoing for any new business is managing funds. As a new business owner, you should not exceed your budget for any reason, and that budget figure should not be plucked out of nowhere, either. Your budget should be a feasible amount to get things started, with the core areas covered and a small amount extra to make decisions as they arise.
Securing solid wholesale providers will continue to pay dividends in your business, allowing you to access the products you need at a reduced price. For example, if you’re opening a gift shop or retail business, stocking your store with cell phone accessories wholesale will increase the volume of stock in your store and drive up purchase averages. Your budget should be something that is spent to bring
2. Location, location, location
Melbourne residents are known to get behind local businesses and champion them over larger, global chains. So on that front, you’re already off to a good start. Choosing where to base your business in Melbourne is tricky, as there are lots of areas to cover and you want to be as accessible as possible to your core audience and customers. If location is not crucial to your business, perhaps if you have an online-first business, then you can seek areas that are more affordable and more equipped to serve businesses like yours.
Choosing location will really come down to a mix of personal and professional preferences. If you intend of having employees, then you may wish to consider proximity to public transport, or having car parking available. Additionally, if your business will see you entertaining clients regularly, then you will want to be close to a range of cafes and restaurants so that you can cater to your clients easily and frequently.
3. Check your licenses and registrations
there are loads of exciting and sexy activities involved in launching a business, but you don’t want to forget about the more administrative duties. Applying for the correct licenses and registrations will give you the flexibility to launch when you want and operate exactly as you intend to. Depending on the nature of your business, these licenses and registrations may need to be reviewed by a government entity and the last thing you want is to be held up with red tape.
If this doesn’t sound like an area you are confident in, there are corporate lawyers and business coaches who can simplify these parameters. When you have your businesses administration sorted out, you can automate future communications with the government or plot them in your calendar so you are prepared with the paperwork and funds to keep your business moving.
4. Start marketing early
You know the unique problem that your business will solve, but how will you get the word out to your customers? Designing an effective marketing strategy is essential to the success of your business, and you will want to start it early. If you can be in a position to have a following and some anticipation around your launch, then you will be able to hit the ground running. When the doors to your business actually open (real or virtual) there will be so many things to contend with that you may not have the time or creative juice to create and execute a marketing plan.
How to do this effectively could easily be its own article, but let’s start with the basics. Use social media as a tool to reach new customers and showcase your products – you can start with organic activity and graduate to paid activity when you find your feet. You also want to understand your niche and target that niche where they are. For example, does your audience read a specific publication or are they more active in dedicated Facebook Groups or Meetups? Find them where they are and communicate your offering to them there.
If you are new to marketing and do not know where to start, there are loads of free courses and tools to get you started. Digital Picnic offer great short and long-form courses and some of them are as affordable as $50. The more you learn about your business the greater understanding you will have over what channels are effective for you.
We hope this article has helped you decide on the viability of your business idea, and how it will fit in with an already bustling business scene in Melbourne. Take a look at some of our culture articles to learn more about how you can get your business in front of the right people.
