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Top 10 Tips for Business Planning

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This information is brought to you by business.gov.au

The Small Business Support Line has put together their tips for business planning success.

Here are their top 10 tips:

1. Is this a great idea?
Research as many aspects of your business as you can before you start it – for example; is there a market for your product/service? Who are your competitors? Do you have the financial capacity to start a business?

2. Have 20/20 vision
Your vision statement, included in your business plan, should be a solid basis for all your business activities.

3. What’s in a name?
A good business name not only identifies you to your customers, but has the potential to make you stand out from your competitors.

4. Licence and registration please
Don’t get caught out by not having the right licences and permits for your business activities.

5. Own your product rights
Do you have a great business name? Or perhaps a unique design or patent? Protect your intellectual property (IP) rights by registering for the right IP.

6. Assurance by insurance
Businesses deal with risk on a daily basis. Insurance is vital to guard you against events that may not be within your control.

7. Advertising on the cheap
There are many ways to market your business, regardless of your financial budget. Ensure that your advertising efforts are rewarded by doing research on your market.

8. Tax tips for small business
New to business and tax? The Australian Taxation Office External link (ATO) has a guide to help educate you on your taxation obligations.

9. Social media is the new black
With the rise of technology in the workplace, having an online presence is becoming more and more important. The Digital Business External link website has information on creating a social media profile for your business.

10. Seek help when you need it
Running a small business can sometimes make you feel isolated. Find your nearest advisor using the Advisor Finder tool.

Plan for your success. Download our free business planning tablet app, MyBizPlan, available for Android™ and iPad.

Use our Business plan template and guides to help you create your business plan.

Need to go back to basics? Our Starting a business How-to guide has you covered.

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