Starting A New Business In 2023?
The coming new year of 2023 may bring you a fresh start regarding your business adventures. You may even be looking to start your next adventure on your terms.
Why not make the coming year your year to start a business?
Understandably, you may have concerns and trepidation about the process (particularly amidst current economic uncertainty). However, a good start to a business should consider strategising, planning and development.
Starting a successful business requires three things:
- A good idea,
- The right amount of capital you’ll need, and
However, with the challenges many businesses faced over the last few years, particularly those who were finding their feet and starting up, having just those three things to face in 2023’s business environment might be a little daunting.
That’s why having a strategy in place for your business and a plan for its path in the future is of paramount importance.
Think Through Every Element Of Your Startup (From Top To Bottom)
Having an idea for your business is a great starting point, but articulating that idea to your investors with a solid foundation behind it is even more critical.
Think about the questions that your investors might ask you about critical elements of your business, including your target audience, the competition in the field, your company’s goals and your potential marketing strategies, as well as potential questions investors might ask you about each of those aspects of your business.
Having solid answers in place will give your investors (and you) a better picture of the idea and your potential as a business innovator.
Draft A Business Plan
Having a physical business plan that includes all the elements you brought forward to your investors or partners will help you as you move forward on your business trajectory, but it also gives a map of your business goals.
Creating a business plan should be easy as it simply puts in writing what you have already discussed ahead of time with your investors.
You may also be able to speak with us about creating business plans at the beginning of your business and throughout your business’s lifetime.
Put Your Money Into The Resources You Need (Not The Ones You Want)
It might be tempting to shell out for the best and the flashiest equipment that your business could have a use for all at once, but it’s best to plan out your expenses. Determine your needs upfront and invest in them. Are you planning to have a physical space for your business, or can operations be conducted remotely? Putting the extra money into the critical resources and equipment that your business needs at the start may help you to produce a quality product and earmark your business
Don’t Skimp On The Marketing
Marketing is one of the most important business growth strategies but is often neglected or overlooked by new businesses. Use social media, create a website, set up a blog or create email campaigns to bring awareness to your business.
Hire An Accountant
An accountant is specially trained to manage your finances and keep them in good order.
While you might be able to keep track of your finances in the early stages of the business’s growth, we’re equipped to help when things start to pick up speed.
Start a conversation to find out how we can help your business today.
Thank you for reading!
Should you have any queries in regards to the above please contact our office on (03) 9728 1448
The TAS Team
3/653 Mountain Highway, Bayswater VIC 3153
Dorothea Farmakis (CPA)
Dorothea, our CPA Qualified Accountant (Registered Tax Agent), has over 25 years experience within international corporate firms in Accountancy, Funds Management and Asset Management for firms such as HSBC, P&O, Lend Lease and more.
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