One of the areas that I like to focus on as a Virtual Assistant is the area of Small Business Startups. I have some personal experience in that area having been a freelance copy editor in the past; and I’ve also studied the subject.
Here is a summary of the important things that a prospective business owner should consider before locking down any of the details of their small business, and certainly they should consider these things before they launch.
Marketing Strategy
Yes this comes first and not after the logistics are settled. Why?, because having a clear idea of your brand and also how you intend to market the business will inform many of the choices that you will go on to make about your business.
Google your business name before you settle on it to make sure that no-one else is already using it.
Look up your business name in the Australian small business registers or the equivalent in your country. (Resources to come, see below.)
Think about brand colours and your logo - what do you want it to look like?
What is the message you want customers to understand from interacting with your business?
Consider SEO when choosing your business name. The single best way to have your business show up in searches is to include search keywords in your business name.
In all things, try the free option first before spending your money. There are websites, apps and software that will help you decide on your brand colours, to design a logo and to formulate your ideas on the best way to market your business. Get in the habit of reading a few marketing blogs. (My next blog post will feature two websites that I feel offer excellent resources for the small biz owner.)
Business Structure
When speaking to a number of law firms recently getting quotes for a client, I found that they all had the same advice for the small business owner starting out.
The single most effective strategy for protecting the business owner from financial liability is to create a company structure for the business, rather than running the business as a sole trader. If you are a sole trader and something goes awry, even if you have a service agreement in place with warranties and an indemnity clause, your assets are still up for grabs should you end up owing people a sum of money.
I was told that you would be better using a contract template from the internet (resources to follow) and spending your money on setting up a company structure, as opposed to spending that money on having a lawyer draft your service agreement.
Of course you should always seek your own legal advice, as I am not a lawyer. This blog is meant only as general advice.
Risk Management
Depending on the type of business you are running, you will need a range of insurances in order to mitigate risk. Accidents can and do happen despite all of our best efforts or intentions, and so when dealing with the public or when providing professional services that may affect someone’s livelihood, you should make sure to cover yourself with the proper insurance.
Whether it be Professional Indemnity insurance or Public Liability insurance, please make sure to get a range of quotes from a number of insurance companies before you launch. The investment is well worth it.
Let me know in the comments if you would like a free tip sheet listing a number of online resources for small business startups. It’s definitely in the pipeline ...
Yorumlar