Starting an Australian Business in 10 Days
Didn't think it was possible to start an Australian business in 10 days? This article will show you how you can start and run a business in 10 days.
Starting a business and making it successful within weeks isn’t for everyone. But with the right framework, it is more than possible. In fact, we’ve managed to lay out everything an Australian business will need to do across ten ultra-productive days.
Day 1. Develop Your Business Plan and Structure
The first step is to determine who is involved in your business, what their role is and what percentage of the business they own. Forget writing it on the back of a napkin – if you’re going into business with someone else, it’s best to use a co-founder agreement to ensure everything is laid out from the beginning.
A business plan is essential for any startup searching for the fast route to scalability. It also serves as a great reminder for why you are unique, and how you’re going to be successful.
Day 2. Mega Market Research
You need to be able to understand the competitive landscape you’re entering from the very beginning – this will allow to determine how your business compares to alternatives, who your customers are and what to expect from a licensing / regulations perspective.
Speak to your target market where possible, determine what their pain points are and what they’d expect from your business. If you don’t have this luxury it’s important not to get bogged down – seek assistance from an advisor, such as a former or a professional advisor.
Day 3.Mark Your Territory
To create instant legitimacy, it’s vital to establish a brand name, a professional logo and a voice as early as possible. Services such as Designcrowd can be used to get a logo concept looking professional, and the sooner you have a logo established the sooner you can start pushing marketing collateral, business cards and web assets.
To solidify your brand it’s a good idea at this stage to claim your brand across social media and any other areas you could see it being of use down the track. The last thing you want to be doing is buying an account name off somebody for a free service!
Day 4. Address the Formalities
Day 5. Establish your MVP (Minimum Viable Product)
Hit the ground running with your prototype and begin learning. Determine what your customers are interacting with the most and what they aren’t understanding / enjoying about your business. A transparent feedback loop will help you determine the direction to take your business, and what resources you will need to get your there.
It’s important not to commit too much to tech solutions while you’re still fine-tuning your business model. Technology upgrades become expensive in no time, so it’s vital to ensure you’re investing the right areas.
Day 6. Open for Business
Sales are vital from the beginning, even when you don’t have an established platform. To save costs, start your marketing efforts through networking wherever possible. Talking to like-minded people at meetups, conferences and on forums will help you initiate sales discussions early on, and help you to continue gathering feedback about your model.
Extend these thoughts across any personal networks, including friends and co-workers to drive early sales and gauge interest.
Day 7. Media Outreach
Establishing media relations is crucial to generate initial hype and revenue. Media outreaches from business owners is often met with considerable interest from reporters, especially if you can tie your business into something newsworthy and/or topical.
Target a select group of publications, prepare a brief pitch and keep on top of the relationships to reap the benefits of publicity.
Day 8. Become a Pro
Coming across as professional is key for success, regardless of how modest your beginnings are. The more established you come across, the more confidence you’ll give to your consumers and internal team.
It’s a good idea to set up a company phone number and a range of support emails (even if they all funnel back to you) to evoke professionalism from day one of trading. If you’re selling online, a live chat system is a great way of connecting directly with your consumers to offer your support.
Day 9. Be in Everything, Within Reason
The majority of success stories result from entrepreneurs initially working in and on their businesses concurrently. This way you are able to offer great service, establish a feedback loop and determine where the best new customers for your business are.
When the workload becomes too much of a burden it’s time to consider hiring in areas of execution, such as product development, customer service and marketing.
Day 10. Celebrate Your Success!
With everything now in place for your great new business, it’s time to invite your network of connections, friends, family and customers to an opening celebration. This will help you create hype and signal your intent within your community.
An opening event is a great opportunity to seek feedback from customers and your network, and you’ll most likely leave the party with plenty of ideas to keep you busy.
Dominic is the CEO of Lawpath, dedicating his days to making legal easier, faster and more accessible to businesses. Dominic is a recognised thought-leader in Australian legal disruption, and was recognised as a winner of the 2015 Australian Legal Innovation Index.