Are you planning for success?

Published on Nov 19, 2018

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Thinking about starting your own business in the Cessnock area?

In the world of start-ups, it can seem like you need to be able to blog about your multi-million-dollar turnover (which you made in your first year) before you can consider yourself a success.

The capacity to innovate or to come up with something fresh and new can seem like the most important part of starting your business, but without a lot of hard work the most innovative idea in the world will struggle to get off the ground and start making you money.

 

The truth is, many more businesses fail than succeed in their first 18 months, and while the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) point out that this volatility allows new ventures to exploit existing gaps, this isn’t necessarily a comforting statistic.

 

Building your business into a long-term venture requires a few key elements such as cash-flow, good record keeping and strategic planning.

 

Possibly the least glamorous but most important aspect of your business is the ‘Business Plan’. It helps you focus your business, provides a basis for securing finance and provides strategic planning to reach your goals.

Business plans:

  1. help you decide if you are you ready to start a business and if you have the skills to run a business including managing finances and building a marketing strategy
  2. help you refine your organisation type and your financial requirements
  3. should include an analysis of trends in your area to determine if your service or product is likely to sell, what your point of difference is, and who your competitors will be
  4. make financial projections and determine funding requirements.

 

Your business plan is not just for you. It is a document investors and banks will expect to see, and it will be used to judge your capacity to run a business. Keep the language formal and don’t make uniformed generalised statements.

 

If you need help filling out your business plan, contact the https://www.huntervalleyhub.com.au for assistance.

 

Once you have created your plan, don’t just file it and never glance at it again. It is a continuing part of your business success and should be referred to and updated over the life of your business.

 

Few businesses make it without hard work and planning. Make the most of your efforts and jump online to find a template and tips at https://www.business.gov.au/info/plan-and-start/develop-your-business-plans/writing-a-business-plan.