10 Steps to starting your own business

There are many reasons why people want to start a business – flexibility, earning money, better lifestyle. Coming up with a business idea is usually easy. But how do you turn an idea into a business?

There are hundreds of potential business ideas; however many of them do not make great businesses and therefore are not great for making money.

Being a mum in business can be challenging; trying to juggle the children, the business and the finances, but if you get everything working properly it can also be a lot of FUN and very REWARDING.

It is a well known fact that a high proportion of businesses fail within the first year. With the right research, planning, management and help (Mums in Business has been established especially to assist you) you can have a very successful business.

So before starting a business you should consider your situation and your business idea. Mums in Business has put together some key steps to help you assess your business idea and plan for your business success. To download a more comprehensive free version of theses steps, visit www.mumsinbusiness.net

1. Before you start consider your personality, skills and circumstances. Ask yourself if you are suited to running a business. Also consider who will look after your children.

2. Research your idea thoroughly and test the market to ensure there is a market for your product.

3. Work out how you are going to finance your business, including set up costs and ongoing costs. Then organise your funds, e.g. loans.

4. Define your goals and objectives. By completing a business plan or success plan you will know what you want and need to achieve.

5. Organise legal and regulative areas, e.g. your business name, ABN, GST, permits, bank details, insurance, trademarks and patents.

6. Register a domain name and set up a website.

7. Organise your products so that you have sufficient stock. Tip - never order too much stock in the early days.

8. Organise your promotional material and marketing, e.g. logo, brochures, business cards, stationery, advertising. Complete a Marketing Calendar so you know how you are going to market your business.

9. Organise your operation e.g. office equipment, furniture, phone, fax, mobile, stationery etc.

10. Now you are ready to start generating some sales!



Author Credits:

Alison Basson is founder of Mums in Business. Mums in Business is for any mother, woman or parent looking to either start or grow a business. They provide practical information, expert advice and invaluable support to help run, promote and develop their business. For more information and to download your free copy of this article, simply visit www.mumsinbusiness.net