Setting up a business and feel overwhelmed by the many tasks you need to accomplish?
New to starting a business and wondering where to even start?
Do you design a logo first? How about coming up with a business plan? Or figuring out the nitty gritting of logistics for your products?
In this article, our experts at Osborne Park Business Centre (OPBC) have come together to put together a checklist that can hopefully provide a useful guide for you to get started.
9 Essential Business Solutions for Any Start-Up
Read on to learn about the key steps any successful entrepreneur needs to complete to build their business empire:
Market Research & Intelligence
The foundation of building any good business is in understanding the market, the potential growth, analyzing your competitors and your target consumers. This is a tedious but essential step if you are planning for success.
Some key areas you will need to research about include:
· Analyzing Industry and Potential Market
· Identifying the Target Audience and Segments’ needs and preferences
· Competitor Products vis a vis your own
· Competitor Branding and Positioning
There is a plethora of tools available out there that can help you with the market research and gathering of intelligence to develop a solid business plan. Alternatively, you can always seek out experienced professionals who can help you achieve this.
Once you have a solid business plan in place, the next step is to actualize it. And the very first step is to incorporate your company.
There are generally 3 common legal structures of businesses:
· Sole Proprietorship – owned by one person
· Partnership – owned by two or more individuals
· Corporation – entity separate from its owners
Which one fits your business needs?
Given that there are various implications (e.g. tax) that are impacted by the legal structure, do make sure you consult a professional for relevant advice.
Licenses and Permits
These can vary from state to state and between industries – so do make sure you do the proper research to make sure you have all the relevant licenses and permits to operate:
· General Business License – to operate a business in the locale
· Zoning Permits – Some businesses may be regulated within certain zones
· Professional licenses – Depending on your business, some might require specific expertise
· Health Permits – Usually for business involved with food or medical services
· Environmental Permits – If your business has potential environmental contaminants you might require these permits
For business operating in the City of Perth, you can reference some of the common health approvals, licenses and permits here.
Registering Company Name, Trademarks & Domain
This step brings you one step closer to having your company come to life in reality:
· Company Name – This identifies the legal entity that owns the business
· Trademark – Used to identify a product or service (for exclusive rights to mark your logo, names, or brands)
· Domain – An internet address for the company
Registering the company is a critical step because you will need it to apply for many other company related products or services going forward.
Private Mailboxes / Virtual Office
In need of a dedicated company address that is not your home address?
This is where private mailboxes or virtual offices come in handy:
· Protects Your Privacy – Use a professional street address that is not your own. But more professional than a generic P.O box
· Central Location - Mail gets delivered faster
· Convenience – No waiting for the postman to receive deliveries and live notification
· Secure – Mail is monitored and not left out in the open
Whether you need a virtual office or physical address for your business needs, we can be of help.
Setting Up Business Bank Account
Depending on your legal structure (see point 2 above), it may be compulsory to have a separate business bank account to operate.
It’s only not mandated if you operate as a sole proprietorship – although many still practice doing so.
1. Decide what type of bank account is required (Business Checking Account, Savings Account or Term Deposit)
2. Decide on a bank
3. Set up your bank account
Branding & Graphic Design
Want to stand out from the rest of the competition?
A professional yet memorable and consistent brand identity will help you do just that!
For new startups and businesses, the OPBC team offers a comprehensive consultation that covers:
· Developing a unique brand and visual identity
· Logo design
· Business cards
· Professional marketing collaterals – from brochures, banners to websites
Whether you are looking for a flyer design, coming up with visuals for your marketing campaign or undergoing a brand overhaul, our team is up for the challenge!
Professional Printing Solutions
When it comes to running a business, printing is part and parcel of day to day operations. From printing business stationery, signages to large format banners, a business can have a wide range of printing needs – which tends to be outsourced.
So how do you find a printing partner that provides good quality prints and reliable service?
At OPBC, we work with small and large corporations for the long-term, offering quality prints that leave a great impression:
· Small Format: Flyers, brochures, business cards, menu printing, booklets, and corporate folders
· Large Format: A-frames, posters, pull-up banners, window vinyl, banner flags and other signages.
Logistics & Shipping Solutions
Shipping and logistics can be a nightmare for the inexperienced or when your sales volumes start growing exponentially.
This is where we can offer our experience in shipping and logistics services. We offer great rates for shipping services domestically and internationally.
Working with DHL, TNT, FedEx, and other reliable shipping partners, we help local businesses ensure their shipping and logistics are smooth sailing and fuss-free!
Want a similar experience? Get in touch with us for a tailored solution.
OPBC – Essential Business Solutions Under One Roof
Looking to kickstart your new business journey and want an experienced guide by your side?
At Osborne Park Business Centre, our team of professionals is ready to serve your business needs with our wide range and comprehensive suite of business solutions.
Give us a call today at +61 (8) 9444 7785 or make an appointment online for a non-obligatory business consultation today!