Starting a business is simultaneously one of the most exciting, and one of the scariest, things you could possibly do. The freedom that comes from being your own boss paired with the stress of being entirely responsible for every part of the show creates an intoxicating mix, but it can all be a bit much if you’re not properly prepared. That’s why we’ve put together this list of valuable tips for starting a business in Australia so you can get off on the right foot.
You Don’t Necessarily Need An Office Upfront
When starting a business, one of the major sticking points new entrepreneurs run into issues with is renting office space. It’s a large cost and can put many off from even getting started. The good news is, in many cases, having a full office setup isn’t necessary. There’s nothing wrong with working from the spare room at home in the early days.
If you need a professional address, simply select one of the best serviced offices in Melbourne. Aside from giving you a fancy address to list on your business cards, this also allows you to hold meetings with staff and possible business partners in a classy setting, without the massive outlay a CBD office would require.
Get A Mentor
Even the most skilled and successful individuals need guidance, so it’s important to find a mentor when you’re first starting out. They’ll be able to help you when you run into issues, introduce you to people who will be valuable for your network, and motivate you when you’re feeling stuck. Just don’t go for any of the fake gurus selling “success” courses online, and make sure you also have something to bring to the table so that everyone wins.
Spend Your Advertising Dollars Wisely
In the digital sphere, copy is king. SEO provides the best long-term ROI by a landslide, but when you’re looking for a quick win, you’re going to need an advertising budget. Before you go handing out your hard-earned dollars to every platform under the sun, spend some time researching what type of advertisements work best for businesses like yours, and build your strategy from there.
Get Free Marketing
Word of mouth is another highly regarded type of marketing as consumers are more likely to trust a brand or product when it comes recommended by someone they know. Online reviews are great for this type of promotion, but you can also capitalise on your customers’ love for your brand in the real world.
The simplest way to do this, apart from ensuring that your products are easily recognisable, is to send out useful, relevant, promotional products along with customers’ orders. You’ll get free advertising to their friends and family when they use the product, and it will gradually help build brand loyalty.
Foster An Inclusive Environment
Finally, when it comes time to have a team, ensure that you’re creating an inclusive workplace. Not only is this required by law in many places, it’s also great for your employees’ sense of safety and wellbeing. Workplace diversity and inclusivity tend to foster greater productivity and a better experience for everyone – including yourself.
The first step is often the hardest, and that’s particularly true when it comes to starting a business. Aside from following these tips, the best thing you can do is get your ducks in a row and just go for it. If it takes off, you’ve got an incredible ride ahead, and if not, you’ll have gained valuable experience to use for your next venture. Good luck.