Starting a Business in 2020 – Tips and Tricks

Starting a Business At Lavon

Starting a Business in 2020

Starting a business in 2020 might seem like a daunting task, but instead, if you are in Australia, it might not be all that complicated. Not only can you register as a sole trader very quickly, Australia currently ranks 5th on the global entrepreneurship index. At the same time, we are also ranking 7 on the ease of starting a business! 

Not only is Australia a great place to start a small business, but they are also very welcoming to businesses. We highly recommend looking at the free resources available by the Victorian Government; you can use the links below

Starting a Business Plan Lavon

Start with The Basics

If you are like many, the information on the Victorian Business page might seem frightening, but it doesn’t have to be. The way it should be is from starting from leveraging your expertise in a product or service which you can charge your clients.

Questions you should ask

  •  Is there a market for this?
  • Are others in the market?
  • What platforms should I use to sell to my customers?
  • Are there any free networks regarding your industry? 
  • Are other people selling it?”

Tasks You Should Do

  • Clear Idea of what you want your business to be
  • Write a plan
  • Financing
  • Structure
  • Make a Marketing Plan
  • Research Your Industry

Start With Digital

The pandemic has forced many businesses to invest in digital transformation, and now you are in a position of starting digitally mature! Jumping ahead of many can provide you nimbleness your competitors will be envious of, as you have a competitive advantage which they are unable to develop overnight. If you have had the opportunity to still connect with others during the pandemic, you would have a chance of a ‘new’ virtual experience over the past few months.

Proactive Learning: To sell online, you will need to consider creating an eCommerce website or shop for your business. You can try Shopify or Woocommerce as popular options. If you would like specific instructions, reach out to me on Instagram or contact us, and we will get back to you. 

Be Transparent

As digital matures, consumers are expecting more transparency across companies as the concerns of privacy grows. It has never been more critical to have information your consumers are looking for easily accessed. As the foundational pillar of transparency is to ensure every pain point is addressed by letting your consumers having everything they need to make an informed decision. 

Give Buyers Control 

As competition becomes fierce in all industries as new entrants enter each year, you may already be competing in an oversaturated market. It is up to you to decide how you communicate your offerings to your customer. In most situations, you should start considering how to give your buyers complete control of their buying decision, whether or not that means to make transparent pricing, options they can choose from, but essentially giving them the power.

Before Launching a Start Up Try These Tips

We know that for all those who have the thought of launching a startup, they must get pressed with some questions about launching and running a successful business.

So, for you that have the thoughts;

If you should work with a co-founder, if you seek funding, don’t get disturbed because it is normal to get pressed with lots of questions, yes, lots of questions.

Startup culture is all about the hustle. For some, it is about working 18-hour days and living on protein shakes, and for others, it isn’t.

Yes, it’s true many works with the latter (working 18-hour days) that is why we want to share an alternative path because there’s another way to build a business.

Bootstrapping is an excellent way to build a business, but the hustle is a lifestyle, not just a retro dance move. Here are a few points to consider just before launching:

  1. Find a Job to make ends meet

A great job can fuel your startup dream instead of drowning it.

The term “day job” has developed negative connotations, but for aspiring entrepreneurs, a steady gig can be invaluable.

As long as you’re working for a healthy and productive company, you can learn important lessons about business, teamwork, and communication.

2. Partnership

Many investors prefer to work with co-founders because they can bring different skills to the table. The partnership makes magic happen particularly when founders pair up with marketing and sales experts.

3. Passion

What do you find importnat?

There is no reason to deny that entrepreneurship is not an easy road. It can be tough with challenging days that test your commitment. Therefore, it is expected of you to know as an entrepreneur/startup that the potential for freedom and control can be intoxicating.