Starting a new business can be a stressful, frustrating, yet ultimately rewarding endeavour (both financially and personally). However, much of this is predicated on making effective, safe and reliable business decisions. A business won’t grow and become instantly successful overnight, so it’s incredibly important that you work hard and be patient. SiDCOR is an accounting and financial services firm that operates in areas such as Newcastle and Cairns. Founded by Paul Siderovski in 2002, the company has gone on to become one of the most respected voices in the financial sector in Australia. So, here are several things you need to remember when starting a new business venture or start-up.
SiDCOR says deal with what is holding you back
According to SiDCOR, it is crucial that you deal with what is holding you back. A lot of great business ideas go unexplored because people are too scared, nervous or hesitant to act upon their instincts. People feel inadequate at the prospect of running an entire business without addressing the reasons why. This is a very normal response. Instead, find solutions to your concerns and think about how you can overcome your anxiety.
Don’t be afraid to ask for advice
When starting a new business, don’t be too proud to ask for advice and assistance. Listen to everyone and anybody who has some experience in the world of business. It could be close friends and family, or even professional experts in the field of entrepreneurship. Keep notes on any great ideas, opinions or resources you come across – they could come in handy later.
At the same time, when you tell people about your idea, be sure to ask for honesty. Read their body language as well, since some people won’t be honest about whether they think your idea needs some work or not. Are they just being nice and don’t want to offend you? It’s an important question to remember.
Don’t overcomplicate things
When you’re starting a new business, it’s crucial that you keep everything as simple as possible. You have a business idea that you think is great and ready to be put into practice. However, you can’t afford to let the idea snowball into something too complicated for your business at the current stage. You need to be financially conservative in the early stages and be prepared to make a few losses.
As a rule, start small and narrow your focus. Create a business idea, model, product or service that is easy to design, market and retail for sale. Make customer promises that you know you can keep and exceed their expectations. You can complicate and add features to your model as your business grows.
If you look at SiDCOR for example, you’ll notice that their business model is incredibly simple. Their services are framed around a simple and effective model, known as the “SUPER7” model. Essentially, it breaks their services down into 7 key categories, like “tax”, “growth” and “protect.” This makes it easier for customers to know what they want specifically and how they can create a plan of attack when they need help with their accounting and financial endeavours.
Know the legal requirements
This is more of a technical recommendation, but it is crucial that you are aware of your legal obligations. Firstly, you must register your business and get a registered ABN (Australian Business Number). After this, you need to be aware of the different laws regarding varying business structures. If you set up a sole trader practice or partnership, you will be operating with unlimited liability. This basically means you are personally liable for business debts (your personal assets are at risk since you and the business are a collective entity). On the other hand, limited liability arrangements come with public and private companies, meaning your personal assets are protected should the business go into liquidation.
Keep the passion going
At the end of the day, it’s important to never lose hope or focus. Paul Siderovski knows that passion sparks innovation and success. It will always drive you to improve things within your business and improve your processes. Make sure you always engage in market research to ensure that your business is heading in the right direction. Don’t lose the passion and enjoy the experience.