Well, there is no magic bullet but there are some things you can do that will help you along the way.
Know what you want
This might seem a bit of a no-brainer, but you might be surprised at just how many people start a business without having any clearly defined goals. To put it simply, you cannot tell if you are succeeding if you don't have goals with which to compare your progress.
The first thing you should do in this situation is to set some goals. Work out what you want and determine what that looks like. Set some financial goals and give them timeframes. Numbers are important – they may be scary – but they will tell you how you are going and where you can improve.
Our number 1 tip: embrace numbers!
While it is important to have goals to work towards, and to stretch yourself, it is equally important to keep these goals realistic. If something is unachievable, then no amount of hard work will get you there and this can be quite soul destroying. It is important that you have small wins along your journey (and to celebrate them) as they will give you the momentum to keep going.
Our number 2 tip: Keep it real.
Keep focussed on your brand
It can be tempting to try to be all things to all people. This is not only unrealistic but could damage your business as you may find yourself not having the time to devote to any one aspect of it as you try to balance multiple tasks.
By focussing on the core elements of your business you will be able to put in enough time and effort to give it the best chance of succeeding. Once you are established and running well, you can always look to expand then.
Our number 3 tip: stay focussed.
Experts can help
You may be an expert at whatever you decide to provide as your product or service, but are you a financial or legal expert? It is likely that you will require assistance to either get your business off the ground and to maintain it as you encounter specific compliance requirements, so it is important to make sure you have the right people around who can help you.
Our final tip: seek advice.
Stone Accountants & Advisors are small business experts. We offer assistance with not only setting up your business but with your ongoing compliance and taxation requirements as well. If you would like to chat to us about how we can help you, please call us on (03) 9870 7247 or email us at firstname.lastname@example.org, we'd love to help!