Busines in a Bundle

1. Analyse Your Business Idea

Analyse your business idea - 

Is your business idea viable? Is there a market for your proposed product or service? Is your business idea worth investing your time and money into?

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2. Analyse Yourself

Analyse yourself - 

Are you ready to venture into business? Do you have what it takes to be an entrepreneur? Do you have the skills needed to run your business successfully? Are you ready to put in the hard work?

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3. Market Research

Do your research -

You’ll need to make quite a few decisions about your business including its structure, marketing strategies and finances before you can complete your plan.  Research can help you develop goals and targets, as well as a better understanding of where your business should be heading. It's important to make sure your research is up-to-date and accurate before presenting to lenders or investors as market conditions can change over time.

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4. Start up Finances

Update your finances -

Lenders and investors need to know your finances are in order and your business is in a strong financial position. Both lenders and investors will want to know how much money you currently have, how much money you need and how much you expect to make in the near future. While a bit of extra funding will help you ensure you’re covered for unexpected costs, be realistic and avoid asking for more than you need.

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5. Business Game Plan

Determine who your plan is for -

Does your business plan have more than one purpose? Will you use it internally, or will you involve external parties, such as an investor or bank? 

Deciding what your purpose is, can help you develop your plan for the right audience. If the plan has been developed for third parties, you will need to determine what they’ll be most interested in. Don't assume they’re just interested in the financial part of your business. They’ll be looking at the whole package.


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6. Business Protection Plan

Protect your plan -

Begin by finding out about risk management practices and how you can use them. You should also talk to others involved in your business (including your employees and customers) to decide on the best way to manage risk in your business.

Before you decide what to do, you’ll need to work out what your risks are and which ones are most urgent:

  1. Identify – work out what risks your business could face.  
  2. Analyse – find the level of the risks and which ones are most urgent.
  3. Evaluate – compare the risk against set risk criteria to decide what to do.  

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7. Obtain Business Name and Licence

Legal Business Names and Registrations -

If you use your own name (Mary Smith) you DO NOT need to pay for a business name or register the business name.

BUT

If you use your name and add (Mary Smith Beauty) i.e. industry/services or specialty then you DO NEED to to pay for business name and registration fees.

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8. Marketing Plan

Why do I need a marketing plan?

A marketing plan helps you promote products and services in your business that meet the needs of your target market. It requires research, time and commitment, but is a very valuable process that can greatly contribute to your business success.

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9. Business Opening the Door

  1. Business Layout
  2. Furnishing and Decorating Premises
  3. Client Booking System
  4. Payment System
  5. Banking Setup
  6. Business Resources i.e signage, stationary and Sundries
  7. Salon Policies and Procedures

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