Small Business Beginnings to Growth


Start and Grow Your Business; big or small business

Get the structure right: Business Structures

The beginning steps to launching your own business includes understanding business structures and knowing which type of structure will best suited to your future business. There are four main types of business structures;

  • Sole Trader – A sole trader is one of the simplest forms of business. As a sole trader you have complete control over your business, however, you also have unlimited liability, meaning if something goes wrong your personal assets are at risk.
  • Partnership – A partnership structure can be implemented when there are between 2-20 owners of a business. Partnerships are similar to sole trader structures, where the owners of the business are held liable for the debts.
  • Company – Company structures are very popular, in this structure your business is recognised as a separate legal entity. Company structures are more complex however they allow you to have limited liability.
  • Trust – A trust is a different style of organisation where a trustee holds the property and assets for the benefit of others, known a beneficiaries. Although slightly more complicated than a company, a trust can be the most suitable business structure for tax planning and asset protection purposes.

Sole trader and company business structures are most common for small business.

Build the Framework: Compliance and Risk Plan

Once you’ve decided on your business structure, it’s time to create a framework. Implementing a compliance and risk framework allows you to create a structure as well as an understanding of how your business will work.

Implementing a compliance framework will allow you to create guidelines that all business processes must comply by. The risk plan will manage your compliance plan to ensure all aspects of your business are running effectively.

Make it Happen: Financial Planning

It’s imperative that you look at your finances and build a financial plan. Financial plans show a comprehensive evaluation of your current and future financial state. Once you have a financial plan you will know exactly how much money you have to spend on your business and allocate it accordingly.

Get Known: Marketing Plan

This is an exciting phase of the journey, this is where your idea becomes a reality. Developing a marketing plan creates a blueprint for all of your business’s marketing and advertising plans throughout the year. Your marketing plan should include your goals, detailed plans on achieving them, the budget that you are putting towards it and the time frame that you want to reach your goals by.

Putting it all together

The Final Step, a business plan!

A business plan steps through all of the different aspects of your business. Your plan will look at competition, marketing & sales, operations, goals & milestones, your financial plan and projected financial statements. Your plan will be a step by step guide on how your business will work and outline the steps that must be taken to achieve your business goals.

Once you have your business plan ready, it’s time to start your business!

 

Check out our Small Business training course!