So you have decided to start a new business? You have a novel idea or a better way of doing things? What’s next?
Starting a new business can be daunting, but with good planning and the help of experienced advisors, success is just around the corner. In this guide, we give our top 10 actions to consider for Start Ups embarking on a new business journey to maximise their chances of success and avoid legal hardships.
#1: How to make a real business plan for your start up
Business Queensland website
It goes without saying that failure to research and plan is one of the leading causes of business failure. As lawyers advising start ups we always stress the importance of research and planning before incurring legal costs in establishing business structures and drafting agreements.
Writing a business plan will help you consider all critical and peripheral operational and financial considerations that need to be made and give your emerging business the best chance of success. Having a detailed business plan is also a must for pitching to investors and applying for finance.
Your business plan should not only cover your overall proposal and objectives but also specific matters such as:
- Initial capital contribution;
- Initial equipment and set up procedures;
- A marketing plan;
- A profit and loss forecast; and
- An expected cashflow analysis.
Your business plan won’t be static, you will need to review it regularly, but it is still recommended to be as detailed as possible and address not only your start up but at least the first 2-3 years of operations.
If you live in Queensland, we recommend you visit the Queensland Government ‘Business Queensland’ website that contains many helpful resources for start up businesses including a template business plan, instructions for calculating costs, cashflow models and other useful tools and information.
For more information regarding your start-up journey, download the full guide below or contact us today.
What’s next? #2: Engaging the Advisors You Need
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The article was authored by a former team member while they were under the employ of Bennett & Philp Lawyers.