Who doesn’t dream of one day being their own boss? If you’ve got an idea and some money, you’re already in a good position to get started on making your dream of starting a business a reality.

But before you do, make sure you do these five things to help set your business up for success.

1. Figure out who is going to buy your product or service

It might sound obvious, but this is something you want to think about carefully. It’s a common mistake to assume everyone will be interested in your product or service, so you need to know who your target market will be. Asking yourself these questions will give you a good start with figuring this out:

  • Who will want your product or service?
  • Roughly how many people fall into this category?
  • How might you reach them?
  • How will they want to pay?

2. Spell out your unique selling point

You’re offering a product or service, but you’re unlikely to be the only business in the area providing that product or service. So why should customers pick your business instead of your competitors? What is it about your business that is unique? Knowing what sets you apart will help you to focus on what’s important as you further develop the idea for your business.

3. Write a plan

A solid business plan is a key part of starting a business. Set out what you want to achieve and how you’re planning to achieve it. Writing your business plan will help ensure you’ve thought through every aspect of running a business and may also help you identify any potential weak points.

Once it’s time to launch, a business plan with financial projections can help you get funding from a lender or investor. It will also give you a framework to run your business by outlining what’s important.

4. Sort out the admin

An accounting system is a must for almost all small businesses, and a little extra effort at the start can save you some headaches come tax time. Another key step to take is opening a specific business bank account – it’s important to separate your business income and expenses from your personal for:

  • Better cash flow management
  • Reconciling your BAS and tax returns
  • Presenting your business as more professional.

5. Remember that zero to hero doesn’t work

Don’t try to grow faster than you can handle. Most owners who’ve spent years in the game agree focusing on growth you can sustain over the long-term is the best way to build your business.

As you expand, you’ll face all sorts of challenges and you can burn yourself out trying to move in too many directions. While it’s easier said than done, try to factor in regular time off. In the long run, this should help you to maintain your energy and enthusiasm, keep a clear head and generally give yourself your best shot at success.

Visit our small business hub for more guides, tips and advice for every stage of your business journey.

Ready to start your business? Open a Business Transaction Account1, available with a $0 monthly account fee option.

Get started

Things you should know

1 You can view the Terms and Conditions for Business Transaction and Savings Accounts, our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. The target market for this product will be found within the product’s Target Market Determination, available here. Bank fees and charges may apply.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances.