So you’ve got the next big billion-dollar idea, but what now? It’s a long way from the drawing board to the boardroom, but it’s a journey well worth taking with the right strategy at your fingertips. Here’s what you need to do turn your light-bulb moments into money in the bank.
Get your business started
Even the best of ideas need a strong business plan behind them if you want to turn them into action. What kind of business model will work best for your product? What’s the competition like in that space? What will be your approach to overcoming potential challenges? These are just some of the questions you’ll need to answer.
You’ll also need to identify the best business structure for your operations. Once the plan is prepared, it’s time to register a business name and Australian Business Number (ABN). Looking into your tax and legal obligations and purchasing the relevant insurance policies to protect your new business are also advisable.
Secure the finance you need
Getting a new business up and running isn’t cheap, so you’ll need to secure funds to get your idea onto the market. There are a few different ways you can go about this. You could take out a business loan secured against your personal assets, or you could bring a partner(s) into the business.
Or you could either look for a private investor, also known as an angel investor, or a venture capitalist. In return for the investment, the latter will own a share in your business. You could also try your luck on the internet. Peer-to-peer lending sites like SocietyOne and Marketlend or business-based crowdfunding destinations like VentureCrowd offer alternative funding options for eager entrepreneurs.
Recruit the top talent
The most successful entrepreneurs surround themselves with talented teams. Recognise your strengths and weaknesses, and recruit to fill your knowledge gaps. For a successful recruitment process, you should first prepare clear job descriptions for the roles you’re creating. Also, schedule multiple meetings with your shortlisted candidates to determine which ones are the best fit for your company culture. Startups are rarely a nine-to-five proposition, so give extra marks to candidates who display a strong work ethic, flexibility, and a genuine enthusiasm for your vision.
Set up efficient work processes
All businesses are essentially a collection of workflows, and how you set up processes could make or break yours. Software is usually the solution here. A customer-facing business, for example, needs a good customer relationship management (CRM) platform in place. If you’re in the manufacturing or services sector, project management software could be the best investment you’ll make. Likewise, accounting platforms like QuickBooks Online can automate many of your bookkeeping tasks, including invoicing and payroll functions to save you time and money at tax time and beyond.