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BUSINESS

toP 10 tiPs for stArtuPs

WORDS MARK PADDENBURG, SUNSHINE COAST INNOVATION CENTRE

BEFORE YOU EVEN START PLANNING YOUR BUSINESS, MAKE SURE HERE ARE FOR CREATING A REAL BUSINESS, NOT CREATING A JOB FOR ARE NOT ACTIVE IN IT, WHILE CLEARLY A JOB DOES NOT). TREAT THE TIPS

1. be ProfessionAl And leAd from the Get-Go It’s not a hobby anymore. You now represent a business and it’s your opportunity to do your life’s best work. Everything about you and your startup needs to let people know that you are 150% committed to running a serious business. Your pitch, your story (your why) and the culture you create needs to be compelling. Whether you’re the founder or leading a team, how successful you are will come down to your ability to lead and unify people around a common purpose.

2. hAve A PlAn bAsed on Product mArKet fit Even if your plan or business model canvas is just one page – write it down. This will help clarify your objectives, goals, milestones, value proposition and will help you differentiate yourself from competitors. Do the necessary research and don’t keep your plan top secret - ideas are cheap. You need to action the ideas to create value and scale to achieve success.

3. APPly for your Abn And business nAme You’ll need an ABN (Australian Business Number) to run your business. It’s used for various tax and business purposes like claiming GST credits and confirming your business identity when ordering and invoicing. Applying for an ABN is free. Your business name or trading name is the name you use to run your business. While it’s not compulsory to register a business name, if you’re a sole trader or partnership and want to trade as something like Mic’s Lab, you’ll need to register it. It’s also a good idea to check if your preferred business name is available as a web address and social media profiles.

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4. secure customers And sAles eArly Make sure there is an authentic connection between you and the problem you are trying to solve. Do a lean, minimal viable product and test it out on potential customers and friends. Secure early adopters, customers, testimonials and revenue asap so your business can survive then thrive. Cash is king because until you collect the cash, you’ve not made a sale. Without sales, your cash flow is going in the wrong direction. Customers are your most important asset, so understand how to find and keep them (and your legal obligations when marketing and selling products and services to them). Really define the problem you are solving and who you are targeting: age, education level, income group. understand purchase patterns and motives, then define how they will benefit from your product. Then look at positioning your product to maximize those benefits and price your product accordingly. in sales you sell to two key emotions Fear and Greed.

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Think Business Magazine - Issue 2 - The Fortune Institute  

The Inside Story on Business, Money and Property

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