Business advice needed

Hi,

My partner and I are looking into starting our own online business. This would be a first for us as we have both worked full time and still do. I think we have just made it to a point where we both realise that financially we wont really go anywhere just by working for our next pay check every week.

My question here is, apart from knowing what we want to offer through our business and doing some competitor research etc. what are the main steps towards actually getting everything up and running. Also what are your guys opinions on paying for business advisors/mentors. I see it as more of an investment to get better educated in the business area.

Appreciate any help.

 

Go to the small business development corporation. It is a wa government department but other states have similar agencies.

Free advice from half decent people.

Small Business Development Corporation

 

After you have done your business plan and realistic plans for profitability....
Visit an accountant to set up the business structure. This could be anything from simple partnerships to companies and trusts. All really depends on how profitable you expect the business to be. Setting up companies and trusts can be very beneficial if you expect the company to make large profits.
Register an abn through your accountant
Register a trading name
Register a website
Get a business bank account
Go get accounting software like xero and pay someone to set it up and show you how to use it
Invest in systems being put in place early that are scalable (ie - can manage 2 sales a week or 10,000)x
Go learn how to do Marketting. The most amazing product in the world is usless unless people know it exists.

A business mentor is a great idea. Ideally an acquantace that wants to help you without gaining financial support from it.
As you grow, aim to get get more and more people to give support to the business and aim to outsource yourself.
Work on your business - don't work in your business

 

The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It: Michael E. Gerber: 0099455020992: Amazon.com: Books

Maybe even before you start have a read of the books above..Some going back into the early 1990'S,and there is a quote in the first book..

Sometimes you don't have a business,only a job..good luck..

 

Some places to start with online businesses below, I've been trying for years to come up with the right idea, atm I'm setting up a blog in a niche with an end game in mind and a couple.

- smartpassiveincome.com
- millionairefastlane.com
- freedomfastlane.com
- Gary Vaynerchuck
- entrepreneuronfire.com or eofire.com

The quickest way to build wealth, I've learned is leverage, whether you leverage a platform to sell physical/information products or you leverage OTHER people's time (having employees).

 

We started a sucessful online business from scratch 12 years ago and recently sold it for multiple mil.
If I were to rewind the clock and do it over again, I'd firstly focus predominantly on becoming a top salesperson/marketing before all else.
This can exponentially accelerate your returns by acquiring this skill and confidence.

 

My best advice after starting several businesses is to get known.
Build a database of people who know you and know your brand.
Or, get someone who is known to invest in your business.
It's all about volume.