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RELATED INSIGHTS

Starting a new business can be complicated and overwhelming; which is why you need the professionals at Wisdom to guide you. We offer new company/business set up services to ensure you have a strong start and every chance of success. In addition to this, we share our five top tips below for anyone thinking of starting a new business:

Determine Your Goals

An effective goal is one that is clear, measurable and has a set date. Goals can be financial, social or environmental and they help to determine your business’s direction, structure and target market.

Refine Your Business Idea and Brand

Conducting extensive research will ensure you have a firm understanding of your competition and the market. Identifying similarities and differences will help refine your business idea and verify that there is a need for your product or service. According to fundsquire.com.au, a staggering 20% of new businesses fail within the first year of operation and by the third year, 60% have gone bust. Notably, 42% of these failures are attributed to there being “no market need for their services or products.”

Once your business idea has been fully developed, then focus on your branding so that the business’s appearance is relevant and justified.

Network, network, network.

The most successful businesses are those that create a sense of community as it leads to brand loyalty. Developing relationships through both physical and online networking is an essential part of setting up a business to be recognisable and successful. Once you have formed relationships, don’t forget to dedicate time to maintaining and strengthening them.

Evaluate Your Business Regularly 

Particularly in the first three years of business, it’s critical to regularly evaluate your progress and stay up to date with your competitors and the market. This affords you the chance to implement any necessary changes and avoid becoming one of the majority-rules statistics of businesses that do not survive the first three years.

To ensure your business is set up for success, contact one of our friendly staff here to get started today!

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