Young Entreprenuers - Ignite Your Business Idea

Wanna start up your own business over summer? Wanna Be The Boss?

Don’t let all of the recession talk being pumped out by the media get you down. Sure times are a little tighter, but the whole world hasn’t stopped revolving or spending money altogether. And if you are anything like us and the other young entrepreneurs and business peeps we work with, these “new economic conditions” just mean you have to be that little bit smarter and entrepreneurial , easy right! We also believe that these “new economic conditions” bring with them a heap of opportunity as consumers look for better deals and alternatives to the big corporate guys, and you may have just the business that can do that.

So over summer, in between the parties, hanging at the beach and doing the road trip (cos yep you can still do all of that and start your biz!), get started on planning and starting your own business. Be your own boss and create your own job.

To help you out we have put together a Ten Step Summer Start Up Plan for you. Take that idea that has been floating around in your head, and combine it with that rumble and fire in your belly you have been feeling for a while, whack it together with our TEN STEPS and in no time you will be looking after customers like the other 50,000 15 – 24 year old young Aussies out there currently running their own business.

Plus we are very excited to announce that our Business Break it Down cards that many of you have used in our workshops are now available for you to purchase and use yourself. They outline the steps to starting up a business in a really fun and interactive format, a set of cards. Get your copy here http://www.frankteam.com.au/entrepreneur/start-up-business-cards.html These cards are REALLY popular with young entrepreneurs.

1. 1. Grab a piece of paper or open up a word doc and describe your idea (so far!). Describe what makes it unique, who will most benefit from your idea, how your idea will help people & what you will do for them, and where your idea came from. For some summer biz ideas see our list below.

2. 2. Create a list of 10 questions to ask your potential customers so you can learn more about their needs, wants, budgets & interest in a business like yours. Then get out there and find at least 20 people who fit your target market and ask them your 10 questions.

If you are super worried about people “ripping” of your idea then check out www.ipaustralia.gov.au to see how you can protect your idea. But in the initial research phases you can usually still ask people questions that will help you learn more without telling em exactly what your business idea is.

3. 3. Now you know more about your idea and target customers, re-define your business idea to match up with customer wants & budget. You should now be able to capture your business idea on one page.

4. 4. It’s time now to think about how you will tell your target customers about your business, so working out your start up marketing. This is where you get to be creative and think of easy and cheap but fun ways of getting the attention of your target market so they wanna use you! Outline in a word doc what strategies you will use in the first 2 weeks of start up, then what you will do every 2 weeks after then to tell people about your business.

5. 5. You now need to think about your start up & ongoing costs. What equipment will you need & what costs are involved in running those (eg: petrol for the car, tools), will you need to pay anyone else for their time, what will your start up and ongoing marketing cost you (paper, printing, letter box dropping etc), and of course the cost of registering your business name. Open up an excel spreadsheet and create a budget. Note down what expenses there are (OUTs), how much and when you will need to pay them, and then when you would expect to start earning income (INs). You now have a budget and cashflow tracking all in one. Keep it updated! Work out where you will get the dollars to start up; savings, parents, other jobs or even credit card (if you are sure you can pay it back).

6. 6. Now you know how much it will cost you to start up and run & you know roughly your target customers budget, you need to now set your price for your product or service.

7. 7. For some fun stuff now, come up with a business name. Make sure your business name is easy to remember. Have a few options. Then go to your state governments Fair Trading Department and check to see if anyone else is using that name – cos then you can’t! When you find one that is unique to you, register it (this may cost you anything from $0 to $150 depending on which state you are in). You are now very very close to really starting your business – get excited?!

8. 8. Next is to choose the best business structure for you; sole trader, partnership, company, or not for profit. We have a really easy to read and use guide for you on this one, so go to http://www.frankteam.com.au/bizarticles/choose-a-business-structure.aspx to learn more.

9. 9. Head over to the ATO (Australian Taxation Office) website and register for an ABN if you don’t already have one. This costs nothing, and you can register it under your own name if you are a sole trader. It can take a few weeks to get your ABN so make sure you leave enough time for it. For any other tax questions you may have, we have done the research for you so go to http://www.frankteam.com.au/bizarticles/getting-started-tax-basics.aspx

10. 10. Guess what, now it is time to LAUNCH! Get that marketing happening and go out and get your first customers.

From here just learn, learn & learn more about your business idea from your customers to improve it even further. And enjoy the ride. Believe me when I say it is ok to be unsure & a little scared, but just go for it.

These TEN STEPS are the really basics of start up. If you want help that is a little more in depth but still totally practical and fun, then please check out our Frank Team Business Break It Down Cards. They make start-up easy & fun and summer is the perfect time for business planning. Plus these cards are super affordable at only $25 (plus postage & handling). Get them in time for Xmas for yourself or someone you know!!! More info in IGNITE and here http://www.frankteam.com.au/entrepreneur/start-up-business-cards.html

Some great summer businesses to start

- Collecting mail while people are on holidays

- Dog walking

- Party planner

- House sitting

- Painted t-shirts

- Sport lessons

- Mowing & gardening while people are on holidays

- PC repair