9 Expert Tips to Help You Launch Your Dream Business
L-R: Chris Johnson, Viv Fantin, Carla Horvath, and Kristy Gostelow.
Created by OneMusic Australia
While launching a business is no doubt exciting, it’s a given that all business owners who aspire to success arm themselves with the best information they have at hand. That’s why OneMusic connected with top industry experts to uncover the most essential game-changing tips to get you well on your way whether you’re a first-time business owner or seasoned pro. From intellectual property to media and marketing, strategy and market research, learn from the best with our ultimate small business guide.
Protect your intellectual property (IP) - Business owners should take care to secure the appropriate trademarks, patents and copyrights needed to safeguard their unique ideas and processes to avoid costly rebranding and protect their competitive edge. For guidance they should consult IP Australia.
Understand copyright law - Business owners must obtain the proper licences or permissions needed to use materials protected by copyright - like music, images, books and videos - to avoid possible infringement and penalties. Such licences can be easily obtained through organisations like OneMusic Australia which permits access to a vast range of popular music from all over the world.
Leverage industry-specific tools - Collaborating with smart platforms like First Table opens up more options for businesses looking to expand their operations. Platforms which are tailored to your industry are a great way to optimise operations, market your business, and boost revenue. Rather than cut back during quiet periods, they are a powerful way to boost a new or existing business.
Capitalise on media and PR - Invest in public relations and marketing to build brand awareness and credibility with your target audience. PR is a tried-and-true way to engage with traditional media and influencers alike. This will increase exposure for your fledgling business and creates consistent, authentic messaging.
Manage finances wisely - Work with a good accountant to establish a solid foundation for your business. Key aspects involve managing debt, tax and super effectively. Avoid unnecessary debt as much as possible and focus on building up your core business to keep it in good shape.
Avoid the most common business owner pitfalls - Business owners frequently get caught out when it comes to maintaining healthy cash flow and establishing a supportive network of mentors and peers. When launching a new business, it pays to have a good grasp of your business’ financial projections as well as a few go-to contacts to turn to for advice when the going gets tough.
Optimise your work-from-home routine - Business owners should create clear boundaries, manage distractions, and maintain social connections to counterbalance the cons of working from home. Though work from home has many benefits, productivity and work-life balance can suffer without strong boundaries in place. They should also be aware of the benefits of being at their physical establishment more often and act accordingly.
Learn how to set and review goals - Learning to set and review goals as a business owner is a specific skill that needs to be practiced with a healthy dose of reality. Business owners should establish meaningful, realistic goals that are aligned with their values. They should regularly review and adjust them based on their relevance and overall progress, and they should seek feedback to ensure they stay on track. Most importantly, business owners should remember to celebrate milestones big and small as they progress in their journey.
Conduct market research like a pro - Outside of leveraging expert advice to collate and present market research insights, business owners should stay on top of industry trends, customer demand, and market dynamics to realistically project growth. These professional insights and data go a long way to refine strategies and establish meaningful business objectives.
Building a successful business requires business owners to juggle competing priorities and learn countless skills. Along the way it’s equally important to cultivate a mindset of continuous learning and constant experimentation. Remember that every step, setbacks and all are part of the journey, and each win and loss ultimately contributes to your growth as a business owner. These expert strategies are just the starting point in making your business thrive.
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