One of the most important things you need to do, is to understand what problem your business is going to solve, and whether or not your solution is viable and valuable.
You’ll probably hear lots of buzzwords like ‘MVP’ and ‘Lean’ – which is all about starting small and testing your idea out. But before you do that, you’re probably going to need to look at what’s involved in starting a business, so you know what you’re getting yourself into.
There are lots of very valuable resources available to help you understand what’d involved in setting up your own business.
Visit the UOW Entrepreneur Club’s page, to get a topline overview and more information on the following areas:
- Building a team
- Finding an office
- Establish key partnering
- Creating an MVP
- Testing a product
- What’s next…
Setting up a business
There are lots of resources online that will help you understand what’s involved in setting up a business.
The Department of Industry, Science, Energy and Resources has an extensive suite of checklists, tools, videos and information that will help you get to know what’s involved.
You’ll find out about:
- Business Planning
- Marketing and social media planning
- Environmental, water and energy management
- Innovation and intellectual property
- Succession planning, emergency management and recovery
- Advisory services
There are a few things to consider at the start, one of which is insurance. According to the Department of Industry, Innovation and Science, your business activities will determine the type of insurance you require. For example, your business type (online, home-based etc.), whether you sell products or services, and if you employ people. There’s more information on the government’s website.
For example if you:
- employ staff you will require workers' compensation insurance
- provide professional services, such as a doctor, you may consider professional indemnity insurance
- sell products, you may consider product liability insurance.